Credit Acceptance (NASDAQ:CACC) Upgraded to Buy at StockNews.com

StockNews.com upgraded shares of Credit Acceptance (NASDAQ:CACC) from a hold rating to a buy rating in a report released on Tuesday morning.

Separately, TD Cowen dropped their price target on shares of Credit Acceptance from $400.00 to $380.00 and set a “sell” rating for the company in a research note on Friday, November 1st.

Credit Acceptance Stock Performance

Shares of NASDAQ:CACC opened at $445.32 on Tuesday. Credit Acceptance has a 52 week low of $409.22 and a 52 week high of $616.66. The stock has a market capitalization of $5.39 billion, a P/E ratio of 29.91 and a beta of 1.42. The firm has a fifty day simple moving average of $449.16 and a two-hundred day simple moving average of $483.12. The company has a quick ratio of 23.63, a current ratio of 23.63 and a debt-to-equity ratio of 3.79.

Credit Acceptance (NASDAQ:CACC) last issued its quarterly earnings data on Wednesday, October 30th. The credit services provider reported $8.79 EPS for the quarter, topping analysts’ consensus estimates of $7.88 by $0.91. Credit Acceptance had a net margin of 9.08% and a return on equity of 29.18%. The business had revenue of $550.30 million during the quarter, compared to analysts’ expectations of $548.13 million. During the same period last year, the company posted $10.70 EPS. The business’s revenue was up 15.0% on a year-over-year basis. On average, analysts expect that Credit Acceptance will post 37.14 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Thomas W. Smith sold 1,200 shares of Credit Acceptance stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $451.01, for a total transaction of $541,212.00. Following the completion of the sale, the insider now owns 74,450 shares in the company, valued at $33,577,694.50. This trade represents a 1.59 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 5.30% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Credit Acceptance

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Abrams Bison Investments LLC lifted its holdings in Credit Acceptance by 30.5% during the 3rd quarter. Abrams Bison Investments LLC now owns 228,306 shares of the credit services provider’s stock valued at $101,235,000 after buying an additional 53,306 shares in the last quarter. Smead Capital Management Inc. lifted its holdings in Credit Acceptance by 3.5% during the 3rd quarter. Smead Capital Management Inc. now owns 207,828 shares of the credit services provider’s stock valued at $92,155,000 after buying an additional 7,012 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in Credit Acceptance by 4.1% during the 2nd quarter. Dimensional Fund Advisors LP now owns 179,655 shares of the credit services provider’s stock valued at $92,455,000 after buying an additional 7,064 shares in the last quarter. MIG Capital LLC lifted its holdings in Credit Acceptance by 18.7% during the 3rd quarter. MIG Capital LLC now owns 116,491 shares of the credit services provider’s stock valued at $51,654,000 after buying an additional 18,351 shares in the last quarter. Finally, Alfreton Capital LLP raised its holdings in shares of Credit Acceptance by 22.7% in the 2nd quarter. Alfreton Capital LLP now owns 98,128 shares of the credit services provider’s stock valued at $50,505,000 after purchasing an additional 18,128 shares in the last quarter. Institutional investors own 81.71% of the company’s stock.

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.