Ruane Cunniff & Goldfarb L.P. Sells 389,929 Shares of Credit Acceptance Corporation $CACC

Ruane Cunniff & Goldfarb L.P. cut its position in Credit Acceptance Corporation (NASDAQ:CACC) by 72.7% during the 1st quarter, HoldingsChannel.com reports. The firm owned 146,203 shares of the credit services provider’s stock after selling 389,929 shares during the quarter. Credit Acceptance accounts for about 1.0% of Ruane Cunniff & Goldfarb L.P.’s holdings, making the stock its 20th largest holding. Ruane Cunniff & Goldfarb L.P.’s holdings in Credit Acceptance were worth $61,911,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently bought and sold shares of CACC. Pictet Asset Management Holding SA grew its position in shares of Credit Acceptance by 2.1% during the 1st quarter. Pictet Asset Management Holding SA now owns 990 shares of the credit services provider’s stock valued at $419,000 after purchasing an additional 20 shares in the last quarter. Rockefeller Capital Management L.P. raised its position in shares of Credit Acceptance by 53.3% in the fourth quarter. Rockefeller Capital Management L.P. now owns 69 shares of the credit services provider’s stock worth $31,000 after buying an additional 24 shares in the last quarter. Janney Montgomery Scott LLC raised its position in shares of Credit Acceptance by 4.6% in the fourth quarter. Janney Montgomery Scott LLC now owns 571 shares of the credit services provider’s stock worth $253,000 after buying an additional 25 shares in the last quarter. Cetera Investment Advisers boosted its stake in Credit Acceptance by 6.3% during the fourth quarter. Cetera Investment Advisers now owns 508 shares of the credit services provider’s stock valued at $225,000 after buying an additional 30 shares during the period. Finally, Russell Investments Group Ltd. boosted its stake in Credit Acceptance by 5.3% during the third quarter. Russell Investments Group Ltd. now owns 721 shares of the credit services provider’s stock valued at $337,000 after buying an additional 36 shares during the period. 81.71% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on CACC. Stephens upped their target price on Credit Acceptance from $450.00 to $540.00 and gave the stock an “equal weight” rating in a research note on Friday, April 17th. Weiss Ratings raised Credit Acceptance from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday, July 16th. Zacks Research downgraded Credit Acceptance from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, May 13th. Finally, TD Cowen boosted their price objective on Credit Acceptance from $500.00 to $575.00 and gave the stock a “hold” rating in a report on Tuesday, July 7th. One investment analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $557.50.

Insider Buying and Selling at Credit Acceptance

In other Credit Acceptance news, insider Nicholas J. Elliott sold 2,306 shares of the firm’s stock in a transaction dated Friday, June 26th. The stock was sold at an average price of $629.99, for a total transaction of $1,452,756.94. Following the sale, the insider owned 20,897 shares in the company, valued at $13,164,901.03. This trade represents a 9.94% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, major shareholder Jill Foss Watson sold 11,000 shares of Credit Acceptance stock in a transaction dated Thursday, July 2nd. The stock was sold at an average price of $653.24, for a total value of $7,185,640.00. Following the sale, the insider directly owned 49,346 shares of the company’s stock, valued at approximately $32,234,781.04. This trade represents a 18.23% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 47,304 shares of company stock valued at $29,186,331. 6.10% of the stock is currently owned by company insiders.

Credit Acceptance Stock Performance

Credit Acceptance stock opened at $552.73 on Tuesday. The firm’s fifty day moving average price is $590.55 and its 200-day moving average price is $520.56. The company has a debt-to-equity ratio of 4.09, a quick ratio of 13.62 and a current ratio of 13.62. The stock has a market cap of $5.78 billion, a P/E ratio of 13.74 and a beta of 1.36. Credit Acceptance Corporation has a fifty-two week low of $401.90 and a fifty-two week high of $668.86.

Credit Acceptance (NASDAQ:CACC) last posted its quarterly earnings data on Tuesday, May 5th. The credit services provider reported $10.71 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $10.73 by ($0.02). Credit Acceptance had a return on equity of 29.95% and a net margin of 19.49%.The company had revenue of $406.00 million for the quarter, compared to the consensus estimate of $580.77 million. During the same period in the prior year, the firm posted $9.35 earnings per share. The business’s revenue was up 1.6% on a year-over-year basis. On average, equities research analysts expect that Credit Acceptance Corporation will post 47.5 earnings per share for the current fiscal year.

About Credit Acceptance

Credit Acceptance Corporation, founded in 1972 and headquartered in Southfield, Michigan, is a specialty finance company focused on the indirect automotive lending market. The company partners with independent and franchised auto dealers to facilitate purchase financing for consumers who may not qualify for traditional prime auto loans. By purchasing retail installment contracts originated by these dealers, Credit Acceptance provides capital and credit insurance to support vehicle sales, enabling dealers to broaden their customer base and reduce credit risk.

Through its proprietary underwriting platform and risk management strategies, Credit Acceptance evaluates borrower applications, structures credit plans, and retains servicing rights on the acquired contracts.