Brokerages predict that Credit Acceptance Corp. (NASDAQ:CACC) will announce sales of $360.14 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 $359.38 million and the highest estimate coming in at $360.90 million. Credit Acceptance reported sales of $315.40 million during the same quarter last year, which indicates a positive year over year growth rate of 14.2%. The firm is expected to issue its next earnings results on Tuesday, July 30th.
According to Zacks, analysts expect that Credit Acceptance will report full year sales of $1.46 billion for the current financial year, with estimates ranging from $1.46 billion to $1.47 billion. For the next year, analysts forecast that the firm will post sales of $1.59 billion, with estimates ranging from $1.59 billion to $1.60 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of analysts that that provide coverage for Credit Acceptance.
Credit Acceptance (NASDAQ:CACC) last announced its earnings results on Monday, April 29th. The credit services provider reported $8.08 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $7.93 by $0.15. The firm had revenue of $342.80 million during the quarter, compared to analyst estimates of $350.35 million. Credit Acceptance had a net margin of 46.00% and a return on equity of 30.17%. Credit Acceptance’s revenue was up 16.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $6.11 EPS.
A number of equities analysts recently issued reports on CACC shares. BidaskClub lowered shares of Credit Acceptance from a “buy” rating to a “hold” rating in a research report on Tuesday, April 9th. Stephens increased their target price on shares of Credit Acceptance from $381.00 to $495.00 and gave the company an “equal weight” rating in a research report on Tuesday, April 30th. Zacks Investment Research lowered shares of Credit Acceptance from a “buy” rating to a “hold” rating in a research report on Thursday, May 2nd. Buckingham Research started coverage on shares of Credit Acceptance in a research report on Thursday, March 28th. They issued a “neutral” rating and a $440.00 target price for the company. Finally, BTIG Research started coverage on shares of Credit Acceptance in a research report on Wednesday, January 23rd. They issued a “sell” rating and a $340.00 target price for the company. Three analysts have rated the stock with a sell rating, seven have assigned a hold rating and one has given a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $407.67.
In other news, CFO Kenneth Booth sold 1,000 shares of the firm’s stock in a transaction dated Friday, April 26th. The shares were sold at an average price of $500.00, for a total transaction of $500,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 5.00% of the company’s stock.
Several large investors have recently bought and sold shares of CACC. Meeder Asset Management Inc. bought a new position in shares of Credit Acceptance during the 4th quarter valued at about $81,000. Advisor Group Inc. boosted its position in shares of Credit Acceptance by 113.0% during the 4th quarter. Advisor Group Inc. now owns 213 shares of the credit services provider’s stock valued at $82,000 after purchasing an additional 113 shares in the last quarter. Blue Sky Asset Management LLC bought a new position in shares of Credit Acceptance during the 1st quarter valued at about $84,000. SG Americas Securities LLC bought a new position in shares of Credit Acceptance during the 1st quarter valued at about $212,000. Finally, Grandfield & Dodd LLC bought a new position in shares of Credit Acceptance during the 1st quarter valued at about $231,000. Institutional investors own 63.81% of the company’s stock.
Shares of CACC opened at $486.38 on Monday. The stock has a market capitalization of $9.14 billion, a P/E ratio of 17.13, a P/E/G ratio of 0.90 and a beta of 0.70. The company has a debt-to-equity ratio of 2.07, a current ratio of 31.27 and a quick ratio of 31.27. Credit Acceptance has a 52-week low of $337.30 and a 52-week high of $509.99.
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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