Ingalls & Snyder LLC reduced its stake in shares of Credit Acceptance Corp. (NASDAQ:CACC) by 0.2% during the first quarter, according to its most recent disclosure with the SEC. The firm owned 91,703 shares of the credit services provider’s stock after selling 160 shares during the period. Credit Acceptance Corp. makes up about 1.0% of Ingalls & Snyder LLC’s investment portfolio, making the stock its 24th largest position. Ingalls & Snyder LLC owned approximately 0.46% of Credit Acceptance Corp. worth $18,286,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently modified their holdings of CACC. LMR Partners LLP boosted its position in shares of Credit Acceptance Corp. by 18.5% in the third quarter. LMR Partners LLP now owns 75,000 shares of the credit services provider’s stock valued at $15,080,000 after buying an additional 11,707 shares during the last quarter. Norges Bank bought a new position in shares of Credit Acceptance Corp. during the fourth quarter valued at about $27,279,000. Global Endowment Management LP boosted its position in shares of Credit Acceptance Corp. by 72.6% in the third quarter. Global Endowment Management LP now owns 86,280 shares of the credit services provider’s stock valued at $17,349,000 after buying an additional 36,280 shares during the last quarter. California State Teachers Retirement System boosted its position in shares of Credit Acceptance Corp. by 1.1% in the third quarter. California State Teachers Retirement System now owns 17,632 shares of the credit services provider’s stock valued at $3,545,000 after buying an additional 200 shares during the last quarter. Finally, Franklin Resources Inc. bought a new position in shares of Credit Acceptance Corp. during the fourth quarter valued at about $4,649,000. Institutional investors and hedge funds own 52.09% of the company’s stock.
Shares of Credit Acceptance Corp. (NASDAQ:CACC) traded up 2.44% during mid-day trading on Friday, reaching $221.13. 283,204 shares of the company were exchanged. The firm has a market capitalization of $4.36 billion, a price-to-earnings ratio of 12.72 and a beta of 0.76. The company’s 50-day moving average is $205.37 and its 200 day moving average is $201.06. Credit Acceptance Corp. has a 12 month low of $160.63 and a 12 month high of $225.47.
Credit Acceptance Corp. (NASDAQ:CACC) last released its earnings results on Monday, May 1st. The credit services provider reported $4.67 earnings per share for the quarter, beating the consensus estimate of $4.38 by $0.29. Credit Acceptance Corp. had a net margin of 34.34% and a return on equity of 33.44%. The firm had revenue of $262.80 million during the quarter, compared to analyst estimates of $259.24 million. Analysts predict that Credit Acceptance Corp. will post $18.74 EPS for the current year.
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Several research analysts have recently issued reports on CACC shares. Susquehanna Bancshares Inc started coverage on shares of Credit Acceptance Corp. in a report on Monday, January 23rd. They issued a “neutral” rating and a $226.00 target price for the company. Stephens set a $170.00 target price on shares of Credit Acceptance Corp. and gave the company a “sell” rating in a report on Wednesday, February 8th. Jefferies Group LLC restated a “hold” rating and issued a $215.00 target price on shares of Credit Acceptance Corp. in a report on Friday, April 7th. Zacks Investment Research upgraded shares of Credit Acceptance Corp. from a “hold” rating to a “strong-buy” rating and set a $248.00 price target for the company in a research note on Thursday, May 4th. Finally, Janney Montgomery Scott cut shares of Credit Acceptance Corp. from a “neutral” rating to a “sell” rating in a research note on Friday, February 17th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and one has assigned a strong buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $205.63.
In other Credit Acceptance Corp. news, insider Charles A. Pearce sold 4,000 shares of the business’s stock in a transaction on Wednesday, May 3rd. The shares were sold at an average price of $215.77, for a total transaction of $863,080.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Jill Foss Watson sold 21,200 shares of the business’s stock in a transaction on Tuesday, May 16th. The shares were sold at an average price of $215.71, for a total transaction of $4,573,052.00. The disclosure for this sale can be found here. In the last quarter, insiders have sold 696,424 shares of company stock valued at $141,747,755. 25.20% of the stock is owned by insiders.
Credit Acceptance Corp. 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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