Credit Acceptance (NASDAQ:CACC) Downgraded by StockNews.com to “Hold”

StockNews.com downgraded shares of Credit Acceptance (NASDAQ:CACC) from a buy rating to a hold rating in a report issued on Monday.

Separately, TD Cowen dropped their price target on Credit Acceptance from $400.00 to $380.00 and set a “sell” rating for the company in a research note on Friday, November 1st.

Credit Acceptance Trading Down 0.8 %

Shares of CACC opened at $454.50 on Monday. The firm has a market cap of $5.50 billion, a P/E ratio of 30.52 and a beta of 1.42. The company has a debt-to-equity ratio of 3.79, a current ratio of 23.63 and a quick ratio of 23.63. Credit Acceptance has a 1 year low of $406.53 and a 1 year high of $616.66. The company has a 50 day simple moving average of $450.56 and a two-hundred day simple moving average of $486.38.

Credit Acceptance (NASDAQ:CACC) last announced its quarterly earnings results on Wednesday, October 30th. The credit services provider reported $8.79 earnings per share (EPS) for the quarter, beating 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 company had revenue of $550.30 million for the quarter, compared to the consensus estimate of $548.13 million. During the same period in the previous year, the firm posted $10.70 EPS. Credit Acceptance’s revenue for the quarter was up 15.0% compared to the same quarter last year. On average, equities analysts expect that Credit Acceptance will post 37.14 earnings per share for the current fiscal year.

Insider Buying and Selling at Credit Acceptance

In other news, insider Thomas W. Smith sold 1,200 shares of the business’s stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $451.01, for a total value of $541,212.00. Following the sale, the insider now directly owns 74,450 shares in the company, valued at $33,577,694.50. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 5.30% of the stock is owned by company insiders.

Hedge Funds Weigh In On Credit Acceptance

Several large investors have recently modified their holdings of the stock. Smead Capital Management Inc. lifted its position in Credit Acceptance by 3.5% in the third quarter. Smead Capital Management Inc. now owns 207,828 shares of the credit services provider’s stock worth $92,155,000 after buying an additional 7,012 shares during the last quarter. Quest Partners LLC lifted its holdings in shares of Credit Acceptance by 11,900.0% in the 3rd quarter. Quest Partners LLC now owns 120 shares of the credit services provider’s stock worth $53,000 after acquiring an additional 119 shares during the last quarter. GSA Capital Partners LLP purchased a new position in shares of Credit Acceptance during the 3rd quarter worth about $471,000. Lountzis Asset Management LLC grew its holdings in Credit Acceptance by 22.3% during the 3rd quarter. Lountzis Asset Management LLC now owns 598 shares of the credit services provider’s stock valued at $265,000 after purchasing an additional 109 shares during the last quarter. Finally, State of New Jersey Common Pension Fund D raised its position in Credit Acceptance by 7.1% in the 3rd quarter. State of New Jersey Common Pension Fund D now owns 4,163 shares of the credit services provider’s stock worth $1,846,000 after purchasing an additional 275 shares during the period. Institutional investors own 81.71% of the company’s stock.

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.