Copart, Inc. (NASDAQ:CPRT) is Provident Investment Management Inc.'s 3rd Largest Position

Provident Investment Management Inc. lessened its stake in shares of Copart, Inc. (NASDAQ:CPRT - Free Report) by 1.7% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,299,785 shares of the business services provider's stock after selling 21,870 shares during the quarter. Copart comprises 7.1% of Provident Investment Management Inc.'s portfolio, making the stock its 3rd largest holding. Provident Investment Management Inc. owned approximately 0.13% of Copart worth $74,595,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Norges Bank bought a new stake in Copart in the fourth quarter valued at approximately $682,089,000. Madison Investment Advisors LLC purchased a new stake in Copart during the 4th quarter valued at $253,686,000. Bank of New York Mellon Corp grew its holdings in Copart by 23.3% in the 4th quarter. Bank of New York Mellon Corp now owns 19,440,046 shares of the business services provider's stock worth $1,115,664,000 after acquiring an additional 3,667,534 shares during the last quarter. Franklin Resources Inc. increased its position in shares of Copart by 335.8% in the third quarter. Franklin Resources Inc. now owns 2,705,354 shares of the business services provider's stock valued at $149,471,000 after acquiring an additional 2,084,626 shares during the period. Finally, Wellington Management Group LLP raised its stake in shares of Copart by 14.4% during the fourth quarter. Wellington Management Group LLP now owns 14,157,306 shares of the business services provider's stock valued at $812,488,000 after acquiring an additional 1,785,741 shares during the last quarter. Institutional investors own 85.78% of the company's stock.

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Wall Street Analysts Forecast Growth

Separately, Argus downgraded Copart from a "buy" rating to a "hold" rating in a report on Friday, March 14th.

Copart Stock Up 1.1 %

Shares of NASDAQ:CPRT traded up $0.59 on Wednesday, hitting $55.18. The company had a trading volume of 1,829,800 shares, compared to its average volume of 4,333,477. Copart, Inc. has a 1 year low of $48.05 and a 1 year high of $64.38. The firm's 50-day simple moving average is $56.05 and its two-hundred day simple moving average is $56.48. The firm has a market capitalization of $53.31 billion, a price-to-earnings ratio of 36.91 and a beta of 1.22.

Copart (NASDAQ:CPRT - Get Free Report) last posted its quarterly earnings data on Thursday, February 20th. The business services provider reported $0.40 EPS for the quarter, topping the consensus estimate of $0.38 by $0.02. Copart had a net margin of 32.27% and a return on equity of 19.31%. The business had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.13 billion. Equities research analysts anticipate that Copart, Inc. will post 1.57 EPS for the current year.

Insider Activity

In other Copart news, Director James E. Meeks sold 100,000 shares of the company's stock in a transaction that occurred on Wednesday, March 19th. The shares were sold at an average price of $54.00, for a total value of $5,400,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 9.68% of the company's stock.

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.