Credit Acceptance (NASDAQ:CACC) Lowered to Hold Rating by StockNews.com

StockNews.com downgraded shares of Credit Acceptance (NASDAQ:CACC) from a buy rating to a hold rating in a report published on Thursday.

A number of other research firms also recently issued reports on CACC. TD Cowen dropped their price target on Credit Acceptance from $400.00 to $380.00 and set a “sell” rating on the stock in a research note on Friday, November 1st. Stephens initiated coverage on shares of Credit Acceptance in a research report on Wednesday, November 13th. They set an “equal weight” rating and a $452.00 target price on the stock.

Credit Acceptance Stock Down 0.1 %

Shares of NASDAQ:CACC opened at $523.55 on Thursday. The company has a current ratio of 23.63, a quick ratio of 23.63 and a debt-to-equity ratio of 3.79. The firm has a 50 day simple moving average of $476.50 and a 200-day simple moving average of $475.56. The company has a market capitalization of $6.34 billion, a PE ratio of 35.16 and a beta of 1.46. Credit Acceptance has a twelve month low of $409.22 and a twelve month high of $616.66.

Credit Acceptance (NASDAQ:CACC) last released its quarterly earnings data on Wednesday, October 30th. The credit services provider reported $8.79 earnings per share (EPS) for the quarter, beating the consensus estimate of $7.88 by $0.91. The company had revenue of $550.30 million during the quarter, compared to the consensus estimate of $548.13 million. Credit Acceptance had a net margin of 9.08% and a return on equity of 29.18%. During the same quarter in the prior year, the firm posted $10.70 earnings per share. Credit Acceptance’s revenue for the quarter was up 15.0% on a year-over-year basis. On average, equities analysts predict that Credit Acceptance will post 36.53 EPS for the current fiscal year.

Insider Transactions at Credit Acceptance

In related news, COO Jonathan Lum sold 552 shares of Credit Acceptance stock in a transaction on Tuesday, December 17th. The shares were sold at an average price of $489.90, for a total value of $270,424.80. Following the transaction, the chief operating officer now directly owns 31,493 shares in the company, valued at $15,428,420.70. This trade represents a 1.72 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 5.30% of the company’s stock.

Hedge Funds Weigh In On Credit Acceptance

A number of large investors have recently bought and sold shares of CACC. Abrams Bison Investments LLC boosted its stake in shares of Credit Acceptance by 30.5% in the third 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. Charles Schwab Investment Management Inc. lifted its holdings in Credit Acceptance by 24.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 94,051 shares of the credit services provider’s stock valued at $41,704,000 after acquiring an additional 18,530 shares during the period. MIG Capital LLC boosted its position in shares of Credit Acceptance by 18.7% during the 3rd quarter. MIG Capital LLC now owns 116,491 shares of the credit services provider’s stock worth $51,654,000 after purchasing an additional 18,351 shares in the last quarter. Smead Capital Management Inc. grew its stake in shares of 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 worth $92,155,000 after purchasing an additional 7,012 shares during the period. Finally, Oddo BHF Asset Management Sas purchased a new position in shares of Credit Acceptance in the 3rd quarter valued at about $3,020,000. Hedge funds and other institutional investors own 81.71% of the company’s stock.

About Credit Acceptance

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.