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

PNC Financial Services Group Inc. lessened its position in shares of Copart, Inc. (NASDAQ:CPRT) by 8.4% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 187,245 shares of the business services provider’s stock after selling 17,102 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Copart were worth $9,175,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of CPRT. Manchester Capital Management LLC increased its holdings in Copart by 101.0% in the 3rd quarter. Manchester Capital Management LLC now owns 625 shares of the business services provider’s stock worth $27,000 after buying an additional 314 shares during the period. Bell Investment Advisors Inc raised its holdings in shares of Copart by 87.1% during the third quarter. Bell Investment Advisors Inc now owns 694 shares of the business services provider’s stock worth $30,000 after purchasing an additional 323 shares during the last quarter. Fortitude Family Office LLC acquired a new position in Copart during the fourth quarter valued at $34,000. Cornerstone Planning Group LLC boosted its holdings in Copart by 98.5% in the third quarter. Cornerstone Planning Group LLC now owns 818 shares of the business services provider’s stock valued at $35,000 after purchasing an additional 406 shares during the last quarter. Finally, C M Bidwell & Associates Ltd. grew its position in Copart by 100.0% during the 3rd quarter. C M Bidwell & Associates Ltd. now owns 872 shares of the business services provider’s stock worth $38,000 after purchasing an additional 436 shares during the period. 85.78% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, Director Matt Blunt sold 100,000 shares of the business’s stock in a transaction on Monday, February 26th. The shares were sold at an average price of $51.06, for a total value of $5,106,000.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other Copart news, Director Matt Blunt sold 100,000 shares of the business’s stock in a transaction that occurred on Monday, February 26th. The stock was sold at an average price of $51.06, for a total transaction of $5,106,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Thomas N. Tryforos sold 285,000 shares of the firm’s stock in a transaction that occurred on Wednesday, March 13th. The shares were sold at an average price of $55.27, for a total value of $15,751,950.00. Following the completion of the transaction, the director now owns 35,000 shares in the company, valued at approximately $1,934,450. The disclosure for this sale can be found here. Insiders have sold 985,000 shares of company stock worth $55,519,950 in the last quarter. Corporate insiders own 10.23% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the company. JPMorgan Chase & Co. boosted their price objective on Copart from $48.00 to $52.00 and gave the company a “neutral” rating in a report on Monday, April 8th. StockNews.com lowered Copart from a “buy” rating to a “hold” rating in a research report on Wednesday, February 21st. Three investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, Copart presently has an average rating of “Hold” and a consensus target price of $51.00.

Copart Stock Down 1.8 %

CPRT stock opened at $53.95 on Thursday. Copart, Inc. has a 52-week low of $42.41 and a 52-week high of $58.58. The company’s 50-day simple moving average is $55.60 and its 200-day simple moving average is $51.73. The firm has a market cap of $51.87 billion, a P/E ratio of 37.99 and a beta of 1.22.

Copart (NASDAQ:CPRT) last issued its quarterly earnings results on Thursday, May 16th. The business services provider reported $0.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.38 by $0.01. The company had revenue of $1.13 billion for the quarter, compared to the consensus estimate of $1.11 billion. Copart had a return on equity of 20.80% and a net margin of 33.33%. Copart’s revenue for the quarter was up 10.3% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.36 earnings per share. On average, analysts anticipate that Copart, Inc. will post 1.44 earnings per share 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.