Vulcan Value Partners LLC lowered its stake in shares of Credit Acceptance Corp. (NASDAQ:CACC) by 21.4% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 87,862 shares of the credit services provider’s stock after selling 23,863 shares during the period. Vulcan Value Partners LLC owned about 0.46% of Credit Acceptance worth $31,050,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds also recently added to or reduced their stakes in CACC. Dupont Capital Management Corp purchased a new stake in Credit Acceptance during the first quarter worth about $610,000. SG Americas Securities LLC purchased a new stake in Credit Acceptance during the first quarter worth about $317,000. Mackay Shields LLC purchased a new stake in Credit Acceptance during the first quarter worth about $3,533,000. State Board of Administration of Florida Retirement System boosted its holdings in Credit Acceptance by 4.8% during the first quarter. State Board of Administration of Florida Retirement System now owns 11,683 shares of the credit services provider’s stock worth $3,860,000 after buying an additional 538 shares in the last quarter. Finally, Ffcm LLC boosted its holdings in Credit Acceptance by 3,181.3% during the first quarter. Ffcm LLC now owns 2,100 shares of the credit services provider’s stock worth $694,000 after buying an additional 2,036 shares in the last quarter. 67.58% of the stock is currently owned by hedge funds and other institutional investors.
CACC traded down $1.74 during midday trading on Friday, reaching $441.56. 8,323 shares of the company’s stock were exchanged, compared to its average volume of 91,960. The company has a current ratio of 33.69, a quick ratio of 33.69 and a debt-to-equity ratio of 2.03. The stock has a market cap of $8.58 billion, a P/E ratio of 21.60, a PEG ratio of 0.82 and a beta of 0.54. Credit Acceptance Corp. has a 1-year low of $256.27 and a 1-year high of $467.26.
Credit Acceptance (NASDAQ:CACC) last announced its earnings results on Tuesday, July 31st. The credit services provider reported $6.95 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $6.44 by $0.51. The company had revenue of $315.40 million during the quarter, compared to analysts’ expectations of $303.55 million. Credit Acceptance had a net margin of 46.43% and a return on equity of 28.97%. analysts forecast that Credit Acceptance Corp. will post 27.36 EPS for the current fiscal year.
A number of analysts recently commented on the stock. JMP Securities boosted their price objective on shares of Credit Acceptance from $260.00 to $350.00 and gave the stock a “market underperform” rating in a report on Thursday, August 2nd. Oppenheimer set a $400.00 price objective on shares of Credit Acceptance and gave the stock a “buy” rating in a report on Tuesday, July 31st. BidaskClub raised shares of Credit Acceptance from a “hold” rating to a “buy” rating in a report on Thursday, May 24th. BMO Capital Markets boosted their price objective on shares of Credit Acceptance from $305.00 to $312.00 and gave the stock a “market perform” rating in a report on Thursday, August 2nd. Finally, Zacks Investment Research upgraded shares of Credit Acceptance from a “hold” rating to a “buy” rating and set a $500.00 target price for the company in a research report on Friday, August 3rd. Four research analysts have rated the stock with a sell rating, four have issued a hold rating and four have given a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus target price of $327.78.
In other news, insider Douglas W. Busk sold 730 shares of the business’s stock in a transaction that occurred on Thursday, June 21st. The shares were sold at an average price of $370.00, for a total value of $270,100.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Prescott General Partners Llc sold 36,900 shares of the business’s stock in a transaction that occurred on Monday, August 27th. The shares were sold at an average price of $453.38, for a total transaction of $16,729,722.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 79,230 shares of company stock valued at $35,120,602. 5.40% of the stock is currently owned by company insiders.
Credit Acceptance Profile
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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