Covey Capital Advisors LLC Reduces Stake in Copart, Inc. (NASDAQ:CPRT)

Covey Capital Advisors LLC cut its holdings in shares of Copart, Inc. (NASDAQ:CPRT) by 6.4% during the fourth quarter, Holdings Channel.com reports. The firm owned 74,321 shares of the business services provider’s stock after selling 5,046 shares during the period. Copart makes up 4.8% of Covey Capital Advisors LLC’s holdings, making the stock its 8th biggest holding. Covey Capital Advisors LLC’s holdings in Copart were worth $4,265,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the company. Principal Financial Group Inc. boosted its stake in Copart by 2.5% in the third quarter. Principal Financial Group Inc. now owns 38,876,517 shares of the business services provider’s stock valued at $2,037,130,000 after acquiring an additional 941,858 shares in the last quarter. State Street Corp raised its holdings in shares of Copart by 0.4% during 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 last quarter. Edgewood Management LLC raised its holdings 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 worth $1,077,119,000 after purchasing an additional 125,220 shares during the last quarter. Geode Capital Management LLC increased its holdings in Copart by 1.6% in the third quarter. Geode Capital Management LLC now owns 18,763,926 shares of the business services provider’s stock valued at $979,547,000 after buying an additional 291,580 shares in the last quarter. Finally, Barclays PLC increased its holdings in Copart by 0.4% in the third quarter. Barclays PLC now owns 6,042,734 shares of the business services provider’s stock valued at $316,639,000 after buying an additional 21,710 shares in the last quarter. 85.78% of the stock is currently owned by institutional investors and hedge funds.

Copart Stock Down 2.5 %

Shares of NASDAQ CPRT opened at $58.22 on Friday. The firm has a market cap of $56.10 billion, a price-to-earnings ratio of 41.00 and a beta of 1.33. Copart, Inc. has a 52-week low of $48.05 and a 52-week high of $64.38. The company’s 50-day simple moving average is $58.07 and its 200-day simple moving average is $55.61.

Copart (NASDAQ:CPRT) last posted its quarterly earnings results on Thursday, February 20th. The business services provider reported $0.40 earnings per share for the quarter, topping analysts’ consensus estimates of $0.38 by $0.02. Copart had a net margin of 31.92% and a return on equity of 18.96%. Equities research analysts anticipate that Copart, Inc. will post 1.57 EPS for the current fiscal year.

Insider Buying and Selling at Copart

In other news, Chairman A Jayson Adair sold 251,423 shares of the business’s stock in a transaction that occurred on Tuesday, November 26th. The shares were sold at an average price of $63.79, for a total value of $16,038,273.17. Following the sale, the chairman now directly owns 14,436,557 shares of the company’s stock, valued at approximately $920,907,971.03. The trade was a 1.71 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Diane M. Morefield sold 30,000 shares of the business’s stock in a transaction that occurred on Monday, December 23rd. The shares were sold at an average price of $58.01, for a total transaction of $1,740,300.00. Following the completion of the sale, the director now directly owns 20,000 shares in the company, valued at $1,160,200. This trade represents a 60.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 650,213 shares of company stock worth $39,199,813 in the last ninety days. 9.68% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Separately, JPMorgan Chase & Co. lifted their price objective on shares of Copart from $55.00 to $60.00 and gave the company a “neutral” rating in a report 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.