State of Michigan Retirement System Raises Stock Position in Copart, Inc. (NASDAQ:CPRT)

State of Michigan Retirement System lifted its position in Copart, Inc. (NASDAQ:CPRT) by 0.0% in the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 436,208 shares of the business services provider’s stock after purchasing an additional 200 shares during the period. State of Michigan Retirement System’s holdings in Copart were worth $25,265,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Rise Advisors LLC purchased a new position in shares of Copart during the first quarter valued at $28,000. Pinnacle Bancorp Inc. increased its position in Copart by 79.6% during the 1st quarter. Pinnacle Bancorp Inc. now owns 528 shares of the business services provider’s stock valued at $31,000 after purchasing an additional 234 shares during the period. Fortitude Family Office LLC bought a new stake in shares of Copart in the 4th quarter valued at about $34,000. Indiana Trust & Investment Management CO purchased a new stake in shares of Copart in the 1st quarter worth approximately $36,000. Finally, Trust Co. of Vermont bought a new position in shares of Copart during the fourth quarter valued at approximately $38,000. Institutional investors own 85.78% of the company’s stock.

Analysts Set New Price Targets

Separately, JPMorgan Chase & Co. boosted their price objective on shares of Copart from $48.00 to $52.00 and gave the stock a “neutral” rating in a research note on Monday, April 8th. Three research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $51.00.

Copart Stock Up 2.5 %

Shares of CPRT opened at $54.69 on Wednesday. The company has a 50 day moving average of $54.28 and a two-hundred day moving average of $52.70. The company has a market cap of $52.63 billion, a price-to-earnings ratio of 38.51 and a beta of 1.28. Copart, Inc. has a twelve month low of $42.41 and a twelve month high of $58.58.

Copart (NASDAQ:CPRT) last announced its earnings results on Thursday, May 16th. The business services provider reported $0.39 earnings per share for the quarter, topping the consensus estimate of $0.38 by $0.01. The firm had revenue of $1.13 billion for the quarter, compared to the consensus estimate of $1.11 billion. Copart had a return on equity of 20.80% and a net margin of 33.33%. The firm’s revenue for the quarter was up 10.3% on a year-over-year basis. During the same period in the previous year, the business earned $0.36 EPS. On average, sell-side analysts expect that Copart, Inc. will post 1.43 EPS for the current year.

Copart Company Profile

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.