Wasatch Advisors Inc. lowered its position in Credit Acceptance Corporation (NASDAQ:CACC) by 12.3% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 228,853 shares of the credit services provider’s stock after selling 31,958 shares during the quarter. Wasatch Advisors Inc. owned approximately 1.19% of Credit Acceptance worth $64,118,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other institutional investors and hedge funds have also recently modified their holdings of the company. Abrams Bison Investments LLC boosted its position in Credit Acceptance by 0.9% in the second quarter. Abrams Bison Investments LLC now owns 1,169,556 shares of the credit services provider’s stock worth $300,740,000 after purchasing an additional 10,157 shares during the last quarter. BlackRock Inc. boosted its holdings in shares of Credit Acceptance by 11.4% in the 2nd quarter. BlackRock Inc. now owns 446,139 shares of the credit services provider’s stock worth $114,720,000 after purchasing an additional 45,768 shares during the period. Beck Mack & Oliver LLC boosted its holdings in shares of Credit Acceptance by 0.7% in the 2nd quarter. Beck Mack & Oliver LLC now owns 363,977 shares of the credit services provider’s stock worth $93,593,000 after purchasing an additional 2,682 shares during the period. Koch Industries Inc. purchased a new position in shares of Credit Acceptance in the 2nd quarter worth approximately $240,000. Finally, Dimensional Fund Advisors LP boosted its holdings in shares of Credit Acceptance by 1.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 179,251 shares of the credit services provider’s stock worth $46,095,000 after purchasing an additional 3,415 shares during the period. 70.72% of the stock is owned by institutional investors and hedge funds.
CACC has been the subject of a number of recent analyst reports. Jefferies Group restated a “hold” rating and set a $260.00 price objective (up previously from $240.00) on shares of Credit Acceptance in a report on Tuesday, October 10th. BMO Capital Markets reaffirmed a “hold” rating and set a $238.00 target price on shares of Credit Acceptance in a research report on Friday, October 6th. Zacks Investment Research lowered Credit Acceptance from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, October 3rd. Bank of America upped their target price on Credit Acceptance from $195.00 to $230.00 and gave the company an “underperform” rating in a research report on Tuesday, October 31st. Finally, Credit Suisse Group upped their target price on Credit Acceptance from $200.00 to $225.00 and gave the company an “underperform” rating in a research report on Tuesday, October 31st. Four research analysts have rated the stock with a sell rating and seven have given a hold rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus price target of $229.78.
Shares of Credit Acceptance Corporation (CACC) traded up $5.34 during trading on Thursday, hitting $314.12. The company’s stock had a trading volume of 264,353 shares, compared to its average volume of 214,813. Credit Acceptance Corporation has a fifty-two week low of $182.50 and a fifty-two week high of $314.12. The firm has a market capitalization of $5,968.21, a PE ratio of 15.37, a P/E/G ratio of 1.26 and a beta of 0.53. The company has a quick ratio of 17.63, a current ratio of 17.63 and a debt-to-equity ratio of 2.12.
Credit Acceptance (NASDAQ:CACC) last posted its quarterly earnings results on Monday, October 30th. The credit services provider reported $5.43 EPS for the quarter, beating the consensus estimate of $5.15 by $0.28. Credit Acceptance had a return on equity of 32.08% and a net margin of 35.29%. The firm had revenue of $283.90 million during the quarter, compared to analysts’ expectations of $281.03 million. During the same quarter last year, the firm earned $4.53 earnings per share. The business’s revenue for the quarter was up 15.1% on a year-over-year basis. equities analysts forecast that Credit Acceptance Corporation will post 20.84 EPS for the current fiscal year.
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Credit Acceptance 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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