Linden Thomas Advisory Services LLC Raises Stock Holdings in Credit Acceptance Corporation $CACC

Linden Thomas Advisory Services LLC raised its position in Credit Acceptance Corporation (NASDAQ:CACC) by 5.6% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,785 shares of the credit services provider’s stock after buying an additional 95 shares during the quarter. Linden Thomas Advisory Services LLC’s holdings in Credit Acceptance were worth $909,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in CACC. Highland Capital Management LLC purchased a new stake in Credit Acceptance in the first quarter valued at approximately $1,358,000. Teacher Retirement System of Texas acquired a new position in shares of Credit Acceptance in the first quarter valued at approximately $794,000. Sierra Ocean LLC acquired a new position in shares of Credit Acceptance in the first quarter valued at approximately $26,000. Envestnet Asset Management Inc. increased its holdings in shares of Credit Acceptance by 10.6% in the first quarter. Envestnet Asset Management Inc. now owns 30,351 shares of the credit services provider’s stock valued at $15,672,000 after purchasing an additional 2,901 shares during the period. Finally, M&T Bank Corp increased its holdings in shares of Credit Acceptance by 12.2% in the first quarter. M&T Bank Corp now owns 1,096 shares of the credit services provider’s stock valued at $566,000 after purchasing an additional 119 shares during the period. Hedge funds and other institutional investors own 81.71% of the company’s stock.

Credit Acceptance Trading Up 1.3%

Shares of CACC stock opened at $506.56 on Monday. The business’s fifty day moving average price is $496.65 and its 200 day moving average price is $495.17. Credit Acceptance Corporation has a 1-year low of $414.15 and a 1-year high of $560.00. The firm has a market capitalization of $5.69 billion, a PE ratio of 14.60 and a beta of 1.19. The company has a debt-to-equity ratio of 4.16, a current ratio of 22.03 and a quick ratio of 22.03.

Credit Acceptance (NASDAQ:CACC) last announced its quarterly earnings data on Thursday, July 31st. The credit services provider reported $8.56 earnings per share for the quarter, missing analysts’ consensus estimates of $9.84 by ($1.28). Credit Acceptance had a return on equity of 27.06% and a net margin of 18.69%.The business had revenue of $583.80 million for the quarter, compared to analyst estimates of $583.30 million. During the same period in the prior year, the company earned $10.29 EPS. The company’s revenue was up 8.5% on a year-over-year basis. As a group, sell-side analysts forecast that Credit Acceptance Corporation will post 53.24 EPS for the current fiscal year.

Analyst Ratings Changes

Separately, Weiss Ratings reissued a “hold (c)” rating on shares of Credit Acceptance in a report on Friday. Two investment analysts have rated the stock with a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Credit Acceptance currently has an average rating of “Reduce” and an average price target of $440.00.

Insider Buying and Selling

In related news, insider Daniel A. Ulatowski sold 2,139 shares of the company’s stock in a transaction on Monday, August 25th. The stock was sold at an average price of $509.05, for a total transaction of $1,088,857.95. Following the transaction, the insider owned 28,290 shares of the company’s stock, valued at $14,401,024.50. This represents a 7.03% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, COO Jonathan Lum sold 6,000 shares of the company’s stock in a transaction on Monday, August 25th. The stock was sold at an average price of $512.61, for a total value of $3,075,660.00. Following the transaction, the chief operating officer directly owned 31,493 shares in the company, valued at $16,143,626.73. This represents a 16.00% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 13,697 shares of company stock valued at $6,981,255 over the last quarter. Company insiders own 6.60% of the company’s stock.

About Credit Acceptance

Credit Acceptance Corporation engages in the provision of financing programs, and related products and services in the United States. The company advances money to automobile dealers in exchange for the right to service the underlying consumer loans; and buys the consumer loans from the dealers and keeps the amount collected from the consumers.