Caxton Associates LP bought a new position in Credit Acceptance Corp. (NASDAQ:CACC) during the 4th quarter, Holdings Channel reports. The fund bought 1,915 shares of the credit services provider’s stock, valued at approximately $619,000.
Several other hedge funds and other institutional investors have also recently modified their holdings of CACC. AMP Capital Investors Ltd purchased a new position in Credit Acceptance during the 4th quarter valued at $2,847,000. CAS Investment Partners LLC bought a new stake in shares of Credit Acceptance during the 4th quarter valued at $24,903,000. Geode Capital Management LLC boosted its holdings in shares of Credit Acceptance by 3.8% during the 4th quarter. Geode Capital Management LLC now owns 108,853 shares of the credit services provider’s stock valued at $35,211,000 after buying an additional 4,032 shares in the last quarter. Maverick Capital Ltd. boosted its holdings in shares of Credit Acceptance by 56.8% during the 4th quarter. Maverick Capital Ltd. now owns 18,090 shares of the credit services provider’s stock valued at $5,852,000 after buying an additional 6,550 shares in the last quarter. Finally, Quantum Capital Management LLC NJ boosted its holdings in shares of Credit Acceptance by 2.0% during the 4th quarter. Quantum Capital Management LLC NJ now owns 50,812 shares of the credit services provider’s stock valued at $16,437,000 after buying an additional 1,005 shares in the last quarter. 70.38% of the stock is currently owned by institutional investors.
Credit Acceptance Corp. (NASDAQ:CACC) opened at $337.75 on Tuesday. The stock has a market cap of $6,557.31, a PE ratio of 16.58, a P/E/G ratio of 0.72 and a beta of 0.61. Credit Acceptance Corp. has a one year low of $182.50 and a one year high of $377.82. The company has a debt-to-equity ratio of 1.99, a current ratio of 24.00 and a quick ratio of 24.00.
CACC has been the topic of a number of research reports. Oppenheimer boosted their target price on shares of Credit Acceptance from $355.00 to $387.00 and gave the company an “outperform” rating in a report on Wednesday, January 31st. BidaskClub upgraded shares of Credit Acceptance from a “buy” rating to a “strong-buy” rating in a report on Saturday, January 13th. Credit Suisse Group restated a “sell” rating and set a $270.00 target price on shares of Credit Acceptance in a report on Monday, January 8th. Zacks Investment Research upgraded shares of Credit Acceptance from a “hold” rating to a “strong-buy” rating and set a $390.00 target price on the stock in a report on Friday, January 12th. Finally, Stephens set a $257.00 target price on shares of Credit Acceptance and gave the company a “sell” rating in a report on Wednesday, January 3rd. Four research analysts have rated the stock with a sell rating, four have issued a hold rating, one has assigned a buy rating and three have given a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $283.22.
In related news, CFO Kenneth Booth sold 2,000 shares of the company’s stock in a transaction dated Tuesday, March 6th. The shares were sold at an average price of $334.50, for a total value of $669,000.00. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, major shareholder Jill Foss Watson sold 31,463 shares of the company’s stock in a transaction dated Tuesday, December 19th. The stock was sold at an average price of $335.06, for a total transaction of $10,541,992.78. The disclosure for this sale can be found here. In the last quarter, insiders sold 117,925 shares of company stock worth $38,890,579. 5.80% of the stock is currently owned by company insiders.
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Credit Acceptance 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.
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