Copart Inc. (CPRT) Issues Quarterly Earnings Results
Copart Inc. (NASDAQ:CPRT) issued its earnings results on Tuesday. The company reported $0.59 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.55 by $0.04. The firm earned $332.70 million during the quarter, compared to the consensus estimate of $317.74 million. Copart had a return on equity of 28.32% and a net margin of 19.93%. The business’s quarterly revenue was up 17.9% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.41 earnings per share.
Copart (NASDAQ:CPRT) traded up 1.32% on Tuesday, hitting $51.41. The stock had a trading volume of 833,893 shares. The company has a 50-day moving average price of $51.05 and a 200-day moving average price of $46.70. The stock has a market capitalization of $5.62 billion, a price-to-earnings ratio of 26.40 and a beta of 0.99. Copart has a 1-year low of $32.26 and a 1-year high of $53.70.
Several research analysts have commented on CPRT shares. Jefferies Group reissued a “hold” rating and set a $53.00 target price (up previously from $40.00) on shares of Copart in a research note on Friday, May 27th. JPMorgan Chase & Co. boosted their target price on Copart from $43.00 to $50.00 and gave the stock a “neutral” rating in a research note on Friday, May 27th. Zacks Investment Research raised Copart from a “hold” rating to a “strong-buy” rating and set a $56.00 target price for the company in a research note on Monday, May 30th. Northcoast Research downgraded Copart from a “buy” rating to a “neutral” rating in a research note on Thursday, August 25th. Finally, Susquehanna started coverage on Copart in a research note on Thursday, August 25th. They set a “neutral” rating and a $53.00 target price for the company. Eight research analysts have rated the stock with a hold rating, Copart has an average rating of “Hold” and an average target price of $52.00.
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In other news, SVP Paul A. Styer sold 7,640 shares of the stock in a transaction on Tuesday, July 5th. The stock was sold at an average price of $49.26, for a total transaction of $376,346.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Robert H. Vannuccini sold 12,577 shares of the stock in a transaction on Thursday, July 14th. The stock was sold at an average price of $49.96, for a total value of $628,346.92. Following the transaction, the senior vice president now owns 9,703 shares of the company’s stock, valued at approximately $484,761.88. The disclosure for this sale can be found here. Insiders own 19.40% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Ameritas Investment Partners Inc. increased its position in Copart by 2.4% in the second quarter. Ameritas Investment Partners Inc. now owns 15,739 shares of the company’s stock valued at $771,000 after buying an additional 375 shares during the last quarter. Profund Advisors LLC increased its position in Copart by 5.8% in the second quarter. Profund Advisors LLC now owns 15,019 shares of the company’s stock valued at $736,000 after buying an additional 828 shares during the last quarter. Jefferies Group LLC increased its position in Copart by 10.1% in the second quarter. Jefferies Group LLC now owns 11,668 shares of the company’s stock valued at $572,000 after buying an additional 1,070 shares during the last quarter. BlackRock Inc. increased its position in Copart by 3.6% in the second quarter. BlackRock Inc. now owns 53,122 shares of the company’s stock valued at $2,604,000 after buying an additional 1,861 shares during the last quarter. Finally, Raymond James & Associates increased its position in Copart by 2.1% in the second quarter. Raymond James & Associates now owns 109,998 shares of the company’s stock valued at $5,391,000 after buying an additional 2,313 shares during the last quarter. Institutional investors own 83.65% of the company’s stock.
Copart, Inc is a provider of online auctions and vehicle remarketing services in the United States, Canada, the United Kingdom, the United Arab Emirates, Oman, Bahrain and Brazil. The Company also provides vehicle remarketing services in Germany and Spain. It provides vehicle sellers with services to process and sell vehicles primarily over the Internet through its virtual bidding third generation Internet auction-style sales technology (VB3).
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