Credit Acceptance Corporation $CACC Shares Bought by Arrowstreet Capital Limited Partnership

Arrowstreet Capital Limited Partnership raised its stake in shares of Credit Acceptance Corporation (NASDAQ:CACC) by 92.6% in the second quarter, Holdings Channel.com reports. The fund owned 19,498 shares of the credit services provider’s stock after purchasing an additional 9,374 shares during the period. Arrowstreet Capital Limited Partnership’s holdings in Credit Acceptance were worth $9,933,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Quantbot Technologies LP boosted its position in shares of Credit Acceptance by 9,533.3% during the 2nd quarter. Quantbot Technologies LP now owns 14,739 shares of the credit services provider’s stock worth $7,508,000 after purchasing an additional 14,586 shares during the period. New York State Common Retirement Fund lifted its stake in Credit Acceptance by 11.5% during the second quarter. New York State Common Retirement Fund now owns 4,215 shares of the credit services provider’s stock worth $2,147,000 after purchasing an additional 435 shares in the last quarter. Giverny Capital Inc. boosted its position in shares of Credit Acceptance by 2.2% during the second quarter. Giverny Capital Inc. now owns 30,501 shares of the credit services provider’s stock worth $15,538,000 after buying an additional 650 shares during the period. State Board of Administration of Florida Retirement System boosted its position in shares of Credit Acceptance by 8.3% during the second quarter. State Board of Administration of Florida Retirement System now owns 4,022 shares of the credit services provider’s stock worth $2,049,000 after buying an additional 308 shares during the period. Finally, Twin Lions Management LLC grew its stake in shares of Credit Acceptance by 51.9% in the second quarter. Twin Lions Management LLC now owns 69,051 shares of the credit services provider’s stock valued at $35,177,000 after buying an additional 23,580 shares in the last quarter. 81.71% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Credit Acceptance news, CEO Kenneth Booth sold 4,000 shares of the firm’s stock in a transaction on Thursday, September 18th. The stock was sold at an average price of $506.59, for a total value of $2,026,360.00. Following the sale, the chief executive officer directly owned 68,116 shares in the company, valued at $34,506,884.44. This trade represents a 5.55% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 6.60% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. TD Cowen decreased their target price on Credit Acceptance from $450.00 to $430.00 and set a “sell” rating on the stock in a research note on Friday, October 31st. Weiss Ratings reissued a “hold (c)” rating on shares of Credit Acceptance in a research report on Wednesday, October 8th. Finally, Cowen reissued a “sell” rating on shares of Credit Acceptance in a research note on Friday, October 31st. Two research analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, Credit Acceptance currently has an average rating of “Reduce” and a consensus price target of $465.00.

Credit Acceptance Stock Down 0.1%

Shares of NASDAQ:CACC opened at $460.62 on Wednesday. Credit Acceptance Corporation has a fifty-two week low of $401.90 and a fifty-two week high of $560.00. The firm’s 50 day moving average price is $464.18 and its 200 day moving average price is $486.59. The company has a quick ratio of 15.81, a current ratio of 15.81 and a debt-to-equity ratio of 3.94. The stock has a market cap of $5.08 billion, a price-to-earnings ratio of 12.20 and a beta of 1.26.

Credit Acceptance (NASDAQ:CACC) last announced its quarterly earnings data on Thursday, October 30th. The credit services provider reported $10.28 EPS for the quarter, beating analysts’ consensus estimates of $9.61 by $0.67. The company had revenue of $405.10 million for the quarter, compared to the consensus estimate of $592.19 million. Credit Acceptance had a net margin of 19.70% and a return on equity of 27.88%. The company’s quarterly revenue was up 5.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $9.25 EPS. As a group, equities research analysts predict that Credit Acceptance Corporation will post 53.24 earnings per share for the current fiscal year.

Credit Acceptance 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.