Harvey Partners LLC Cuts Stock Holdings in Copart, Inc. (NASDAQ:CPRT)

Harvey Partners LLC trimmed its stake in Copart, Inc. (NASDAQ:CPRT) by 66.2% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 180,000 shares of the business services provider’s stock after selling 352,000 shares during the quarter. Harvey Partners LLC’s holdings in Copart were worth $9,432,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. HighTower Advisors LLC grew its stake in shares of Copart by 9.6% during the 3rd quarter. HighTower Advisors LLC now owns 231,377 shares of the business services provider’s stock worth $12,109,000 after acquiring an additional 20,333 shares in the last quarter. Hilltop Holdings Inc. bought a new stake in Copart in the third quarter worth $716,000. Holocene Advisors LP raised its position in shares of Copart by 25.1% in the 3rd quarter. Holocene Advisors LP now owns 1,485,057 shares of the business services provider’s stock worth $77,817,000 after purchasing an additional 298,194 shares during the last quarter. Benjamin Edwards Inc. increased its position in Copart by 3,878.0% during the third quarter. Benjamin Edwards Inc. now owns 38,069 shares of the business services provider’s stock valued at $1,995,000 after acquiring an additional 37,112 shares during the last quarter. Finally, Kestra Investment Management LLC bought a new stake in Copart during the third quarter valued at about $333,000. 85.78% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity 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 stock was sold at an average price of $63.79, for a total transaction of $16,038,273.17. Following the transaction, the chairman now 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 document filed with the SEC, which can be accessed through the SEC website. 9.68% of the stock is owned by insiders.

Analysts Set New Price Targets

CPRT has been the topic of several research analyst reports. JPMorgan Chase & Co. boosted 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. Robert W. Baird cut their price objective on Copart from $58.00 to $56.00 and set an “outperform” rating for the company in a report on Thursday, September 5th.

Copart Stock Down 2.2 %

Shares of CPRT opened at $62.02 on Tuesday. The stock’s 50-day moving average price is $55.06 and its 200-day moving average price is $53.49. The company has a market capitalization of $59.76 billion, a price-to-earnings ratio of 43.68 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 posted its quarterly earnings results on Wednesday, September 4th. The business services provider reported $0.33 EPS for the quarter, missing the consensus estimate of $0.36 by ($0.03). The company had revenue of $1.07 billion for the quarter, compared to analyst estimates of $1.07 billion. Copart had a return on equity of 18.96% and a net margin of 31.92%. The business’s revenue for the quarter was up 7.2% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.34 earnings per share. As a group, equities analysts anticipate that Copart, Inc. will post 1.57 EPS for the current fiscal year.

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.