First Manhattan CO. LLC. Increases Position in Credit Acceptance Co. (NASDAQ:CACC)

First Manhattan CO. LLC. raised its holdings in shares of Credit Acceptance Co. (NASDAQ:CACC) by 753.1% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 4,078 shares of the credit services provider’s stock after purchasing an additional 3,600 shares during the period. First Manhattan CO. LLC.’s holdings in Credit Acceptance were worth $1,914,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Eagle Bay Advisors LLC bought a new position in Credit Acceptance during the 4th quarter valued at approximately $28,000. First Horizon Advisors Inc. purchased a new position in shares of Credit Acceptance in the 4th quarter worth about $34,000. TD Private Client Wealth LLC bought a new position in Credit Acceptance in the 4th quarter worth about $37,000. Farther Finance Advisors LLC purchased a new stake in Credit Acceptance during the 4th quarter valued at about $38,000. Finally, US Bancorp DE raised its holdings in Credit Acceptance by 50.4% in the fourth quarter. US Bancorp DE now owns 179 shares of the credit services provider’s stock worth $84,000 after buying an additional 60 shares during the last quarter. 81.71% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the stock. Stephens raised their price target on shares of Credit Acceptance from $452.00 to $500.00 and gave the company an “equal weight” rating in a research report on Friday, January 31st. StockNews.com raised Credit Acceptance from a “hold” rating to a “buy” rating in a report on Friday, January 31st.

Credit Acceptance Stock Performance

Shares of CACC stock opened at $490.64 on Friday. The firm has a market capitalization of $5.69 billion, a PE ratio of 24.70 and a beta of 1.23. The company has a 50 day moving average price of $487.94 and a 200-day moving average price of $482.57. Credit Acceptance Co. has a 52 week low of $409.22 and a 52 week high of $614.96. The company has a quick ratio of 20.33, a current ratio of 20.33 and a debt-to-equity ratio of 3.63.

Credit Acceptance (NASDAQ:CACC) last posted its earnings results on Wednesday, April 30th. The credit services provider reported $9.35 earnings per share for the quarter, missing analysts’ consensus estimates of $10.31 by ($0.96). Credit Acceptance had a net margin of 11.46% and a return on equity of 29.01%. The firm had revenue of $571.10 million during the quarter, compared to the consensus estimate of $570.25 million. During the same period in the prior year, the company posted $9.28 EPS. The firm’s revenue was up 12.4% compared to the same quarter last year. As a group, equities research analysts expect that Credit Acceptance Co. will post 53.24 earnings per share for the current year.

Insider Activity at Credit Acceptance

In other Credit Acceptance news, insider Douglas W. Busk sold 3,000 shares of the company’s stock in a transaction that occurred on Tuesday, March 25th. The shares were sold at an average price of $515.97, for a total value of $1,547,910.00. Following the completion of the transaction, the insider now directly owns 3,112 shares in the company, valued at $1,605,698.64. This represents a 49.08 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Nicholas J. Elliott sold 300 shares of the stock in a transaction on Thursday, March 20th. The stock was sold at an average price of $502.00, for a total value of $150,600.00. Following the completion of the sale, the insider now owns 19,385 shares of the company’s stock, valued at $9,731,270. The trade was a 1.52 % decrease in their position. The disclosure for this sale can be found here. 5.30% of the stock is currently owned by company insiders.

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.