Credit Acceptance Corporation (CACC) Stock Rating Reaffirmed by Jefferies Group LLC

Credit Acceptance Corporation (NASDAQ:CACC)‘s stock had its “hold” rating reissued by investment analysts at Jefferies Group LLC in a research report issued on Tuesday. They currently have a $260.00 price target on the credit services provider’s stock, up from their previous price target of $240.00. Jefferies Group LLC’s price objective would indicate a potential downside of 8.36% from the company’s current price.

A number of other equities analysts also recently commented on the stock. BidaskClub downgraded shares of Credit Acceptance Corporation from a “strong-buy” rating to a “buy” rating in a research report on Thursday, July 6th. Zacks Investment Research upgraded shares of Credit Acceptance Corporation from a “hold” rating to a “buy” rating and set a $310.00 price objective for the company in a research report on Thursday, August 3rd. Credit Suisse Group restated an “underperform” rating and set a $200.00 price objective (up previously from $190.00) on shares of Credit Acceptance Corporation in a research report on Tuesday, August 1st. Raymond James Financial, Inc. upgraded shares of Credit Acceptance Corporation from an “underperform” rating to a “market perform” rating in a research report on Tuesday, August 1st. Finally, BMO Capital Markets restated a “hold” rating and set a $238.00 price objective on shares of Credit Acceptance Corporation in a research report on Friday, October 6th. Three research analysts have rated the stock with a sell rating and seven have given a hold rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $224.88.

Shares of Credit Acceptance Corporation (NASDAQ:CACC) opened at 283.71 on Tuesday. The company’s 50-day moving average is $272.44 and its 200 day moving average is $241.60. Credit Acceptance Corporation has a 52-week low of $160.63 and a 52-week high of $288.23. The firm has a market cap of $5.52 billion, a price-to-earnings ratio of 15.51 and a beta of 0.55.

Credit Acceptance Corporation (NASDAQ:CACC) last announced its quarterly earnings data on Monday, July 31st. The credit services provider reported $5.22 EPS for the quarter, topping the Zacks’ consensus estimate of $4.89 by $0.33. The company had revenue of $253.20 million during the quarter, compared to the consensus estimate of $268.18 million. Credit Acceptance Corporation had a net margin of 35.13% and a return on equity of 32.24%. Credit Acceptance Corporation’s quarterly revenue was up 14.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $4.38 EPS. On average, analysts expect that Credit Acceptance Corporation will post $19.90 earnings per share for the current fiscal year.

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In other news, CFO Kenneth Booth sold 2,000 shares of the stock in a transaction dated Wednesday, August 2nd. The shares were sold at an average price of $273.01, for a total value of $546,020.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Jill Foss Watson sold 35,751 shares of the stock in a transaction dated Tuesday, August 1st. The shares were sold at an average price of $270.82, for a total transaction of $9,682,085.82. The disclosure for this sale can be found here. Insiders sold a total of 152,858 shares of company stock valued at $41,562,168 in the last quarter. Insiders own 5.80% of the company’s stock.

Several institutional investors and hedge funds have recently made changes to their positions in the company. Public Employees Retirement System of Ohio increased its holdings in shares of Credit Acceptance Corporation by 30.0% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 5,303 shares of the credit services provider’s stock valued at $1,364,000 after purchasing an additional 1,225 shares in the last quarter. Koch Industries Inc. purchased a new position in shares of Credit Acceptance Corporation in the 2nd quarter valued at about $240,000. California State Teachers Retirement System increased its holdings in shares of Credit Acceptance Corporation by 21.9% in the 2nd quarter. California State Teachers Retirement System now owns 20,037 shares of the credit services provider’s stock valued at $5,153,000 after purchasing an additional 3,605 shares in the last quarter. The Manufacturers Life Insurance Company increased its holdings in shares of Credit Acceptance Corporation by 6.9% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 619 shares of the credit services provider’s stock valued at $159,000 after purchasing an additional 40 shares in the last quarter. Finally, Makaira Partners LLC increased its holdings in shares of Credit Acceptance Corporation by 11.3% in the 2nd quarter. Makaira Partners LLC now owns 22,252 shares of the credit services provider’s stock valued at $5,722,000 after purchasing an additional 2,252 shares in the last quarter. Institutional investors and hedge funds own 72.71% of the company’s stock.

Credit Acceptance Corporation Company Profile

Credit Acceptance Corporation offers financing programs that enable automobile dealers to sell vehicles to consumers. The Company’s financing programs are offered through a network of automobile dealers. The Company has two Dealers financing programs: the Portfolio Program and the Purchase Program. Under the Portfolio Program, the Company advances money to dealers (Dealer Loan) in exchange for the right to service the underlying consumer loans.

Analyst Recommendations for Credit Acceptance Corporation (NASDAQ:CACC)

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