In a surprising turn of events, Asset Management One Co. Ltd. has recently increased its holdings in shares of Copart, Inc. by 3.3% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. This move has placed Asset Management One Co. Ltd.’s holdings in Copart at a substantial worth of $13,259,000 as of its latest SEC filing on July 12, 2023.
Copart, Inc., a renowned provider of online auctions and vehicle remarketing services, offers a wide range of services catering to sellers and buyers alike in the automobile industry. With their Virtual Bidding Third Generation Internet auction-style sales technology, Copart enables the efficient processing and selling of vehicles over the Internet on behalf of various entities such as insurance companies, banks and finance companies, charities, fleet operators and dealers, as well as individual owners.
Interestingly enough, there have been significant developments regarding key figures within Copart. Chairman Willis J. Johnson made headlines when he recently sold 660,000 shares of Copart’s stock in a transaction on June 27th for an average price of $89.07 per share. This noteworthy sale amounted to a staggering total value of $58,786,200.00 for Chairman Johnson. Following this transaction, he now directly owns an impressive 1,773,832 shares of the company’s stock valued at $157,995,216.24.
This event was disclosed in a filing with the Securities & Exchange Commission (SEC), which is accessible through this hyperlink provided by the organization itself.
Additionally worth mentioning is another sale made by Director Stephen Fisher on May 23rd where he sold 50,000 shares at an average price of $87.06 per share for a total value of $4,353,000.
These insider transactions highlight the activity within Copart’s leadership team and shed light on their strategic decision-making. Notably, insiders have collectively sold 1,233,100 shares of company stock in the last 90 days alone, amounting to an astonishing value of $109,373,409. This level of insider activity undoubtedly signals a significant change in the company’s ownership structure.
It is worth noting that insiders currently own an impressive 11.19% of Copart’s outstanding shares. This percentage confirms their substantial presence and influence within the organization.
These recent developments within Copart contribute to the overall narrative surrounding the company’s growth and progression in the market. With Asset Management One Co. Ltd.’s increased holdings and the insider transactions made by Chairman Willis J. Johnson and Director Stephen Fisher, speculation arises as to what this means for Copart’s future endeavors.
As always, prospective investors and industry analysts alike should closely monitor these events as they play a vital role in understanding Copart’s trajectory in today’s dynamic marketplace. The actions taken by Asset Management One Co. Ltd., Chairman Willis J. Johnson, and Director Stephen Fisher provide valuable insights into the inner workings of Copart as it continues to solidify its position as a prominent player in the online auction and vehicle remarketing services sector.
With numerous exciting opportunities on the horizon for both Copart and its stakeholders, it will be intriguing to see how this chapter unfolds for one of the automotive industry’s most influential players.
Copart, Inc.
CPRT
Buy
Updated on: 28/11/2023
Financial Health
Healthy
Debt to equity ratio: Neutral
Price to earnings ratio: Strong Buy
Price to book ratio: Strong Buy
DCF: Strong Buy
ROE: Neutral
Copart, Inc. Sees Upsurge in Institutional Investor and Hedge Fund Interest
Institutional investors and hedge funds have been making significant changes to their holdings of Copart, Inc. (CPRT), an online auction and vehicle remarketing service provider. Amalgamated Bank, for instance, has witnessed a remarkable 101.0% growth in its position in Copart during the fourth quarter. The bank now owns 116,590 shares of the company’s stock, valued at $7,099,000 after purchasing an additional 58,595 shares in the last quarter.
Another player in the market, Northwestern Mutual Investment Management Company LLC, saw a rise of 69.0% in its holdings of Copart in the fourth quarter. The company now owns 13,431 shares worth $818,000 after buying an additional 5,486 shares.
Furthermore, Migdal Insurance & Financial Holdings Ltd., through its astute financial management strategies, increased their holdings in Copart by a staggering 1,446.9% during the same period. Having acquired an additional 709 shares of the business services provider’s stock worth $46,000 over time; this insurance and financial institution has certainly capitalized on Copart’s potential for growth.
Oregon Public Employees Retirement Fund also demonstrated confidence in Copart by growing their holdings by 99.4% during the fourth quarter. With a current ownership of 72,965 shares valued at $4,443,000 after acquiring an additional 36,367 shares; it is clear that Oregon Public Employees Retirement Fund sees great potential and profitability in this investment opportunity.
Dark Forest Capital Management LP took advantage of their market knowledge by observing the potential success within Copart’s industry sector and acquired a new position during Q4 worth approximately $104,000.
These developments indicate that institutional investors and hedge funds are recognizing the growth prospects within Copart and seizing opportunities to expand their portfolios accordingly. As it stands now, approximately 78.90% of the company’s stock is owned by these entities, highlighting the significance of their involvement.
Various research firms have also weighed in on CPRT and its future prospects. JPMorgan Chase & Co., for instance, raised its target price for Copart stocks from $70.00 to $79.00 in a recent research note on July 6th. Robert W. Baird also adjusted their price objective from $78.00 to $90.00 on May 18th, reflecting their positive expectations for the company’s performance.
In contrast, Northcoast Research revised its rating from “buy” to “neutral” on May 1st; whereas StockNews.com gave Copart a “buy” rating. One analyst has given a hold rating while four others have expressed confidence in the company with buy ratings.
All of these factors contribute to Copart holding a consensus rating of “Moderate Buy,” according to data from Bloomberg. Analysts have determined a consensus target price of $82.25, indicating their belief that the stock is expected to perform well in the market.
Copart’s shares opened at $90.57 on July 12, displaying an impressive upward trend for the company. It reached its lowest point over a year ago at $52.28 and now stands at its highest level at $91.58.
The stock’s fifty-day moving average is currently set at $86.54, while its two-hundred-day moving average sits at $75.56; both indicators suggest that Copart’s outlook remains optimistic.
However, it is essential to highlight Copart’s quarterly earnings report, which was released on May 17th through Nasdaq:CPRT channel.The business services provider surpassed analysts’ consensus estimates with earnings per share (EPS) of $0.72 for the quarter – an increase of $0.08 from predictions – showcasing robust performance during this period.
The firm reported revenue of $1.02 billion for the quarter, slightly exceeding analyst estimates of $1.01 billion. More impressively, Copart witnessed an 8.7% increase in quarterly revenue on a year-over-year basis, indicating steady growth within the company.
Additionally, Copart boasts a net margin of 30.72% and a return on equity (ROE) of 22.80%. These figures represent its operational efficiency and ability to generate income for shareholders.
Sell-side analysts anticipate that Copart, Inc. will post earnings per share (EPS) of 2.43 for the current fiscal year, emphasizing its continued success within the market.
Overall, Copart’s performance has sparked significant interest among institutional investors and hedge funds who have modified their holdings accordingly. With a strong consensus target price among research firms and encouraging quarterly results, the future looks promising for this online auction and vehicle remarketing service provider.
As we move forward into the second half of 2023, it will be interesting to monitor how these developments impact CPRT’s stock value and whether it can continue to generate investor confidence as it moves ahead in the increasingly competitive market landscape.
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