Copart Draws Institutional Investment Shifts as Wall Street Weighs Outlook
Institutional investors adjusted their holdings in Copart, Inc. following its quarterly financial results, while Wall Street analysts maintained an overall Moderate Buy view on the vehicle auction company.
Several asset managers recently revealed adjustments to their positions in Copart, Inc. Kinsale Capital Group Inc. expanded its stake by 30.3% during the third quarter, adding 93,556 shares to hold 402,332 shares valued at $10,976,000. CenterBook Partners LP also grew its position by 90.7% in the same quarter, securing 33,443 additional shares to finish with 70,301 shares worth $1,918,000. W.G. Shaheen & Associates DBA Whitney & Co lifted its holdings by 15.4% to 434,616 shares.
Other investment funds moved in the opposite direction. MGO One Seven LLC cut its exposure to the vehicle remarketing firm by 75.8% in the third quarter by selling 47,521 shares, keeping 15,188 shares valued at $414,000. Overall, institutional investors control 85.78% of the company's equity.
Beyond fund flows, company leadership engaged in recent trading. Director Diane Morefield sold 20,000 shares on Thursday, October 15th, at an average price of $27.66 per share, generating $553,200.00. The sale lowered the director's holdings by 28.57% to 50,000 shares worth roughly $1,383,000. Documents indicate insiders own between 9.30% and 9.60% of outstanding shares.
In historical operating results, Copart announced earnings for its previous quarter on Thursday, September 10th. The business posted diluted earnings per share of $0.35, missing the $0.38 projected by consensus figures. Revenue for the period reached $1.15 billion, exceeding estimates of $1.14 billion and marking a 2.4% rise year over year. The company recorded a net margin of 31.81% and a return on equity of 15.93%. Analysts anticipate full-year earnings per share will total 1.63.
Wall Street opinions remain divided across different brokerages. According to MarketBeat, the aggregate consensus recommendation stands at Moderate Buy, paired with a consensus price objective of $37.90. Across tracked analysts, two rate the equity as a Strong Buy, five designate it a Buy, four label it a Hold, and two recommend a Sell.