Credit Acceptance (NASDAQ:CACC – Get Free Report) was downgraded by investment analysts at StockNews.com from a “buy” rating to a “hold” rating in a report issued on Thursday.
Several other brokerages have also weighed in on CACC. TD Cowen cut their price objective on shares of Credit Acceptance from $400.00 to $380.00 and set a “sell” rating on the stock in a report on Friday, November 1st. Stephens assumed 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 for the company.
Read Our Latest Stock Analysis on CACC
Credit Acceptance Stock Down 0.1 %
Credit Acceptance (NASDAQ:CACC – Get Free Report) last posted its quarterly earnings results 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. 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 analysts’ expectations of $548.13 million. During the same quarter last year, the business earned $10.70 earnings per share. The firm’s quarterly revenue was up 15.0% compared to the same quarter last year. On average, analysts predict that Credit Acceptance will post 36.53 earnings per share for the current year.
Insider Buying and Selling
In related news, COO Jonathan Lum sold 552 shares of the stock in a transaction that occurred on Tuesday, December 17th. The stock was sold at an average price of $489.90, for a total transaction of $270,424.80. Following the completion of the sale, 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 this link. 5.30% of the stock is owned by insiders.
Institutional Investors Weigh In On Credit Acceptance
A number of hedge funds and other institutional investors have recently made changes to their positions in CACC. Renaissance Technologies LLC boosted its position in Credit Acceptance by 38.6% during 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. Smead Capital Management Inc. lifted its position in shares of Credit Acceptance by 3.5% in the third 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 in the last quarter. Ascent Group LLC boosted its holdings in Credit Acceptance by 12.2% during the second quarter. Ascent Group LLC now owns 5,602 shares of the credit services provider’s stock worth $2,883,000 after purchasing an additional 611 shares during the last quarter. Geode Capital Management LLC grew its position in Credit Acceptance by 2.3% in the third quarter. Geode Capital Management LLC now owns 111,379 shares of the credit services provider’s stock valued at $49,401,000 after purchasing an additional 2,522 shares in the last quarter. Finally, Barclays PLC increased its stake in Credit Acceptance by 85.8% in the 3rd quarter. Barclays PLC now owns 5,241 shares of the credit services provider’s stock valued at $2,324,000 after buying an additional 2,420 shares during the last quarter. 81.71% of the stock is currently owned by institutional investors and hedge funds.
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.
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