Credit Acceptance (NASDAQ:CACC) was upgraded by equities researchers at Janney Montgomery Scott from a “sell” rating to a “neutral” rating in a report released on Friday, MarketBeat.com reports. The firm currently has a $394.00 price target on the credit services provider’s stock. Janney Montgomery Scott’s target price would suggest a potential downside of 15.80% from the company’s current price.
A number of other equities analysts also recently weighed in on CACC. BTIG Research cut their price target on shares of Credit Acceptance from $190.00 to $160.00 and set a “sell” rating on the stock in a research note on Monday, April 6th. JMP Securities lowered their price target on Credit Acceptance from $350.00 to $150.00 and set a “market underperform” rating for the company in a research report on Friday, April 3rd. TheStreet lowered Credit Acceptance from a “b-” rating to a “c+” rating in a research note on Thursday, April 2nd. Zacks Investment Research lowered Credit Acceptance from a “strong-buy” rating to a “hold” rating and set a $480.00 price objective on the stock. in a research note on Tuesday, July 28th. Finally, ValuEngine downgraded shares of Credit Acceptance from a “hold” rating to a “sell” rating in a research report on Friday, May 29th. Four analysts have rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the stock. Credit Acceptance presently has a consensus rating of “Hold” and a consensus target price of $293.50.
Shares of Credit Acceptance stock opened at $467.94 on Friday. Credit Acceptance has a fifty-two week low of $199.00 and a fifty-two week high of $520.00. The business’s fifty day moving average is $434.24 and its two-hundred day moving average is $383.53. The company has a quick ratio of 28.62, a current ratio of 28.62 and a debt-to-equity ratio of 2.42. The firm has a market cap of $8.26 billion, a PE ratio of 25.82 and a beta of 1.29.
Credit Acceptance (NASDAQ:CACC) last released its earnings results on Thursday, July 30th. The credit services provider reported $5.40 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $8.36 by ($2.96). Credit Acceptance had a return on equity of 30.06% and a net margin of 21.79%. The business had revenue of $406.30 million for the quarter, compared to analysts’ expectations of $372.72 million. Equities research analysts anticipate that Credit Acceptance will post 33.55 EPS for the current year.
In other news, major shareholder Donald A. Foss sold 10,000 shares of Credit Acceptance stock in a transaction that occurred on Friday, May 8th. The shares were sold at an average price of $331.03, for a total transaction of $3,310,300.00. Following the sale, the insider now owns 1,826,562 shares in the company, valued at $604,646,818.86. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Douglas W. Busk sold 1,500 shares of the business’s stock in a transaction on Monday, June 8th. The stock was sold at an average price of $477.07, for a total transaction of $715,605.00. Insiders sold 72,395 shares of company stock valued at $30,271,605 in the last ninety days. Company insiders own 5.20% of the company’s stock.
A number of large investors have recently bought and sold shares of the business. Cantillon Capital Management LLC grew its stake in shares of Credit Acceptance by 1.0% during the second quarter. Cantillon Capital Management LLC now owns 292,165 shares of the credit services provider’s stock valued at $122,420,000 after acquiring an additional 2,937 shares in the last quarter. Mraz Amerine & Associates Inc. boosted its holdings in Credit Acceptance by 1.2% in the second quarter. Mraz Amerine & Associates Inc. now owns 4,143 shares of the credit services provider’s stock valued at $1,736,000 after purchasing an additional 50 shares during the last quarter. CIBC Asset Management Inc purchased a new position in Credit Acceptance in the second quarter valued at about $286,000. Raymond James & Associates grew its stake in Credit Acceptance by 364.7% during the 2nd quarter. Raymond James & Associates now owns 10,172 shares of the credit services provider’s stock valued at $4,262,000 after purchasing an additional 7,983 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in Credit Acceptance by 43.6% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,205 shares of the credit services provider’s stock worth $505,000 after purchasing an additional 366 shares during the last quarter. 70.36% of the stock is owned by institutional investors.
About Credit Acceptance
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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