JLB & Associates Inc. Reduces Stock Position in Credit Acceptance Co. (NASDAQ:CACC)

JLB & Associates Inc. cut its holdings in Credit Acceptance Co. (NASDAQ:CACC) by 66.2% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 966 shares of the credit services provider’s stock after selling 1,893 shares during the period. JLB & Associates Inc.’s holdings in Credit Acceptance were worth $428,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Creative Planning purchased a new position in shares of Credit Acceptance in the second quarter valued at $282,000. Algert Global LLC bought a new stake in shares of Credit Acceptance during the second quarter valued at about $351,000. Ascent Group LLC lifted its holdings in shares of Credit Acceptance by 12.2% in the second quarter. Ascent Group LLC now owns 5,602 shares of the credit services provider’s stock worth $2,883,000 after buying an additional 611 shares in the last quarter. Mackenzie Financial Corp bought a new position in shares of Credit Acceptance in the second quarter valued at approximately $386,000. Finally, The Manufacturers Life Insurance Company grew its stake in Credit Acceptance by 16.5% during the second quarter. The Manufacturers Life Insurance Company now owns 2,064 shares of the credit services provider’s stock valued at $1,062,000 after acquiring an additional 292 shares in the last quarter. 81.71% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Separately, TD Cowen lowered their target price on shares of Credit Acceptance from $440.00 to $400.00 and set a “sell” rating on the stock in a research note on Thursday, August 1st. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $395.67.

Credit Acceptance Stock Performance

NASDAQ:CACC opened at $434.93 on Thursday. The company has a quick ratio of 19.15, a current ratio of 19.15 and a debt-to-equity ratio of 3.77. The business’s 50-day moving average price is $466.75 and its two-hundred day moving average price is $502.81. The stock has a market cap of $5.27 billion, a P/E ratio of 22.32 and a beta of 1.42. Credit Acceptance Co. has a twelve month low of $379.77 and a twelve month high of $616.66.

Credit Acceptance (NASDAQ:CACC) last announced its earnings results on Wednesday, July 31st. The credit services provider reported $10.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $7.20 by $3.09. The business had revenue of $538.20 million during the quarter, compared to analyst estimates of $525.03 million. Credit Acceptance had a net margin of 9.01% and a return on equity of 30.77%. Credit Acceptance’s revenue for the quarter was up 12.6% on a year-over-year basis. During the same period in the previous year, the business posted $10.69 earnings per share. As a group, equities analysts predict that Credit Acceptance Co. will post 38.87 EPS for the current fiscal year.

Insider Transactions at Credit Acceptance

In other Credit Acceptance news, insider Thomas W. Smith sold 1,200 shares of the firm’s stock in a transaction dated 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 owns 74,450 shares in the company, valued at $33,577,694.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 5.30% of the stock is currently owned by 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.