Chuck Royce Is Overweight Industrials; Here’s Why

Copart, Inc. (NASDAQ:CPRT)

Chuck Royce’s hedge fund reported owning 2.37 million Copart, Inc. (NASDAQ:CPRT) shares as of the end of the third quarter, which had a market value of $127.26 million at that time. The stock is up by over 47% year-to-date. The Texas-based vehicle auction company earned $0.57 a share for its fiscal 2017 first quarter, above analysts’ consensus estimate of $0.55, while revenue for the period totaled $346 million, crushing the projections of $326.11 million. Of the 742 hedge funds tracked by Insider Monkey which filed 13Fs for the September quarter, 34 were bullish on Copart, Inc. (NASDAQ:CPRT) as of September 30.

UniFirst Corp (NYSE:UNF)

Royace & Associates slashed its stake in UniFirst Corp (NYSE:UNF) by 30% in the September quarter, concluding the period with 925,702 shares of the company valued at $122.06 million. The shares of the uniforms and protective clothing maker are up by over 39% year-to-date. The company expects its fiscal 2017 revenue to come in between $1.55 billion and $1.565 billion, along with EPS of between $5.00 and $5.15. The Street projects $1.52 billion in revenue and $5.85 in EPS. 13 hedge funds in our database were long UniFirst Corp (NYSE:UNF) as of the end of the third quarter, down from 19 funds a quarter earlier.

Woodward Inc (NASDAQ:WWD)

Royce & Associates owns nearly 1.86 million shares of Woodward Inc (NASDAQ:WWD) as of the end of the third quarter, worth $116.19 million. Last month, investment firm Jefferies upped its price target on the manufacturing company’s stock to $62 from $59 and reaffirmed a ‘Hold’ rating after the company beat analysts’ forecasts with its fiscal fourth quarter results. Woodward Inc (NASDAQ:WWD) earned $0.99 a share for the period, while the Street was expecting EPS of $0.92. Ken Griffin’s Citadel Investment Group owns 579,683 shares of Woodward Inc (NASDAQ:WWD) as of the end of September.

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