Logan Capital Management Inc. Decreases Stock Holdings in Copart, Inc. (NASDAQ:CPRT)

Logan Capital Management Inc. reduced its position in shares of Copart, Inc. (NASDAQ:CPRT) by 1.1% in the third quarter, HoldingsChannel reports. The firm owned 329,517 shares of the business services provider’s stock after selling 3,751 shares during the quarter. Logan Capital Management Inc.’s holdings in Copart were worth $17,267,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Optimum Investment Advisors increased its holdings in Copart by 141.5% during the third 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 last quarter. Eastern Bank bought a new position in shares of Copart in the third quarter worth about $29,000. Quarry LP purchased a new position in Copart during the third quarter valued at approximately $29,000. Crewe Advisors LLC raised its position in shares of Copart by 98.6% during the 2nd quarter. Crewe Advisors LLC now owns 564 shares of the business services provider’s stock valued at $31,000 after purchasing an additional 280 shares during the period. Finally, Meeder Asset Management Inc. lifted its stake in shares of Copart by 283.3% during the 2nd quarter. Meeder Asset Management Inc. now owns 575 shares of the business services provider’s stock valued at $31,000 after buying an additional 425 shares in the last quarter. Hedge funds and other institutional investors own 85.78% of the company’s stock.

Copart Stock Down 0.5 %

NASDAQ:CPRT traded down $0.30 during mid-day trading on Friday, hitting $61.78. 119,210 shares of the stock traded hands, compared to its average volume of 4,418,013. Copart, Inc. has a 52 week low of $46.21 and a 52 week high of $64.38. The stock has a market capitalization of $59.53 billion, a price-to-earnings ratio of 43.72 and a beta of 1.31. The firm’s 50 day moving average is $56.84 and its two-hundred day moving average is $53.98.

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

Analysts Set New Price Targets

A number of analysts have issued reports on CPRT shares. Robert W. Baird reduced their price target on shares of Copart from $58.00 to $56.00 and set an “outperform” rating on the stock in a report on Thursday, September 5th. JPMorgan Chase & Co. upped their target price on shares of Copart from $55.00 to $60.00 and gave the company a “neutral” rating in a research report on Tuesday, November 19th.

Insider Buying and Selling

In related news, Chairman A Jayson Adair sold 251,423 shares of the firm’s stock in a transaction dated 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 sale, the chairman now owns 14,436,557 shares of the company’s stock, valued at $920,907,971.03. This trade represents a 1.71 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Thomas N. Tryforos sold 83,310 shares of the company’s stock in a transaction dated Thursday, December 5th. The shares were sold at an average price of $61.86, for a total value of $5,153,556.60. Following the transaction, the director now directly owns 7,850 shares in the company, valued at $485,601. This represents a 91.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 9.68% of the stock is currently owned by insiders.

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.