Public Employees Retirement System of Ohio lowered its holdings in shares of Credit Acceptance Corp. (NASDAQ:CACC) by 6.0% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 4,017 shares of the credit services provider’s stock after selling 256 shares during the quarter. Public Employees Retirement System of Ohio’s holdings in Credit Acceptance were worth $1,420,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds have also added to or reduced their stakes in the company. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Credit Acceptance by 57.9% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 616 shares of the credit services provider’s stock worth $218,000 after acquiring an additional 226 shares during the last quarter. Financial Architects Inc bought a new stake in shares of Credit Acceptance in the 2nd quarter worth about $254,000. Verition Fund Management LLC bought a new stake in shares of Credit Acceptance in the 1st quarter worth about $244,000. Strs Ohio bought a new stake in shares of Credit Acceptance in the 2nd quarter worth about $277,000. Finally, Xact Kapitalforvaltning AB lifted its holdings in shares of Credit Acceptance by 29.2% in the 1st quarter. Xact Kapitalforvaltning AB now owns 886 shares of the credit services provider’s stock worth $293,000 after acquiring an additional 200 shares during the last quarter. Institutional investors and hedge funds own 67.58% of the company’s stock.
Several equities research analysts have recently issued reports on CACC shares. BidaskClub lowered shares of Credit Acceptance from a “buy” rating to a “hold” rating in a report on Friday, June 15th. Oppenheimer set a $400.00 target price on shares of Credit Acceptance and gave the stock a “buy” rating in a report on Tuesday, July 31st. Compass Point upgraded shares of Credit Acceptance from a “sell” rating to a “neutral” rating in a report on Wednesday, August 1st. Susquehanna Bancshares raised their target price on shares of Credit Acceptance from $350.00 to $371.00 and gave the stock a “hold” rating in a report on Wednesday, August 1st. Finally, BMO Capital Markets raised their target price 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. Four investment analysts have rated the stock with a sell rating, four have given a hold rating and three have assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $336.25.
In related news, CFO Kenneth Booth sold 2,000 shares of the firm’s stock in a transaction dated Wednesday, August 1st. The shares were sold at an average price of $425.00, for a total value of $850,000.00. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Prescott General Partners Llc sold 36,900 shares of the firm’s stock in a transaction dated Monday, August 27th. The stock was 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. Insiders sold a total of 76,500 shares of company stock worth $34,100,502 in the last ninety days. 5.40% of the stock is currently owned by insiders.
CACC stock opened at $414.44 on Friday. The stock has a market capitalization of $8.46 billion, a P/E ratio of 20.14, a P/E/G ratio of 0.81 and a beta of 0.56. Credit Acceptance Corp. has a 12 month low of $277.20 and a 12 month high of $467.26. The company has a current ratio of 33.69, a quick ratio of 33.69 and a debt-to-equity ratio of 2.03.
Credit Acceptance (NASDAQ:CACC) last posted its quarterly earnings results on Tuesday, July 31st. The credit services provider reported $6.95 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $6.44 by $0.51. The company had revenue of $315.40 million for the quarter, compared to the consensus estimate of $303.55 million. Credit Acceptance had a net margin of 46.43% and a return on equity of 28.97%. On average, equities research analysts expect that Credit Acceptance Corp. will post 27.36 EPS for the current fiscal year.
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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