Credit Acceptance Corporation (CACC) Expected to Post Quarterly Sales of $282.29 Million
Wall Street brokerages forecast that Credit Acceptance Corporation (NASDAQ:CACC) will announce $282.29 million in sales for the current quarter, Zacks Investment Research reports. Two analysts have issued estimates for Credit Acceptance Corporation’s earnings. The lowest sales estimate is $281.37 million and the highest is $283.20 million. Credit Acceptance Corporation reported sales of $246.60 million in the same quarter last year, which would indicate a positive year-over-year growth rate of 14.5%. The company is expected to issue its next quarterly earnings report on Tuesday, November 7th.
According to Zacks, analysts expect that Credit Acceptance Corporation will report full-year sales of $282.29 million for the current fiscal year, with estimates ranging from $1.10 billion to $1.11 billion. For the next fiscal year, analysts expect that the business will post sales of $1.19 billion per share, with estimates ranging from $1.15 billion to $1.22 billion. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research firms that that provide coverage for Credit Acceptance Corporation.
Credit Acceptance Corporation (NASDAQ:CACC) last posted its earnings results on Monday, July 31st. The credit services provider reported $5.22 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $4.89 by $0.33. Credit Acceptance Corporation had a return on equity of 32.24% and a net margin of 35.13%. The firm had revenue of $253.20 million for the quarter, compared to analyst estimates of $268.18 million. During the same quarter in the prior year, the company earned $4.38 EPS. Credit Acceptance Corporation’s revenue was up 14.5% on a year-over-year basis.
A number of equities research analysts have recently commented on the company. Zacks Investment Research raised Credit Acceptance Corporation from a “hold” rating to a “buy” rating and set a $310.00 price objective for the company in a research report on Thursday, August 3rd. Jefferies Group LLC reaffirmed a “hold” rating and issued a $240.00 price objective (up previously from $215.00) on shares of Credit Acceptance Corporation in a research report on Tuesday, August 1st. BidaskClub downgraded Credit Acceptance Corporation from a “strong-buy” rating to a “buy” rating in a research report on Thursday, July 6th. JMP Securities reaffirmed an “underperform” rating and issued a $195.00 price objective (up previously from $180.00) on shares of Credit Acceptance Corporation in a research report on Tuesday, August 1st. Finally, BMO Capital Markets lifted their price objective on Credit Acceptance Corporation from $226.00 to $238.00 and gave the company a “market perform” rating in a research report on Tuesday, August 1st. Three analysts have rated the stock with a sell rating, six have given a hold rating and one has assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $222.38.
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Credit Acceptance Corporation (CACC) opened at 261.75 on Friday. The firm has a market cap of $5.09 billion, a price-to-earnings ratio of 14.31 and a beta of 0.50. The company’s 50-day moving average price is $265.60 and its 200 day moving average price is $228.66. Credit Acceptance Corporation has a 1-year low of $160.63 and a 1-year high of $281.67.
In related news, major shareholder Jill Foss Watson sold 35,348 shares of Credit Acceptance Corporation stock in a transaction on Wednesday, August 2nd. The stock was sold at an average price of $275.69, for a total value of $9,745,090.12. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Douglas W. Busk sold 2,500 shares of Credit Acceptance Corporation stock in a transaction on Wednesday, August 2nd. The shares were sold at an average price of $267.72, for a total value of $669,300.00. The disclosure for this sale can be found here. Insiders sold 152,858 shares of company stock worth $41,562,168 in the last quarter. 5.80% of the stock is owned by insiders.
Institutional investors and hedge funds have recently modified their holdings of the business. Columbia Wanger Asset Management LLC acquired a new position in shares of Credit Acceptance Corporation during the first quarter worth about $19,862,000. Ameriprise Financial Inc. lifted its stake in shares of Credit Acceptance Corporation by 27.4% during the first quarter. Ameriprise Financial Inc. now owns 3,394 shares of the credit services provider’s stock worth $676,000 after purchasing an additional 730 shares in the last quarter. James Investment Research Inc. lifted its stake in shares of Credit Acceptance Corporation by 143.4% during the second quarter. James Investment Research Inc. now owns 8,520 shares of the credit services provider’s stock worth $2,191,000 after purchasing an additional 5,020 shares in the last quarter. Schwab Charles Investment Management Inc. lifted its stake in shares of Credit Acceptance Corporation by 17.7% during the first quarter. Schwab Charles Investment Management Inc. now owns 62,350 shares of the credit services provider’s stock worth $12,434,000 after purchasing an additional 9,358 shares in the last quarter. Finally, Janney Montgomery Scott LLC lifted its stake in shares of Credit Acceptance Corporation by 35.9% during the first quarter. Janney Montgomery Scott LLC now owns 1,560 shares of the credit services provider’s stock worth $311,000 after purchasing an additional 412 shares in the last quarter. Institutional investors own 72.71% of the company’s stock.
About Credit Acceptance Corporation
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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