Ruane Cunniff & Goldfarb L.P. Sells 42,327 Shares of Credit Acceptance Corporation $CACC

Ruane Cunniff & Goldfarb L.P. reduced its position in shares of Credit Acceptance Corporation (NASDAQ:CACC) by 7.3% during the 4th quarter, HoldingsChannel.com reports. The firm owned 536,132 shares of the credit services provider’s stock after selling 42,327 shares during the quarter. Credit Acceptance accounts for about 3.7% of Ruane Cunniff & Goldfarb L.P.’s holdings, making the stock its 14th biggest position. Ruane Cunniff & Goldfarb L.P.’s holdings in Credit Acceptance were worth $237,753,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Geo Capital Gestora de Recursos Ltd bought a new stake in shares of Credit Acceptance during the fourth quarter worth about $1,842,000. Dimensional Fund Advisors LP boosted its holdings in Credit Acceptance by 9.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 223,872 shares of the credit services provider’s stock valued at $99,284,000 after acquiring an additional 20,011 shares during the last quarter. Inceptionr LLC bought a new stake in Credit Acceptance in the fourth quarter valued at approximately $446,000. Janney Montgomery Scott LLC boosted its holdings in Credit Acceptance by 4.6% in the fourth quarter. Janney Montgomery Scott LLC now owns 571 shares of the credit services provider’s stock valued at $253,000 after acquiring an additional 25 shares during the last quarter. Finally, Illinois Municipal Retirement Fund boosted its holdings in Credit Acceptance by 290.3% in the fourth quarter. Illinois Municipal Retirement Fund now owns 5,824 shares of the credit services provider’s stock valued at $2,583,000 after acquiring an additional 4,332 shares during the last quarter. 81.71% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts recently commented on CACC shares. Zacks Research cut Credit Acceptance from a “strong-buy” rating to a “hold” rating in a report on Wednesday, May 13th. TD Cowen upped their target price on Credit Acceptance from $450.00 to $500.00 and gave the company a “hold” rating in a report on Wednesday, May 6th. Weiss Ratings upgraded Credit Acceptance from a “hold (c)” rating to a “hold (c+)” rating in a report on Friday, May 8th. Finally, Stephens upped their target price on Credit Acceptance from $450.00 to $540.00 and gave the company an “equal weight” rating in a report on Friday, April 17th. Four investment analysts have rated the stock with a Hold rating, According to MarketBeat, Credit Acceptance currently has a consensus rating of “Hold” and a consensus target price of $520.00.

Insider Activity

In other Credit Acceptance news, major shareholder Jill Foss Watson sold 9,450 shares of the stock in a transaction that occurred on Tuesday, April 21st. The stock was sold at an average price of $538.52, for a total transaction of $5,089,014.00. Following the transaction, the insider directly owned 92,107 shares in the company, valued at approximately $49,601,461.64. This represents a 9.31% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Jay D. Martin sold 3,000 shares of the stock in a transaction that occurred on Friday, April 17th. The stock was sold at an average price of $525.63, for a total value of $1,576,890.00. Following the transaction, the chief financial officer owned 25,963 shares in the company, valued at $13,646,931.69. The trade was a 10.36% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 26,527 shares of company stock worth $14,203,265. Company insiders own 6.10% of the company’s stock.

Credit Acceptance Stock Performance

Shares of CACC stock opened at $548.15 on Friday. The business’s 50 day simple moving average is $522.33 and its 200 day simple moving average is $486.63. Credit Acceptance Corporation has a one year low of $401.90 and a one year high of $579.79. The stock has a market capitalization of $5.73 billion, a PE ratio of 13.62 and a beta of 1.38. The company has a debt-to-equity ratio of 4.09, a current ratio of 13.62 and a quick ratio of 13.62.

Credit Acceptance (NASDAQ:CACC) last announced its earnings results on Tuesday, May 5th. The credit services provider reported $10.71 EPS for the quarter, missing the consensus estimate of $10.73 by ($0.02). The company had revenue of $406.00 million during the quarter, compared to the consensus estimate of $580.77 million. Credit Acceptance had a net margin of 19.49% and a return on equity of 29.95%. The business’s revenue was up 1.6% on a year-over-year basis. During the same quarter in the previous year, the company earned $9.35 earnings per share. As a group, research analysts forecast that Credit Acceptance Corporation will post 47.5 earnings per share for the current year.

Credit Acceptance Company Profile

Credit Acceptance Corporation, founded in 1972 and headquartered in Southfield, Michigan, is a specialty finance company focused on the indirect automotive lending market. The company partners with independent and franchised auto dealers to facilitate purchase financing for consumers who may not qualify for traditional prime auto loans. By purchasing retail installment contracts originated by these dealers, Credit Acceptance provides capital and credit insurance to support vehicle sales, enabling dealers to broaden their customer base and reduce credit risk.

Through its proprietary underwriting platform and risk management strategies, Credit Acceptance evaluates borrower applications, structures credit plans, and retains servicing rights on the acquired contracts.