Wall Street brokerages expect Credit Acceptance Corp. (NASDAQ:CACC) to announce sales of $289.56 million for the current quarter, Zacks reports. Two analysts have provided estimates for Credit Acceptance’s earnings, with the lowest sales estimate coming in at $288.82 million and the highest estimate coming in at $290.30 million. Credit Acceptance reported sales of $256.20 million in the same quarter last year, which would suggest a positive year-over-year growth rate of 13%. The firm is scheduled to issue its next earnings results on Tuesday, January 30th.
On average, analysts expect that Credit Acceptance will report full-year sales of $289.56 million for the current financial year. For the next fiscal year, analysts forecast that the business will report sales of $1.20 billion per share, with estimates ranging from $1.18 billion to $1.23 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of research firms that follow Credit Acceptance.
Credit Acceptance (NASDAQ:CACC) last posted its quarterly earnings data on Monday, October 30th. The credit services provider reported $5.43 EPS for the quarter, topping analysts’ consensus estimates of $5.15 by $0.28. The business had revenue of $283.90 million for the quarter, compared to analyst estimates of $281.03 million. Credit Acceptance had a return on equity of 32.08% and a net margin of 35.29%. The firm’s revenue for the quarter was up 15.1% on a year-over-year basis. During the same period in the previous year, the company posted $4.53 earnings per share.
CACC has been the topic of several research reports. Jefferies Group restated a “hold” rating and set a $260.00 price target (up from $240.00) on shares of Credit Acceptance in a research note on Tuesday, October 10th. BidaskClub upgraded Credit Acceptance from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, December 12th. Zacks Investment Research lowered Credit Acceptance from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, October 3rd. BMO Capital Markets restated a “market perform” rating and set a $252.00 price target (up from $238.00) on shares of Credit Acceptance in a research note on Tuesday, October 31st. Finally, Bank of America boosted their price target on Credit Acceptance from $195.00 to $230.00 and gave the company an “underperform” rating in a research note on Tuesday, October 31st. Four equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and one has given a strong buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $229.78.
In other Credit Acceptance news, major shareholder Jill Foss Watson sold 30,038 shares of the company’s stock in a transaction on Thursday, December 21st. The stock was sold at an average price of $330.83, for a total transaction of $9,937,471.54. The transaction was disclosed in a filing with the SEC, which is available at this link. In the last ninety days, insiders have sold 114,925 shares of company stock worth $37,901,719. Company insiders own 5.80% of the company’s stock.
A number of large investors have recently bought and sold shares of CACC. Koch Industries Inc. acquired a new position in Credit Acceptance during the 2nd quarter worth $240,000. Goldman Sachs Group Inc. lifted its holdings in Credit Acceptance by 479.4% during the 2nd quarter. Goldman Sachs Group Inc. now owns 138,545 shares of the credit services provider’s stock worth $35,626,000 after buying an additional 114,632 shares in the last quarter. American Century Companies Inc. acquired a new position in Credit Acceptance during the 2nd quarter worth $28,338,000. First Trust Advisors LP lifted its holdings in Credit Acceptance by 5,945.1% during the 3rd quarter. First Trust Advisors LP now owns 53,378 shares of the credit services provider’s stock worth $14,955,000 after buying an additional 52,495 shares in the last quarter. Finally, BlackRock Inc. lifted its holdings in Credit Acceptance by 11.4% during the 2nd quarter. BlackRock Inc. now owns 446,139 shares of the credit services provider’s stock worth $114,720,000 after buying an additional 45,768 shares in the last quarter. 70.69% of the stock is currently owned by hedge funds and other institutional investors.
Credit Acceptance (CACC) traded down $2.47 during trading on Friday, hitting $323.48. The stock had a trading volume of 133,899 shares, compared to its average volume of 228,150. Credit Acceptance has a twelve month low of $182.50 and a twelve month high of $338.12. The company has a quick ratio of 17.63, a current ratio of 17.63 and a debt-to-equity ratio of 2.12. The company has a market capitalization of $6,294.16, a price-to-earnings ratio of 16.73, a PEG ratio of 1.34 and a beta of 0.53.
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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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