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

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

Separately, TD Cowen decreased their price objective on Credit Acceptance from $400.00 to $380.00 and set a “sell” rating for the company in a report on Friday, November 1st.

Credit Acceptance Trading Down 0.1 %

NASDAQ CACC opened at $441.77 on Tuesday. The firm’s 50-day moving average is $449.10 and its two-hundred day moving average is $483.71. Credit Acceptance has a 12 month low of $409.22 and a 12 month high of $616.66. The company has a debt-to-equity ratio of 3.79, a current ratio of 23.63 and a quick ratio of 23.63. The stock has a market capitalization of $5.35 billion, a P/E ratio of 29.67 and a beta of 1.42.

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

Insiders Place Their Bets

In related news, insider Thomas W. Smith sold 1,200 shares of the company’s stock in a transaction that occurred on Monday, September 9th. The stock was sold at an average price of $451.01, for a total transaction of $541,212.00. Following the sale, the insider now directly owns 74,450 shares of the company’s stock, valued at approximately $33,577,694.50. This represents a 1.59 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 5.30% of the stock is owned by company insiders.

Institutional Investors Weigh In On Credit Acceptance

Several large investors have recently added to or reduced their stakes in the stock. Janney Montgomery Scott LLC lifted its holdings in shares of Credit Acceptance by 27.9% during the first quarter. Janney Montgomery Scott LLC now owns 573 shares of the credit services provider’s stock valued at $316,000 after purchasing an additional 125 shares during the last quarter. Quantbot Technologies LP lifted its position in shares of Credit Acceptance by 85.8% during the 1st quarter. Quantbot Technologies LP now owns 1,304 shares of the credit services provider’s stock worth $719,000 after buying an additional 602 shares during the period. Russell Investments Group Ltd. raised its position in Credit Acceptance by 821.9% in the 1st quarter. Russell Investments Group Ltd. now owns 3,282 shares of the credit services provider’s stock valued at $1,810,000 after purchasing an additional 2,926 shares during the last quarter. Entropy Technologies LP bought a new position in Credit Acceptance in the 1st quarter valued at $771,000. Finally, Edgestream Partners L.P. acquired a new stake in shares of Credit Acceptance in the 1st quarter valued at $1,494,000. 81.71% of the stock is owned by institutional investors and hedge funds.

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.