Allspring Slashes Copart Stake 86% to 41,503 Shares Valued at $1.87M
Allspring Global Investments cut its Copart stake by 86.2% in the third quarter, selling 258,703 shares and retaining 41,503 shares worth $1.87M. Institutional investors still hold 85.78% of the stock following Brighton Jones’s 92.1% increase and NewEdge Advisors’ 25.2% boost in positions.
1. Allspring Global Investments Significantly Cuts Copart Position
In the third quarter, Allspring Global Investments Holdings LLC slashed its Copart stake by 86.2%, disposing of 258,703 shares and retaining just 41,503 shares at quarter end. The remaining stake carried a reported value of $1.87 million in the firm’s latest 13F filing with the SEC. This move marks one of the most dramatic percentage reductions among large institutional holders during the period and reflects a strategic reallocation of assets away from Copart’s auction and remarketing business.
2. Mixed Institutional Activity Across Copart Shares
While Allspring pared back, several other institutional investors adjusted their Copart holdings in the past two quarters. Brighton Jones LLC nearly doubled its position in the fourth quarter, adding 6,817 shares to reach 14,215 shares valued at $816,000. In the first quarter, NewEdge Advisors LLC boosted its stake by 25.2% to 29,436 shares ($1.67 million), Ashton Thomas Private Wealth LLC initiated a new position worth $218,000, Meiji Yasuda Asset Management increased its holdings by 2.1% to 13,920 shares ($788,000), and Ascent Group LLC entered with a $221,000 commitment. Together, hedge funds and other institutions now own 85.78% of Copart’s outstanding stock.
3. Recent Quarterly Results and Outlook
Copart’s Q3 performance included earnings per share of $0.41, exceeding consensus by $0.02, on revenue of $1.16 billion, slightly below the $1.18 billion analysts expected. The company delivered a return on equity of 17.78% and achieved a net margin of 34.24%. Revenue growth was modest at 0.7% year-over-year, while EPS rose from $0.37 in the same quarter last year. Looking ahead, equity research firms anticipate full-year EPS of approximately 1.57, reflecting confidence in Copart’s ability to leverage its digital auction platform for continued margin expansion.
4. Analyst Ratings and Sentiment
Wall Street sentiment toward Copart remains generally positive. Of nine analyst ratings surveyed recently, two carry a Strong Buy designation, two are Buy, four are Hold and one is Sell, resulting in an overall consensus of Moderate Buy. This distribution underscores a cautious optimism among research teams, who cite Copart’s scaled auction network and high return metrics but also note valuation considerations relative to peers.