CIBC Asset Management Inc Buys 99,900 Shares of Copart, Inc. $CPRT

CIBC Asset Management Inc grew its position in shares of Copart, Inc. (NASDAQ:CPRT) by 34.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 388,496 shares of the business services provider’s stock after purchasing an additional 99,900 shares during the period. CIBC Asset Management Inc’s holdings in Copart were worth $15,210,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in CPRT. Lodestone Wealth Management LLC purchased a new position in Copart during the 4th quarter valued at approximately $25,000. Cornerstone Planning Group LLC raised its holdings in shares of Copart by 54.0% during the 3rd quarter. Cornerstone Planning Group LLC now owns 730 shares of the business services provider’s stock worth $31,000 after acquiring an additional 256 shares in the last quarter. Aventura Private Wealth LLC bought a new position in shares of Copart during the 4th quarter valued at approximately $33,000. Board of the Pension Protection Fund purchased a new position in shares of Copart in the fourth quarter valued at $35,000. Finally, FNY Investment Advisers LLC bought a new stake in Copart in the third quarter worth $36,000. 85.78% of the stock is currently owned by hedge funds and other institutional investors.

Copart Stock Up 1.4%

CPRT stock opened at $30.77 on Friday. Copart, Inc. has a twelve month low of $29.97 and a twelve month high of $50.92. The stock has a market capitalization of $28.49 billion, a price-to-earnings ratio of 19.11 and a beta of 1.00. The firm’s fifty day simple moving average is $33.07 and its two-hundred day simple moving average is $36.59.

Copart (NASDAQ:CPRT) last released its earnings results on Thursday, May 21st. The business services provider reported $0.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.41 by $0.02. The firm had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.19 billion. Copart had a net margin of 33.48% and a return on equity of 16.63%. The business’s revenue was up 2.1% on a year-over-year basis. During the same quarter last year, the business earned $0.42 EPS. As a group, equities research analysts expect that Copart, Inc. will post 1.58 EPS for the current year.

Insider Transactions at Copart

In other Copart news, CEO Jeffrey Liaw sold 26,213 shares of the firm’s stock in a transaction dated Wednesday, April 15th. The shares were sold at an average price of $33.18, for a total value of $869,747.34. Following the completion of the sale, the chief executive officer owned 79,532 shares of the company’s stock, valued at $2,638,871.76. This trade represents a 24.79% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 9.60% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several equities analysts have commented on CPRT shares. Barclays reiterated an “underweight” rating and set a $32.00 price objective (down from $33.00) on shares of Copart in a research report on Monday, February 23rd. Jefferies Financial Group set a $45.00 target price on shares of Copart in a research report on Friday, May 22nd. Zacks Research raised shares of Copart from a “strong sell” rating to a “hold” rating in a report on Monday, April 27th. Weiss Ratings lowered Copart from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Friday, May 1st. Finally, Robert W. Baird set a $48.00 price objective on Copart and gave the company an “outperform” rating in a research report on Friday, February 20th. Two research analysts have rated the stock with a Strong Buy rating, one has given a Buy rating, three have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $44.50.

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.