MIG Capital LLC raised its stake in shares of Credit Acceptance Co. (NASDAQ:CACC – Free Report) by 0.6% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 10,161 shares of the credit services provider’s stock after buying an additional 61 shares during the period. Credit Acceptance comprises approximately 0.9% of MIG Capital LLC’s holdings, making the stock its 15th largest position. MIG Capital LLC owned approximately 0.08% of Credit Acceptance worth $5,161,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently modified their holdings of the company. National Bank of Canada FI boosted its stake in shares of Credit Acceptance by 48.0% during the 2nd quarter. National Bank of Canada FI now owns 74 shares of the credit services provider’s stock worth $38,000 after acquiring an additional 24 shares during the last quarter. UBS Group AG lifted its position in shares of Credit Acceptance by 1.7% in the third quarter. UBS Group AG now owns 1,597 shares of the credit services provider’s stock worth $700,000 after buying an additional 27 shares in the last quarter. Macquarie Group Ltd. boosted its position in shares of Credit Acceptance by 4.7% during the 2nd quarter. Macquarie Group Ltd. now owns 629 shares of the credit services provider’s stock valued at $298,000 after acquiring an additional 28 shares during the last quarter. LPL Financial LLC lifted its position in Credit Acceptance by 5.7% during the fourth quarter. LPL Financial LLC now owns 553 shares of the credit services provider’s stock valued at $262,000 after purchasing an additional 30 shares during the last quarter. Finally, US Bancorp DE grew its position in Credit Acceptance by 24.1% in the second quarter. US Bancorp DE now owns 165 shares of the credit services provider’s stock worth $84,000 after acquiring an additional 32 shares in the last quarter. 66.15% of the stock is owned by institutional investors.
Analysts Set New Price Targets
Several brokerages recently commented on CACC. Stephens reiterated an “equal weight” rating and set a $440.00 price target on shares of Credit Acceptance in a report on Tuesday, October 31st. TD Cowen assumed coverage on Credit Acceptance in a research report on Wednesday, November 1st. They set an “underperform” rating and a $360.00 target price on the stock. StockNews.com began coverage on shares of Credit Acceptance in a research report on Thursday, October 5th. They set a “hold” rating for the company. TheStreet lowered Credit Acceptance from a “b-” rating to a “c+” rating in a research note on Thursday, August 10th. Finally, BMO Capital Markets lowered their price target on Credit Acceptance from $354.00 to $347.00 and set a “market perform” rating for the company in a research report on Tuesday, October 31st. One investment analyst has rated the stock with a sell rating and three have issued a hold rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $381.75.
In other news, insider Thomas W. Smith sold 400 shares of the business’s stock in a transaction dated Wednesday, September 6th. The shares were sold at an average price of $494.71, for a total transaction of $197,884.00. Following the completion of the sale, the insider now owns 75,650 shares of the company’s stock, valued at $37,424,811.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 4.20% of the company’s stock.
Credit Acceptance Stock Performance
NASDAQ CACC traded down $1.05 during mid-day trading on Tuesday, reaching $438.85. 985 shares of the stock were exchanged, compared to its average volume of 80,089. The company has a market capitalization of $5.52 billion, a P/E ratio of 18.10 and a beta of 1.38. The company has a debt-to-equity ratio of 2.84, a quick ratio of 18.50 and a current ratio of 18.50. The business’s 50 day moving average is $442.73 and its 200-day moving average is $475.16. Credit Acceptance Co. has a 1 year low of $358.00 and a 1 year high of $576.05.
Credit Acceptance (NASDAQ:CACC – Get Free Report) last posted its earnings results on Monday, October 30th. The credit services provider reported $10.70 EPS for the quarter, missing analysts’ consensus estimates of $12.88 by ($2.18). The business had revenue of $478.60 million for the quarter, compared to analyst estimates of $485.68 million. Credit Acceptance had a net margin of 17.11% and a return on equity of 33.12%. On average, equities research analysts forecast that Credit Acceptance Co. will post 43.9 EPS for the current fiscal year.
Credit Acceptance Profile
Credit Acceptance Corporation engages in the provision of financing programs, and related products and services to independent and franchised automobile dealers in the United States. The company advances money to automobile dealers in exchange for the right to service the underlying consumer loans; and buys the consumer loans from the dealers and keeps the amount collected from the consumers.
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