Credit Acceptance (NASDAQ:CACC) Upgraded to Sell by BidaskClub

BidaskClub upgraded shares of Credit Acceptance (NASDAQ:CACC) from a strong sell rating to a sell rating in a research note issued to investors on Wednesday morning, BidAskClub reports.

Several other equities research analysts have also recently weighed in on the company. Credit Suisse Group boosted their price objective on Credit Acceptance from $380.00 to $390.00 and gave the stock an underperform rating in a research note on Thursday, November 14th. BMO Capital Markets dropped their target price on Credit Acceptance to $472.00 and set an in-line rating for the company in a research report on Tuesday, November 5th. Stephens upgraded Credit Acceptance from an underweight rating to an equal weight rating in a research report on Friday, January 3rd. Finally, ValuEngine upgraded Credit Acceptance from a sell rating to a hold rating in a research report on Friday, January 3rd. Three analysts have rated the stock with a sell rating and six have assigned a hold rating to the company. The stock presently has a consensus rating of Hold and a consensus target price of $444.17.

NASDAQ CACC traded up $3.92 during trading hours on Wednesday, hitting $450.08. 2,152 shares of the company were exchanged, compared to its average volume of 130,280. The stock has a 50-day moving average price of $438.21 and a 200 day moving average price of $455.59. The company has a quick ratio of 29.49, a current ratio of 29.49 and a debt-to-equity ratio of 1.75. Credit Acceptance has a 52 week low of $385.36 and a 52 week high of $509.99. The stock has a market cap of $8.42 billion, a PE ratio of 15.85, a price-to-earnings-growth ratio of 1.90 and a beta of 0.67.

Credit Acceptance (NASDAQ:CACC) last issued its quarterly earnings data on Friday, November 1st. The credit services provider reported $8.89 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $8.86 by $0.03. Credit Acceptance had a return on equity of 29.54% and a net margin of 44.69%. The company had revenue of $378.70 million for the quarter, compared to analysts’ expectations of $380.69 million. During the same period in the previous year, the firm posted $7.56 earnings per share. The firm’s revenue for the quarter was up 14.1% on a year-over-year basis. As a group, sell-side analysts anticipate that Credit Acceptance will post 34.69 earnings per share for the current year.

In related news, CEO Brett A. Roberts sold 9,937 shares of the business’s stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $427.63, for a total value of $4,249,359.31. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Kenneth Booth purchased 1,250 shares of the stock in a transaction that occurred on Tuesday, November 5th. The stock was purchased at an average price of $410.61 per share, with a total value of $513,262.50. The disclosure for this purchase can be found here. Insiders have sold 60,437 shares of company stock valued at $26,322,569 in the last 90 days. Company insiders own 5.00% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Nuveen Asset Management LLC boosted its holdings in shares of Credit Acceptance by 390.9% in the second quarter. Nuveen Asset Management LLC now owns 163,973 shares of the credit services provider’s stock valued at $79,336,000 after purchasing an additional 130,573 shares during the period. AQR Capital Management LLC boosted its holdings in shares of Credit Acceptance by 13.5% in the second quarter. AQR Capital Management LLC now owns 139,580 shares of the credit services provider’s stock valued at $66,155,000 after purchasing an additional 16,649 shares during the period. Northern Trust Corp boosted its holdings in shares of Credit Acceptance by 1.4% in the second quarter. Northern Trust Corp now owns 69,497 shares of the credit services provider’s stock valued at $33,625,000 after purchasing an additional 928 shares during the period. Bank of New York Mellon Corp boosted its holdings in shares of Credit Acceptance by 0.6% in the second quarter. Bank of New York Mellon Corp now owns 48,211 shares of the credit services provider’s stock valued at $23,325,000 after purchasing an additional 305 shares during the period. Finally, First Trust Advisors LP boosted its holdings in shares of Credit Acceptance by 43.2% in the third quarter. First Trust Advisors LP now owns 35,685 shares of the credit services provider’s stock valued at $16,462,000 after purchasing an additional 10,764 shares during the period. Hedge funds and other institutional investors own 59.63% of the company’s stock.

Credit Acceptance Company Profile

Credit Acceptance Corporation provides financing programs, and related products and services to independent and franchised automobile dealers in the United States. The company advances money to dealers in exchange for the right to service the underlying consumer loans; and buys the consumer loans from the dealers and keeps various amounts collected from the consumers.

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Analyst Recommendations for Credit Acceptance (NASDAQ:CACC)

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