Copart, Inc. (NASDAQ:CPRT) Shares Sold by State of Michigan Retirement System

State of Michigan Retirement System trimmed its position in shares of Copart, Inc. (NASDAQ:CPRT) by 0.2% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 384,708 shares of the business services provider’s stock after selling 600 shares during the quarter. State of Michigan Retirement System’s holdings in Copart were worth $22,078,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of CPRT. Bank of New York Mellon Corp boosted its stake in shares of Copart by 23.3% in the fourth quarter. Bank of New York Mellon Corp now owns 19,440,046 shares of the business services provider’s stock valued at $1,115,664,000 after purchasing an additional 3,667,534 shares during the period. Jensen Investment Management Inc. boosted its position in Copart by 2,466.0% in the 3rd quarter. Jensen Investment Management Inc. now owns 3,536,233 shares of the business services provider’s stock valued at $185,299,000 after buying an additional 3,398,423 shares during the period. Franklin Resources Inc. boosted its position in Copart by 335.8% in the 3rd quarter. Franklin Resources Inc. now owns 2,705,354 shares of the business services provider’s stock valued at $149,471,000 after buying an additional 2,084,626 shares during the period. Comgest Global Investors S.A.S. grew its stake in shares of Copart by 706.6% in the third quarter. Comgest Global Investors S.A.S. now owns 1,586,886 shares of the business services provider’s stock worth $83,153,000 after acquiring an additional 1,390,146 shares in the last quarter. Finally, PineStone Asset Management Inc. increased its position in shares of Copart by 192.4% during the fourth quarter. PineStone Asset Management Inc. now owns 1,585,400 shares of the business services provider’s stock worth $90,986,000 after acquiring an additional 1,043,200 shares during the period. 85.78% of the stock is owned by institutional investors and hedge funds.

Copart Stock Performance

CPRT stock opened at $54.26 on Wednesday. The company’s 50 day moving average price is $57.45 and its 200 day moving average price is $55.96. The firm has a market capitalization of $52.28 billion, a price-to-earnings ratio of 36.42 and a beta of 1.33. Copart, Inc. has a fifty-two week low of $48.05 and a fifty-two week high of $64.38.

Copart (NASDAQ:CPRT) last posted its quarterly earnings results on Thursday, February 20th. The business services provider reported $0.40 EPS for the quarter, topping the consensus estimate of $0.38 by $0.02. Copart had a net margin of 32.27% and a return on equity of 19.31%. The company had revenue of $1.16 billion during the quarter, compared to analysts’ expectations of $1.13 billion. Equities analysts forecast that Copart, Inc. will post 1.57 EPS for the current fiscal year.

Insider Activity at Copart

In other news, Director Daniel J. Englander sold 235,480 shares of the business’s stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $56.84, for a total transaction of $13,384,683.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Thomas N. Tryforos sold 83,310 shares of the stock in a transaction on Thursday, December 5th. The shares were sold at an average price of $61.86, for a total transaction of $5,153,556.60. Following the completion of the transaction, the director now directly owns 7,850 shares in the company, valued at $485,601. This trade represents a 91.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 398,790 shares of company stock valued at $23,161,540 over the last quarter. 9.68% of the stock is owned by insiders.

Analyst Ratings Changes

Separately, JPMorgan Chase & Co. lifted their target price on Copart from $55.00 to $60.00 and gave the company a “neutral” rating in a report on Tuesday, November 19th.

Copart 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.