Wedge Capital Management L L P NC Boosts Stake in Credit Acceptance Co. (NASDAQ:CACC)

Wedge Capital Management L L P NC raised its position in shares of Credit Acceptance Co. (NASDAQ:CACCFree Report) by 2.7% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,687 shares of the credit services provider’s stock after buying an additional 70 shares during the quarter. Wedge Capital Management L L P NC’s holdings in Credit Acceptance were worth $1,261,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Renaissance Technologies LLC raised its stake in Credit Acceptance by 38.6% during the second quarter. Renaissance Technologies LLC now owns 7,900 shares of the credit services provider’s stock valued at $4,066,000 after purchasing an additional 2,200 shares in the last quarter. Smead Capital Management Inc. raised its position in shares of Credit Acceptance by 3.5% during the 3rd quarter. Smead Capital Management Inc. now owns 207,828 shares of the credit services provider’s stock valued at $92,155,000 after buying an additional 7,012 shares in the last quarter. Ascent Group LLC lifted its holdings in shares of Credit Acceptance by 12.2% in the 2nd quarter. Ascent Group LLC now owns 5,602 shares of the credit services provider’s stock valued at $2,883,000 after acquiring 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 worth $49,401,000 after acquiring an additional 2,522 shares in the last quarter. Finally, Barclays PLC increased its stake in Credit Acceptance by 85.8% during the third quarter. Barclays PLC now owns 5,241 shares of the credit services provider’s stock worth $2,324,000 after acquiring an additional 2,420 shares during the last quarter. Institutional investors own 81.71% of the company’s stock.

Credit Acceptance Price Performance

Shares of CACC stock opened at $484.82 on Tuesday. The stock has a 50 day moving average price of $470.89 and a 200 day moving average price of $475.51. The firm has a market capitalization of $5.87 billion, a P/E ratio of 32.56 and a beta of 1.46. The company has a debt-to-equity ratio of 3.79, a quick ratio of 23.63 and a current ratio of 23.63. Credit Acceptance Co. has a 52-week low of $409.22 and a 52-week high of $616.66.

Credit Acceptance (NASDAQ:CACCGet Free Report) last posted its quarterly earnings results on Wednesday, October 30th. The credit services provider reported $8.79 EPS for the quarter, topping analysts’ consensus estimates of $7.88 by $0.91. Credit Acceptance had a net margin of 9.08% and a return on equity of 29.18%. The firm had revenue of $550.30 million for the quarter, compared to analysts’ expectations of $548.13 million. During the same period in the prior year, the business posted $10.70 earnings per share. The business’s revenue for the quarter was up 15.0% on a year-over-year basis. As a group, sell-side analysts predict that Credit Acceptance Co. will post 36.53 earnings per share for the current year.

Analysts Set New Price Targets

A number of brokerages have recently commented on CACC. TD Cowen dropped their target price on Credit Acceptance from $400.00 to $380.00 and set a “sell” rating for the company in a report on Friday, November 1st. Stephens initiated coverage on shares of Credit Acceptance in a research report on Wednesday, November 13th. They set an “equal weight” rating and a $452.00 price objective on the stock. Finally, StockNews.com upgraded shares of Credit Acceptance from a “hold” rating to a “buy” rating in a report on Wednesday, January 15th.

View Our Latest Report on CACC

Insider Transactions at Credit Acceptance

In related news, COO Jonathan Lum sold 552 shares of Credit Acceptance stock in a transaction dated Tuesday, December 17th. The stock was sold at an average price of $489.90, for a total value of $270,424.80. Following the completion of the sale, the chief operating officer now directly owns 31,493 shares in the company, valued at $15,428,420.70. The trade was a 1.72 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Corporate insiders own 5.30% of the company’s stock.

Credit Acceptance Company Profile

(Free Report)

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.

See Also

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Institutional Ownership by Quarter for Credit Acceptance (NASDAQ:CACC)

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