Renaissance Technologies LLC Buys 2,200 Shares of Credit Acceptance Co. (NASDAQ:CACC)

Renaissance Technologies LLC increased its stake in shares of Credit Acceptance Co. (NASDAQ:CACC) by 38.6% in the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 7,900 shares of the credit services provider’s stock after acquiring an additional 2,200 shares during the quarter. Renaissance Technologies LLC’s holdings in Credit Acceptance were worth $4,066,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also modified their holdings of the company. nVerses Capital LLC bought a new stake in shares of Credit Acceptance during the 2nd quarter worth about $51,000. Healthcare of Ontario Pension Plan Trust Fund bought a new stake in shares of Credit Acceptance during the 1st quarter worth about $156,000. MQS Management LLC bought a new stake in shares of Credit Acceptance during the 1st quarter worth about $242,000. 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 worth $257,000 after purchasing an additional 497 shares in the last quarter. Finally, FORA Capital LLC acquired a new stake in Credit Acceptance in the 1st quarter worth about $269,000. Institutional investors own 81.71% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, TD Cowen dropped their price objective on shares of Credit Acceptance from $440.00 to $400.00 and set a “sell” rating for the company in a research note on Thursday, August 1st. One investment analyst has rated the stock with a sell rating, two have given a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $395.67.

Insiders Place Their Bets

In other news, insider Thomas W. Smith sold 1,200 shares of the firm’s stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of $451.01, for a total value of $541,212.00. Following the completion of the transaction, the insider now directly owns 74,450 shares in the company, valued at $33,577,694.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 5.30% of the company’s stock.

Credit Acceptance Stock Up 1.4 %

Shares of NASDAQ CACC opened at $447.69 on Friday. The company has a quick ratio of 19.15, a current ratio of 19.15 and a debt-to-equity ratio of 3.77. The company’s fifty day simple moving average is $473.99 and its 200 day simple moving average is $505.17. Credit Acceptance Co. has a 12-month low of $379.77 and a 12-month high of $616.66. The firm has a market cap of $5.42 billion, a PE ratio of 22.97 and a beta of 1.42.

Credit Acceptance (NASDAQ:CACC) last announced its earnings results on Wednesday, July 31st. The credit services provider reported $10.29 EPS for the quarter, beating the consensus estimate of $7.20 by $3.09. The company had revenue of $538.20 million during the quarter, compared to the consensus estimate of $525.03 million. Credit Acceptance had a net margin of 9.01% and a return on equity of 30.77%. The firm’s revenue for the quarter was up 12.6% on a year-over-year basis. During the same quarter in the prior year, the company posted $10.69 earnings per share. As a group, sell-side analysts forecast that Credit Acceptance Co. will post 38.87 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.