Credit Acceptance (CACC) Hits New 52-Week High at $339.84

Credit Acceptance Corp. (NASDAQ:CACC) hit a new 52-week high on Thursday . The stock traded as high as $339.84 and last traded at $332.61, with a volume of 147200 shares. The stock had previously closed at $331.88.

CACC has been the subject of several recent research reports. BidaskClub downgraded shares of Credit Acceptance from a “strong-buy” rating to a “buy” rating in a research note on Saturday, January 6th. Oppenheimer initiated coverage on shares of Credit Acceptance in a research note on Monday, January 8th. They set a “buy” rating and a $355.00 target price for the company. Jefferies Group reiterated a “hold” rating and set a $260.00 target price (up previously from $240.00) on shares of Credit Acceptance in a research note on Tuesday, October 10th. BMO Capital Markets reiterated a “hold” rating and set a $238.00 target price on shares of Credit Acceptance in a research note on Friday, October 6th. Finally, Zacks Investment Research downgraded shares of Credit Acceptance from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, October 3rd. Four research analysts have rated the stock with a sell rating, five have given a hold rating, one has given a buy rating and two have issued a strong buy rating to the company’s stock. Credit Acceptance has an average rating of “Hold” and a consensus target price of $263.50.

The company has a debt-to-equity ratio of 2.12, a quick ratio of 17.63 and a current ratio of 17.63. The firm has a market capitalization of $6,555.82, a PE ratio of 16.88, a P/E/G ratio of 1.03 and a beta of 0.54.

Credit Acceptance (NASDAQ:CACC) last announced its quarterly earnings data on Monday, October 30th. The credit services provider reported $5.43 EPS for the quarter, beating the Zacks’ consensus estimate of $5.15 by $0.28. The firm had revenue of $283.90 million during the quarter, compared to the consensus estimate of $281.03 million. Credit Acceptance had a net margin of 35.29% and a return on equity of 32.08%. The firm’s revenue was up 15.1% compared to the same quarter last year. During the same quarter last year, the firm earned $4.53 earnings per share. sell-side analysts anticipate that Credit Acceptance Corp. will post 20.74 earnings per share for the current year.

In related news, major shareholder Jill Foss Watson sold 18,106 shares of the firm’s stock in a transaction dated Tuesday, December 26th. The shares were sold at an average price of $326.06, for a total value of $5,903,642.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In the last 90 days, insiders sold 114,925 shares of company stock valued at $37,901,719. 5.80% of the stock is owned by insiders.

Large investors have recently made changes to their positions in the stock. Abrams Bison Investments LLC lifted its position in shares of Credit Acceptance by 0.9% during the 2nd quarter. Abrams Bison Investments LLC now owns 1,169,556 shares of the credit services provider’s stock valued at $300,740,000 after acquiring an additional 10,157 shares during the period. BlackRock Inc. lifted its position in shares of Credit Acceptance by 11.4% during the 2nd quarter. BlackRock Inc. now owns 446,139 shares of the credit services provider’s stock valued at $114,720,000 after acquiring an additional 45,768 shares during the period. Koch Industries Inc. acquired a new stake in shares of Credit Acceptance during the 2nd quarter valued at approximately $240,000. Dimensional Fund Advisors LP lifted its position in shares of Credit Acceptance by 6.7% during the 3rd quarter. Dimensional Fund Advisors LP now owns 191,207 shares of the credit services provider’s stock valued at $53,570,000 after acquiring an additional 11,956 shares during the period. Finally, Goldman Sachs Group Inc. lifted its position in shares of Credit Acceptance by 479.4% during the 2nd quarter. Goldman Sachs Group Inc. now owns 138,545 shares of the credit services provider’s stock valued at $35,626,000 after acquiring an additional 114,632 shares during the period. Hedge funds and other institutional investors own 70.69% of the company’s stock.

COPYRIGHT VIOLATION NOTICE: “Credit Acceptance (CACC) Hits New 52-Week High at $339.84” was originally published by Markets Daily and is the sole property of of Markets Daily. If you are accessing this piece of content on another website, it was copied illegally and republished in violation of US & international copyright laws. The correct version of this piece of content can be viewed at https://www.themarketsdaily.com/2018/01/13/credit-acceptance-cacc-hits-new-52-week-high-at-339-84.html.

About Credit Acceptance

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.

Receive News & Ratings for Credit Acceptance Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Credit Acceptance and related companies with MarketBeat.com's FREE daily email newsletter.

Latest News

Leave a Reply