PNC Financial Services Group Inc. Boosts Holdings in Copart, Inc. (NASDAQ:CPRT)

PNC Financial Services Group Inc. increased its position in Copart, Inc. (NASDAQ:CPRT) by 10.4% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 242,705 shares of the business services provider’s stock after purchasing an additional 22,959 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Copart were worth $12,718,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in the company. WASHINGTON TRUST Co lifted its holdings in Copart by 0.3% in the 2nd quarter. WASHINGTON TRUST Co now owns 61,852 shares of the business services provider’s stock worth $3,350,000 after buying an additional 200 shares in the last quarter. Spinnaker Trust boosted its holdings in Copart by 4.0% in the second quarter. Spinnaker Trust now owns 5,222 shares of the business services provider’s stock valued at $283,000 after purchasing an additional 200 shares during the last quarter. Values First Advisors Inc. grew its stake in Copart by 2.9% during the 2nd quarter. Values First Advisors Inc. now owns 7,098 shares of the business services provider’s stock valued at $384,000 after purchasing an additional 201 shares in the last quarter. Duncan Williams Asset Management LLC increased its holdings in Copart by 1.3% during the 3rd quarter. Duncan Williams Asset Management LLC now owns 15,437 shares of the business services provider’s stock worth $809,000 after purchasing an additional 203 shares during the last quarter. Finally, Burney Co. raised its position in shares of Copart by 1.4% in the 2nd quarter. Burney Co. now owns 15,001 shares of the business services provider’s stock valued at $812,000 after purchasing an additional 206 shares in the last quarter. 85.78% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts recently issued reports on the stock. Robert W. Baird dropped their price target on shares of Copart from $58.00 to $56.00 and set an “outperform” rating for the company in a research note on Thursday, September 5th. JPMorgan Chase & Co. upped their target price on shares of Copart from $55.00 to $60.00 and gave the company a “neutral” rating in a research note on Tuesday.

Copart Trading Up 10.2 %

CPRT stock opened at $62.70 on Friday. The firm has a market cap of $60.40 billion, a P/E ratio of 44.15 and a beta of 1.27. The stock’s 50 day simple moving average is $53.79 and its 200 day simple moving average is $53.21. Copart, Inc. has a 12-month low of $46.21 and a 12-month high of $62.90.

Copart (NASDAQ:CPRT) last posted its quarterly earnings results on Wednesday, September 4th. The business services provider reported $0.33 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.03). Copart had a return on equity of 19.55% and a net margin of 32.17%. The business had revenue of $1.07 billion during the quarter, compared to the consensus estimate of $1.07 billion. During the same quarter in the previous year, the business posted $0.34 earnings per share. The company’s quarterly revenue was up 7.2% compared to the same quarter last year. On average, research analysts forecast that Copart, Inc. will post 1.54 EPS for the current fiscal year.

Copart Company Profile

Copart, Inc provides online auctions and vehicle remarketing services. It offers a range of services for processing and selling vehicles over the Internet through its Virtual Bidding Third Generation Internet auction-style sales technology on behalf of vehicle sellers, insurance companies, banks and finance companies, charities, and fleet operators and dealers, as well as individual owners.