State of New Jersey Common Pension Fund D Raises Stock Position in Credit Acceptance Co. (NASDAQ:CACC)

State of New Jersey Common Pension Fund D lifted its holdings in shares of Credit Acceptance Co. (NASDAQ:CACC) by 7.1% during the 3rd quarter, Holdings Channel reports. The firm owned 4,163 shares of the credit services provider’s stock after buying an additional 275 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Credit Acceptance were worth $1,846,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Janney Montgomery Scott LLC boosted its holdings in Credit Acceptance by 27.9% in 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 period. Russell Investments Group Ltd. boosted its stake in shares of 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 buying an additional 2,926 shares during the period. Edgestream Partners L.P. acquired a new position in shares of Credit Acceptance during the first quarter worth about $1,494,000. CANADA LIFE ASSURANCE Co increased its stake in shares of Credit Acceptance by 3.4% during the first quarter. CANADA LIFE ASSURANCE Co now owns 2,161 shares of the credit services provider’s stock worth $1,191,000 after buying an additional 72 shares during the period. Finally, Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in Credit Acceptance in the first quarter valued at approximately $156,000. Hedge funds and other institutional investors own 81.71% of the company’s stock.

Analysts Set New Price Targets

CACC has been the topic of a number of recent analyst reports. Stephens assumed coverage on shares of 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 dropped their target price on Credit Acceptance from $400.00 to $380.00 and set a “sell” rating on the stock in a report on Friday, November 1st. Finally, StockNews.com raised Credit Acceptance from a “hold” rating to a “buy” rating in a research report on Tuesday, November 12th.

Credit Acceptance Trading Up 0.1 %

Shares of Credit Acceptance stock opened at $445.96 on Tuesday. The company has a fifty day simple moving average of $449.16 and a 200-day simple moving average of $482.84. Credit Acceptance Co. has a 12-month low of $409.22 and a 12-month high of $616.66. The company has a current ratio of 23.63, a quick ratio of 23.63 and a debt-to-equity ratio of 3.79. The stock has a market cap of $5.40 billion, a price-to-earnings ratio of 29.95 and a beta of 1.42.

Credit Acceptance (NASDAQ:CACC) last released its quarterly earnings data 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 net margin of 9.08% and a return on equity of 29.18%. The company had revenue of $550.30 million during the quarter, compared to the consensus estimate of $548.13 million. During the same quarter in the prior year, the firm posted $10.70 earnings per share. Credit Acceptance’s revenue for the quarter was up 15.0% on a year-over-year basis. On average, equities analysts forecast that Credit Acceptance Co. will post 37.14 EPS for the current fiscal year.

Insider Buying and Selling

In other news, insider Thomas W. Smith sold 1,200 shares of the stock in a transaction that occurred on Monday, September 9th. The stock was sold at an average price of $451.01, for a total value of $541,212.00. Following the completion of 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 5.30% of the stock is currently owned by company insiders.

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.