Conning Inc. Reduces Stock Position in Copart, Inc. (NASDAQ:CPRT)

Conning Inc. trimmed its stake in shares of Copart, Inc. (NASDAQ:CPRT) by 8.8% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 3,942 shares of the business services provider’s stock after selling 380 shares during the period. Conning Inc.’s holdings in Copart were worth $226,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Optimum Investment Advisors lifted its holdings in shares of Copart by 141.5% during the 3rd quarter. Optimum Investment Advisors now owns 512 shares of the business services provider’s stock valued at $27,000 after buying an additional 300 shares during the period. Eastern Bank purchased a new stake in Copart during the third quarter valued at $29,000. Quarry LP bought a new position in Copart in the third quarter valued at about $29,000. Ashton Thomas Securities LLC bought a new position in Copart in the third quarter valued at about $33,000. Finally, True Wealth Design LLC boosted its position in Copart by 1,737.1% in the third quarter. True Wealth Design LLC now owns 643 shares of the business services provider’s stock worth $34,000 after purchasing an additional 608 shares during the last quarter. Institutional investors own 85.78% of the company’s stock.

Copart Price Performance

NASDAQ:CPRT opened at $58.21 on Monday. Copart, Inc. has a one year low of $48.05 and a one year high of $64.38. The business has a fifty day moving average price of $58.59 and a 200-day moving average price of $55.17. The firm has a market capitalization of $56.09 billion, a price-to-earnings ratio of 40.99 and a beta of 1.33.

Copart (NASDAQ:CPRT) last issued its quarterly earnings results on Thursday, November 21st. The business services provider reported $0.37 EPS for the quarter, hitting analysts’ consensus estimates of $0.37. Copart had a return on equity of 18.96% and a net margin of 31.92%. The business had revenue of $1.15 billion during the quarter, compared to analysts’ expectations of $1.10 billion. During the same quarter in the prior year, the business posted $0.34 earnings per share. The business’s quarterly revenue was up 12.4% on a year-over-year basis. On average, equities research analysts expect that Copart, Inc. will post 1.57 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Copart news, Director Daniel J. Englander sold 235,480 shares of the stock in a transaction on Monday, January 6th. The stock was sold at an average price of $56.84, for a total value of $13,384,683.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Chairman A Jayson Adair sold 251,423 shares of the business’s stock in a transaction dated 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 completion of the transaction, the chairman now owns 14,436,557 shares in the company, valued at $920,907,971.03. The trade was a 1.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 650,213 shares of company stock worth $39,199,813. Company insiders own 9.68% of the company’s stock.

Analyst Ratings Changes

Separately, JPMorgan Chase & Co. increased their price objective on shares of Copart from $55.00 to $60.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 19th.

About Copart

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.