TD Cowen Lowers Credit Acceptance (NASDAQ:CACC) Price Target to $380.00

Credit Acceptance (NASDAQ:CACC) had its target price cut by research analysts at TD Cowen from $400.00 to $380.00 in a report issued on Friday, Benzinga reports. The brokerage presently has a “sell” rating on the credit services provider’s stock. TD Cowen’s price target indicates a potential downside of 8.94% from the company’s current price.

Credit Acceptance Stock Down 1.8 %

CACC stock opened at $417.33 on Friday. The company has a debt-to-equity ratio of 3.77, a current ratio of 19.15 and a quick ratio of 19.15. The firm has a market capitalization of $5.05 billion, a P/E ratio of 28.03 and a beta of 1.42. Credit Acceptance has a 52-week low of $406.53 and a 52-week high of $616.66. The company’s 50 day simple moving average is $453.10 and its 200-day simple moving average is $488.97.

Credit Acceptance (NASDAQ:CACC) last announced its earnings results 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. The company had revenue of $550.30 million for the quarter, compared to the consensus estimate of $548.13 million. Credit Acceptance had a net margin of 9.08% and a return on equity of 29.15%. The company’s revenue was up 15.0% on a year-over-year basis. During the same period in the previous year, the business earned $10.70 EPS. As a group, equities research analysts anticipate that Credit Acceptance will post 46.7 EPS for the current year.

Insider Buying and Selling at Credit Acceptance

In other news, insider Thomas W. Smith sold 1,200 shares of the stock in a transaction that occurred on Monday, September 9th. The shares were 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 $33,577,694.50. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 5.30% of the company’s stock.

Institutional Trading of Credit Acceptance

Several hedge funds and other institutional investors have recently modified their holdings of the company. Alfreton Capital LLP increased its position in Credit Acceptance by 22.7% in the 2nd quarter. Alfreton Capital LLP now owns 98,128 shares of the credit services provider’s stock worth $50,505,000 after purchasing an additional 18,128 shares during the last quarter. Quadrature Capital Ltd bought a new position in Credit Acceptance during the first quarter valued at approximately $6,830,000. Quantum Capital Management LLC NJ grew its position in Credit Acceptance by 20.8% in the first quarter. Quantum Capital Management LLC NJ now owns 63,920 shares of the credit services provider’s stock worth $35,255,000 after acquiring an additional 11,024 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Credit Acceptance by 4.1% during the 2nd quarter. Dimensional Fund Advisors LP now owns 179,655 shares of the credit services provider’s stock worth $92,455,000 after purchasing an additional 7,064 shares during the last quarter. Finally, Marshall Wace LLP raised its holdings in shares of Credit Acceptance by 107.5% during the 2nd quarter. Marshall Wace LLP now owns 9,480 shares of the credit services provider’s stock valued at $4,879,000 after purchasing an additional 4,912 shares in the last quarter. 81.71% of the stock is currently owned by hedge funds and other institutional investors.

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.