AMP Capital Investors Ltd acquired a new position in Credit Acceptance Corp. (NASDAQ:CACC) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 8,800 shares of the credit services provider’s stock, valued at approximately $2,847,000.
Other hedge funds have also modified their holdings of the company. Ladenburg Thalmann Financial Services Inc. raised its position in Credit Acceptance by 437.0% during the third quarter. Ladenburg Thalmann Financial Services Inc. now owns 537 shares of the credit services provider’s stock valued at $150,000 after purchasing an additional 437 shares in the last quarter. Harvest Fund Management Co. Ltd purchased a new stake in Credit Acceptance during the fourth quarter valued at about $198,000. The Manufacturers Life Insurance Company raised its position in Credit Acceptance by 6.9% during the second quarter. The Manufacturers Life Insurance Company now owns 619 shares of the credit services provider’s stock valued at $159,000 after purchasing an additional 40 shares in the last quarter. CIBC Asset Management Inc purchased a new stake in Credit Acceptance during the fourth quarter valued at about $216,000. Finally, Carnick & Kubik Group LLC purchased a new stake in Credit Acceptance during the fourth quarter valued at about $225,000. Institutional investors own 70.34% of the company’s stock.
Credit Acceptance stock opened at $336.96 on Thursday. Credit Acceptance Corp. has a 12 month low of $182.50 and a 12 month high of $377.82. The stock has a market capitalization of $6,534.91, a PE ratio of 13.99, a PEG ratio of 0.72 and a beta of 0.61. The company has a debt-to-equity ratio of 1.99, a quick ratio of 24.00 and a current ratio of 24.00.
Credit Acceptance (NASDAQ:CACC) last announced its quarterly earnings data on Tuesday, January 30th. The credit services provider reported $5.16 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $5.53 by ($0.37). Credit Acceptance had a net margin of 42.36% and a return on equity of 30.18%. The company had revenue of $287.30 million for the quarter, compared to the consensus estimate of $287.37 million. During the same period last year, the business posted $4.79 earnings per share. The firm’s quarterly revenue was up 12.1% compared to the same quarter last year. sell-side analysts anticipate that Credit Acceptance Corp. will post 26.21 EPS for the current fiscal year.
A number of research firms have weighed in on CACC. JMP Securities raised their price target on Credit Acceptance from $195.00 to $260.00 and gave the company an “underperform” rating in a research report on Wednesday, January 31st. BidaskClub downgraded Credit Acceptance from a “strong-buy” rating to a “buy” rating in a research report on Saturday, January 6th. Credit Suisse Group restated a “sell” rating and set a $270.00 price target on shares of Credit Acceptance in a research report on Monday, January 8th. Oppenheimer began coverage on Credit Acceptance in a research report on Monday, January 8th. They set a “buy” rating and a $355.00 price target on the stock. Finally, Zacks Investment Research upgraded Credit Acceptance from a “hold” rating to a “strong-buy” rating and set a $390.00 price target on the stock in a research report on Friday, January 12th. Four research analysts have rated the stock with a sell rating, five have issued a hold rating, one has assigned a buy rating and two have given a strong buy rating to the company. Credit Acceptance has an average rating of “Hold” and an average target price of $283.22.
In related news, insider John S. Soave sold 2,500 shares of the firm’s stock in a transaction dated Friday, March 16th. The stock was sold at an average price of $337.01, for a total value of $842,525.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Kenneth Booth sold 2,000 shares of the firm’s stock in a transaction dated Tuesday, March 6th. The stock was sold at an average price of $334.50, for a total value of $669,000.00. The disclosure for this sale can be found here. Insiders have sold 58,924 shares of company stock worth $19,253,640 over the last ninety days. Insiders own 5.80% of the company’s stock.
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Credit Acceptance Company Profile
Credit Acceptance Corporation provides financing programs, and related products and services to independent and franchised automobile dealers in the United States. The company advances money to dealers in exchange for the right to service the underlying consumer loans; and buys the consumer loans from the dealers and keeps various amounts collected from the consumers.
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