Fortis Capital Management LLC Invests $3.10 Million in Copart, Inc. (NASDAQ:CPRT)

Fortis Capital Management LLC acquired a new stake in Copart, Inc. (NASDAQ:CPRT - Free Report) in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 59,220 shares of the business services provider's stock, valued at approximately $3,103,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Principal Financial Group Inc. grew its holdings in Copart by 2.5% during the 3rd quarter. Principal Financial Group Inc. now owns 38,876,517 shares of the business services provider's stock worth $2,037,130,000 after acquiring an additional 941,858 shares during the period. Bank of New York Mellon Corp grew its holdings in Copart by 8.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 16,008,444 shares of the business services provider's stock worth $867,017,000 after acquiring an additional 1,199,781 shares during the period. Massachusetts Financial Services Co. MA boosted its position in shares of Copart by 0.4% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 7,898,956 shares of the business services provider's stock worth $427,807,000 after purchasing an additional 30,454 shares in the last quarter. Legal & General Group Plc boosted its position in shares of Copart by 9.4% during the 2nd quarter. Legal & General Group Plc now owns 6,943,042 shares of the business services provider's stock worth $376,035,000 after purchasing an additional 598,566 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD boosted its position in shares of Copart by 28.0% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 6,861,282 shares of the business services provider's stock worth $397,406,000 after purchasing an additional 1,500,466 shares in the last quarter. 85.78% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Separately, Robert W. Baird cut their price objective on shares of Copart from $58.00 to $56.00 and set an "outperform" rating on the stock in a research report on Thursday, September 5th.

Copart Price Performance

Shares of CPRT stock traded down $0.59 on Thursday, reaching $57.34. 3,226,197 shares of the company were exchanged, compared to its average volume of 4,399,579. Copart, Inc. has a one year low of $46.21 and a one year high of $58.58. The company has a market cap of $55.24 billion, a price-to-earnings ratio of 41.25 and a beta of 1.27. The company has a 50-day moving average of $52.84 and a 200-day moving average of $53.11.

Copart (NASDAQ:CPRT - Get Free Report) last announced its quarterly earnings results on Wednesday, September 4th. The business services provider reported $0.33 earnings per share for the quarter, missing the consensus estimate of $0.36 by ($0.03). Copart had a net margin of 32.17% and a return on equity of 19.55%. The business had revenue of $1.07 billion during the quarter, compared to the consensus estimate of $1.07 billion. During the same period in the previous year, the business posted $0.34 EPS. Copart's revenue was up 7.2% compared to the same quarter last year. As a group, sell-side analysts predict that Copart, Inc. will post 1.54 EPS for the current 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.