Gotham Asset Management LLC purchased a new stake in shares of Credit Acceptance Corporation (NASDAQ:CACC) during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor purchased 1,352 shares of the credit services provider’s stock, valued at approximately $270,000.
Other large investors have also added to or reduced their stakes in the company. State Street Corp increased its stake in Credit Acceptance Corporation by 0.9% in the fourth quarter. State Street Corp now owns 101,790 shares of the credit services provider’s stock valued at $22,142,000 after buying an additional 932 shares during the last quarter. Franklin Resources Inc. purchased a new position in shares of Credit Acceptance Corporation during the fourth quarter valued at about $4,649,000. Norges Bank purchased a new position in shares of Credit Acceptance Corporation during the fourth quarter valued at about $27,279,000. Teachers Advisors LLC boosted its position in shares of Credit Acceptance Corporation by 6.5% in the fourth quarter. Teachers Advisors LLC now owns 14,379 shares of the credit services provider’s stock valued at $3,128,000 after buying an additional 883 shares during the last quarter. Finally, James Investment Research Inc. bought a new position in Credit Acceptance Corporation during the first quarter worth $698,000. Institutional investors own 72.50% of the company’s stock.
Shares of Credit Acceptance Corporation (CACC) traded up 1.46% during midday trading on Tuesday, hitting $279.92. The company’s stock had a trading volume of 440,254 shares. The firm has a 50-day moving average of $250.91 and a 200 day moving average of $217.29. Credit Acceptance Corporation has a 12-month low of $160.63 and a 12-month high of $281.67. The firm has a market cap of $5.45 billion, a price-to-earnings ratio of 15.30 and a beta of 0.51.
Credit Acceptance Corporation (NASDAQ:CACC) last announced its quarterly earnings results on Monday, July 31st. The credit services provider reported $5.22 EPS for the quarter, beating the consensus estimate of $4.89 by $0.33. Credit Acceptance Corporation had a net margin of 35.13% and a return on equity of 32.24%. The company had revenue of $253.20 million for the quarter, compared to analyst estimates of $268.18 million. During the same quarter last year, the business earned $4.38 earnings per share. Credit Acceptance Corporation’s revenue was up 14.5% compared to the same quarter last year. On average, equities research analysts predict that Credit Acceptance Corporation will post $19.90 EPS for the current fiscal year.
A number of research firms have recently weighed in on CACC. Zacks Investment Research raised Credit Acceptance Corporation from a “hold” rating to a “buy” rating and set a $310.00 price objective on the stock in a research report on Thursday, August 3rd. Jefferies Group LLC reissued a “hold” rating and set a $240.00 target price (up previously from $215.00) on shares of Credit Acceptance Corporation in a research note on Tuesday, August 1st. BidaskClub downgraded Credit Acceptance Corporation from a “strong-buy” rating to a “buy” rating in a research note on Thursday, July 6th. JMP Securities reaffirmed an “underperform” rating and issued a $195.00 price objective (up previously from $180.00) on shares of Credit Acceptance Corporation in a research note on Tuesday, August 1st. Finally, Raymond James Financial, Inc. raised Credit Acceptance Corporation from an “underperform” rating to a “market perform” rating in a research note on Tuesday, August 1st. Four analysts have rated the stock with a sell rating, six have assigned a hold rating and one has issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $216.56.
In related news, insider Douglas W. Busk sold 2,500 shares of the firm’s stock in a transaction that occurred on Wednesday, August 2nd. The shares were sold at an average price of $267.72, for a total transaction of $669,300.00. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, major shareholder Jill Foss Watson sold 41,729 shares of the firm’s stock in a transaction that occurred on Wednesday, May 10th. The shares were sold at an average price of $216.42, for a total transaction of $9,030,990.18. The disclosure for this sale can be found here. Insiders sold 483,242 shares of company stock worth $114,452,562 in the last 90 days. 5.80% of the stock is owned by company insiders.
Credit Acceptance Corporation Company Profile
Credit Acceptance Corporation offers financing programs that enable automobile dealers to sell vehicles to consumers. The Company’s financing programs are offered through a network of automobile dealers. The Company has two Dealers financing programs: the Portfolio Program and the Purchase Program. Under the Portfolio Program, the Company advances money to dealers (Dealer Loan) in exchange for the right to service the underlying consumer loans.
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