Arizona State Retirement System Raises Holdings in Credit Acceptance Co. (NASDAQ:CACC)

Arizona State Retirement System grew its position in shares of Credit Acceptance Co. (NASDAQ:CACC) by 7.9% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 1,972 shares of the credit services provider’s stock after purchasing an additional 145 shares during the quarter. Arizona State Retirement System’s holdings in Credit Acceptance were worth $1,051,000 as of its most recent filing with the SEC.

Other hedge funds also recently made changes to their positions in the company. AdvisorNet Financial Inc purchased a new position in shares of Credit Acceptance during the third quarter worth about $46,000. NewEdge Advisors LLC boosted its stake in shares of Credit Acceptance by 289.7% during the first quarter. NewEdge Advisors LLC now owns 113 shares of the credit services provider’s stock worth $49,000 after buying an additional 84 shares during the period. Whittier Trust Co. acquired a new stake in shares of Credit Acceptance during the fourth quarter worth about $74,000. MetLife Investment Management LLC acquired a new stake in shares of Credit Acceptance during the first quarter worth about $101,000. Finally, Covestor Ltd boosted its stake in shares of Credit Acceptance by 57.6% during the first quarter. Covestor Ltd now owns 227 shares of the credit services provider’s stock worth $125,000 after buying an additional 83 shares during the period. Hedge funds and other institutional investors own 81.71% of the company’s stock.

Insider Activity at Credit Acceptance

In related news, insider Douglas W. Busk sold 500 shares of the firm’s stock in a transaction dated Friday, February 2nd. The shares were sold at an average price of $579.98, for a total value of $289,990.00. Following the completion of the sale, the insider now owns 3,112 shares in the company, valued at $1,804,897.76. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Credit Acceptance news, insider Douglas W. Busk sold 2,500 shares of the stock in a transaction dated Thursday, March 21st. The shares were sold at an average price of $572.58, for a total value of $1,431,450.00. Following the completion of the transaction, the insider now directly owns 3,112 shares of the company’s stock, valued at $1,781,868.96. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Douglas W. Busk sold 500 shares of the stock in a transaction dated Friday, February 2nd. The shares were sold at an average price of $579.98, for a total transaction of $289,990.00. Following the completion of the transaction, the insider now directly owns 3,112 shares of the company’s stock, valued at $1,804,897.76. The disclosure for this sale can be found here. 4.20% of the stock is owned by insiders.

Credit Acceptance Price Performance

Shares of NASDAQ:CACC opened at $547.40 on Tuesday. The company has a quick ratio of 15.71, a current ratio of 15.71 and a debt-to-equity ratio of 2.84. The company has a market cap of $6.73 billion, a P/E ratio of 24.86 and a beta of 1.45. Credit Acceptance Co. has a 52 week low of $379.77 and a 52 week high of $616.66. The company has a 50-day moving average price of $552.41 and a 200 day moving average price of $502.91.

Credit Acceptance (NASDAQ:CACC) last announced its quarterly earnings data on Wednesday, January 31st. The credit services provider reported $10.06 EPS for the quarter, beating analysts’ consensus estimates of $9.17 by $0.89. The firm had revenue of $491.60 million during the quarter, compared to the consensus estimate of $478.80 million. Credit Acceptance had a net margin of 15.04% and a return on equity of 30.94%. Research analysts predict that Credit Acceptance Co. will post 40.95 earnings per share for the current year.

Analysts Set New Price Targets

Separately, StockNews.com upgraded shares of Credit Acceptance from a “hold” rating to a “buy” rating in a research note on Wednesday, February 28th. One analyst has rated the stock with a sell rating, two have given a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $381.75.

Credit Acceptance Company Profile

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.