Copart, Inc. (NASDAQ:CPRT) Stake Lessened by Kimelman & Baird LLC

Kimelman & Baird LLC trimmed its position in shares of Copart, Inc. (NASDAQ:CPRT) by 1.3% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,281,612 shares of the business services provider’s stock after selling 16,518 shares during the quarter. Copart makes up approximately 5.4% of Kimelman & Baird LLC’s holdings, making the stock its 2nd largest position. Kimelman & Baird LLC’s holdings in Copart were worth $67,156,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the company. Principal Financial Group Inc. grew its position in shares of Copart by 2.5% in the 3rd quarter. Principal Financial Group Inc. now owns 38,876,517 shares of the business services provider’s stock worth $2,037,130,000 after buying an additional 941,858 shares during the period. State Street Corp grew its holdings in Copart by 0.4% in the third quarter. State Street Corp now owns 34,157,967 shares of the business services provider’s stock worth $1,789,877,000 after purchasing an additional 120,939 shares during the period. Edgewood Management LLC increased its stake in shares of Copart by 0.6% during the third quarter. Edgewood Management LLC now owns 20,555,713 shares of the business services provider’s stock valued at $1,077,119,000 after purchasing an additional 125,220 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of Copart by 8.1% during the second quarter. Bank of New York Mellon Corp now owns 16,008,444 shares of the business services provider’s stock valued at $867,017,000 after purchasing an additional 1,199,781 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA boosted its position in shares of Copart by 0.4% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 7,898,956 shares of the business services provider’s stock worth $427,807,000 after purchasing an additional 30,454 shares in the last quarter. Hedge funds and other institutional investors own 85.78% of the company’s stock.

Copart Stock Performance

Shares of Copart stock opened at $62.08 on Friday. The company has a 50-day simple moving average of $56.07 and a two-hundred day simple moving average of $53.76. The stock has a market capitalization of $59.82 billion, a PE ratio of 43.72 and a beta of 1.31. Copart, Inc. has a 52-week low of $46.21 and a 52-week high of $64.38.

Copart (NASDAQ:CPRT) last announced its quarterly earnings results on Thursday, November 21st. The business services provider reported $0.37 earnings per share for the quarter, meeting the consensus estimate of $0.37. The company had revenue of $1.15 billion during the quarter, compared to the consensus estimate of $1.10 billion. Copart had a net margin of 31.92% and a return on equity of 18.96%. The firm’s quarterly revenue was up 12.4% compared to the same quarter last year. During the same quarter last year, the firm earned $0.34 earnings per share. As a group, equities research analysts forecast that Copart, Inc. will post 1.57 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Chairman A Jayson Adair sold 251,423 shares of the firm’s stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $63.79, for a total transaction of $16,038,273.17. Following the sale, the chairman now owns 14,436,557 shares of the company’s stock, valued at $920,907,971.03. This trade represents a 1.71 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 9.68% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently weighed in on CPRT shares. Robert W. Baird reduced their price objective on Copart from $58.00 to $56.00 and set an “outperform” rating for the company in a research report on Thursday, September 5th. JPMorgan Chase & Co. increased their target price on Copart from $55.00 to $60.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 19th.

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.