California Public Employees Retirement System Cuts Stake in Copart, Inc. $CPRT

California Public Employees Retirement System cut its holdings in shares of Copart, Inc. (NASDAQ:CPRT) by 4.1% during the first quarter, Holdings Channel.com reports. The institutional investor owned 1,551,171 shares of the business services provider’s stock after selling 66,828 shares during the period. California Public Employees Retirement System’s holdings in Copart were worth $51,499,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. State Street Corp grew its stake in shares of Copart by 1.3% in the fourth quarter. State Street Corp now owns 37,555,437 shares of the business services provider’s stock worth $1,470,295,000 after acquiring an additional 492,506 shares in the last quarter. Capital World Investors raised its stake in shares of Copart by 25.1% in the fourth quarter. Capital World Investors now owns 27,728,398 shares of the business services provider’s stock valued at $1,085,588,000 after acquiring an additional 5,555,101 shares in the last quarter. Geode Capital Management LLC boosted its holdings in Copart by 0.6% in the fourth quarter. Geode Capital Management LLC now owns 23,255,161 shares of the business services provider’s stock valued at $906,836,000 after purchasing an additional 131,703 shares during the period. Bank of New York Mellon Corp boosted its holdings in Copart by 21.7% in the fourth quarter. Bank of New York Mellon Corp now owns 21,982,589 shares of the business services provider’s stock valued at $860,618,000 after purchasing an additional 3,918,610 shares during the period. Finally, Norges Bank purchased a new position in shares of Copart in the 4th quarter valued at about $569,569,000. Hedge funds and other institutional investors own 85.78% of the company’s stock.

Copart Trading Down 0.4%

Shares of Copart stock opened at $27.49 on Tuesday. Copart, Inc. has a 12-month low of $27.18 and a 12-month high of $50.11. The stock has a market cap of $25.45 billion, a PE ratio of 17.07 and a beta of 1.02. The company has a 50-day moving average of $30.61 and a two-hundred day moving average of $34.36.

Copart (NASDAQ:CPRT) last posted its quarterly earnings results on Thursday, May 21st. The business services provider reported $0.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.41 by $0.02. The company had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.19 billion. Copart had a net margin of 33.48% and a return on equity of 16.63%. The company’s revenue for the quarter was up 2.1% on a year-over-year basis. During the same period last year, the firm earned $0.42 EPS. On average, sell-side analysts forecast that Copart, Inc. will post 1.58 EPS for the current fiscal year.

Analyst Ratings Changes

CPRT has been the topic of a number of recent research reports. Weiss Ratings lowered shares of Copart from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Friday, May 1st. Freedom Capital raised Copart to a “strong-buy” rating in a research report on Friday, June 26th. Zacks Research raised Copart from a “strong sell” rating to a “hold” rating in a research report on Monday, April 27th. Finally, Jefferies Financial Group set a $45.00 target price on shares of Copart in a research note on Friday, May 22nd. Three research analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating, three have given a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $44.50.

About Copart

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.