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

by · The Markets Daily

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

Other equities research analysts have also issued research reports about the company. Stephens initiated coverage on Credit Acceptance in a research report on Wednesday, November 13th. They issued an “equal weight” rating and a $452.00 price objective on the stock. TD Cowen reduced their target price on Credit Acceptance from $400.00 to $380.00 and set a “sell” rating for the company in a research note on Friday, November 1st.

Get Our Latest Analysis on CACC

Credit Acceptance Trading Down 2.5 %

Credit Acceptance stock opened at $454.55 on Tuesday. The company has a current ratio of 23.63, a quick ratio of 23.63 and a debt-to-equity ratio of 3.79. Credit Acceptance has a 12 month low of $409.22 and a 12 month high of $616.66. The stock’s 50 day simple moving average is $466.35 and its two-hundred day simple moving average is $477.99. The firm has a market cap of $5.51 billion, a PE ratio of 30.53 and a beta of 1.46.

Credit Acceptance (NASDAQ:CACC – Get Free Report) last released its quarterly earnings data on Wednesday, October 30th. The credit services provider reported $8.79 EPS for the quarter, topping the consensus estimate of $7.88 by $0.91. Credit Acceptance had a return on equity of 29.18% and a net margin of 9.08%. The business had revenue of $550.30 million for the quarter, compared to analyst estimates of $548.13 million. During the same quarter in the prior year, the firm posted $10.70 EPS. The business’s quarterly revenue was up 15.0% compared to the same quarter last year. Analysts anticipate that Credit Acceptance will post 36.54 earnings per share for the current year.

Insider Transactions at Credit Acceptance

In related news, COO Jonathan Lum sold 552 shares of the stock in a transaction on Tuesday, December 17th. The stock was sold at an average price of $489.90, for a total value of $270,424.80. Following the completion of the transaction, the chief operating officer now directly owns 31,493 shares of the company’s stock, valued at approximately $15,428,420.70. This represents a 1.72 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 5.30% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in CACC. Rhumbline Advisers raised its stake in Credit Acceptance by 10.1% in the 2nd quarter. Rhumbline Advisers now owns 9,235 shares of the credit services provider’s stock valued at $4,753,000 after purchasing an additional 844 shares during the last quarter. Headlands Technologies LLC raised its stake in Credit Acceptance by 24,850.0% in the 2nd quarter. Headlands Technologies LLC now owns 499 shares of the credit services provider’s stock valued at $257,000 after purchasing an additional 497 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in Credit Acceptance by 4.1% in 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 purchasing an additional 7,064 shares during the last quarter. Renaissance Technologies LLC increased its stake in shares of Credit Acceptance by 38.6% in the 2nd quarter. Renaissance Technologies LLC now owns 7,900 shares of the credit services provider’s stock worth $4,066,000 after acquiring an additional 2,200 shares during the last quarter. Finally, XTX Topco Ltd acquired a new stake in shares of Credit Acceptance in the 2nd quarter worth $876,000. 81.71% of the stock is owned by institutional investors and hedge funds.

About Credit Acceptance

(Get Free Report)

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.

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