Penserra Capital Management LLC Reduces Stake in Copart, Inc. (CPRT)
Penserra Capital Management LLC trimmed its position in Copart, Inc. (NASDAQ:CPRT) by 16.0% in the first quarter, Holdings Channel reports. The fund owned 178,769 shares of the business services provider’s stock after selling 34,095 shares during the quarter. Penserra Capital Management LLC’s holdings in Copart were worth $10,830,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Vanguard Group Inc lifted its stake in shares of Copart by 3.8% in the 3rd quarter. Vanguard Group Inc now owns 21,828,682 shares of the business services provider’s stock valued at $1,124,833,000 after acquiring an additional 795,115 shares during the last quarter. BlackRock Inc. lifted its stake in shares of Copart by 3.4% in the 4th quarter. BlackRock Inc. now owns 14,852,890 shares of the business services provider’s stock valued at $709,669,000 after acquiring an additional 493,619 shares during the last quarter. Principal Financial Group Inc. lifted its stake in shares of Copart by 2.4% in the 4th quarter. Principal Financial Group Inc. now owns 7,334,264 shares of the business services provider’s stock valued at $350,432,000 after acquiring an additional 169,533 shares during the last quarter. Morgan Stanley lifted its stake in shares of Copart by 16.8% in the 3rd quarter. Morgan Stanley now owns 5,012,496 shares of the business services provider’s stock valued at $258,293,000 after acquiring an additional 719,694 shares during the last quarter. Finally, Norges Bank bought a new position in shares of Copart in the 4th quarter valued at $161,051,000. Institutional investors own 84.88% of the company’s stock.
In other news, EVP William E. Franklin sold 140,000 shares of Copart stock in a transaction dated Friday, February 22nd. The stock was sold at an average price of $58.44, for a total value of $8,181,600.00. Following the completion of the transaction, the executive vice president now directly owns 157,967 shares of the company’s stock, valued at approximately $9,231,591.48. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Company insiders own 15.99% of the company’s stock.
Copart (NASDAQ:CPRT) last announced its earnings results on Wednesday, February 20th. The business services provider reported $0.52 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.51 by $0.01. The business had revenue of $484.90 million during the quarter, compared to analyst estimates of $488.54 million. Copart had a return on equity of 30.20% and a net margin of 25.75%. Copart’s revenue for the quarter was up 5.6% compared to the same quarter last year. During the same period last year, the company earned $0.47 EPS. As a group, equities research analysts expect that Copart, Inc. will post 2.15 EPS for the current year.
Several brokerages recently issued reports on CPRT. ValuEngine raised Copart from a “hold” rating to a “buy” rating in a research report on Monday, April 1st. Zacks Investment Research lowered Copart from a “buy” rating to a “hold” rating in a research report on Tuesday, April 30th. BidaskClub lowered Copart from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, January 22nd. SunTrust Banks raised their target price on Copart to $67.00 and gave the stock a “buy” rating in a research report on Tuesday, February 26th. Finally, Guggenheim lowered Copart from a “buy” rating to a “neutral” rating and set a $67.07 target price for the company. in a research report on Friday, May 17th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company’s stock. Copart currently has an average rating of “Hold” and an average target price of $63.77.
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.
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