QRG Capital Management Inc. Reduces Position in Copart, Inc. $CPRT

QRG Capital Management Inc. trimmed its holdings in Copart, Inc. (NASDAQ:CPRT) by 15.4% in the 3rd quarter, according to its most recent filing with the SEC. The institutional investor owned 102,978 shares of the business services provider’s stock after selling 18,813 shares during the quarter. QRG Capital Management Inc.’s holdings in Copart were worth $4,631,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Tripletail Wealth Management LLC bought a new stake in shares of Copart in the third quarter worth approximately $27,000. Ameritas Advisory Services LLC purchased a new stake in Copart in the second quarter worth approximately $31,000. Creekmur Asset Management LLC boosted its holdings in Copart by 1,063.0% in the second quarter. Creekmur Asset Management LLC now owns 628 shares of the business services provider’s stock worth $31,000 after purchasing an additional 574 shares during the last quarter. Bank of Jackson Hole Trust grew its position in Copart by 83.8% in the 2nd quarter. Bank of Jackson Hole Trust now owns 735 shares of the business services provider’s stock worth $36,000 after purchasing an additional 335 shares during the period. Finally, GFG Capital LLC bought a new stake in Copart in the 2nd quarter worth approximately $37,000. Hedge funds and other institutional investors own 85.78% of the company’s stock.

Copart Stock Performance

NASDAQ CPRT opened at $41.04 on Monday. The business’s fifty day moving average is $39.55 and its 200 day moving average is $43.81. Copart, Inc. has a fifty-two week low of $37.41 and a fifty-two week high of $63.85. The company has a market capitalization of $39.73 billion, a PE ratio of 25.02 and a beta of 1.10.

Copart (NASDAQ:CPRT) last issued its quarterly earnings results on Thursday, November 20th. The business services provider reported $0.41 EPS for the quarter, topping analysts’ consensus estimates of $0.39 by $0.02. Copart had a return on equity of 17.78% and a net margin of 34.24%.The business had revenue of $1.16 billion during the quarter, compared to analysts’ expectations of $1.18 billion. During the same quarter in the prior year, the business posted $0.37 earnings per share. The business’s quarterly revenue was up .7% on a year-over-year basis. On average, sell-side analysts forecast that Copart, Inc. will post 1.57 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the company. JPMorgan Chase & Co. lowered their price target on Copart from $50.00 to $45.00 and set a “neutral” rating on the stock in a report on Monday, November 24th. CJS Securities upgraded Copart to a “strong-buy” rating in a research report on Thursday, December 11th. Weiss Ratings reissued a “hold (c)” rating on shares of Copart in a research report on Wednesday, October 8th. Robert W. Baird cut their price target on Copart from $55.00 to $52.00 and set an “outperform” rating for the company in a research note on Friday, November 21st. Finally, Barclays reaffirmed an “underweight” rating and set a $33.00 price target (up previously from $32.00) on shares of Copart in a research report on Friday, November 21st. Two investment analysts have rated the stock with a Strong Buy rating, two have given a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $47.60.

Insider Buying and Selling

In other Copart news, CEO Jeffrey Liaw sold 25,137 shares of Copart stock in a transaction that occurred on Thursday, January 15th. The shares were sold at an average price of $40.17, for a total transaction of $1,009,753.29. Following the transaction, the chief executive officer owned 55,970 shares of the company’s stock, valued at $2,248,314.90. The trade was a 30.99% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Thomas N. Tryforos sold 100,000 shares of the stock in a transaction on Tuesday, November 25th. The stock was sold at an average price of $39.07, for a total transaction of $3,907,000.00. The disclosure for this sale is available in the SEC filing. 9.60% of the stock is currently owned by company insiders.

Copart Company Profile

Copart (NASDAQ: CPRT) is a global provider of online vehicle auction and remarketing services, focused primarily on the sale of salvage and clean-title vehicles. The company operates a technology-driven auction platform that connects sellers — including insurance companies, vehicle finance firms, rental car companies, dealerships and fleet owners — with a broad buyer base consisting of vehicle dismantlers, recyclers, rebuilders and retail buyers. Copart’s business model centers on efficient vehicle disposition using digital bidding and logistics services to maximize recovery value for its clients.

Core services include hosting live and timed online auctions, vehicle listing and inspection support, title processing, and transportation and storage solutions.