KBC Group NV Lowers Holdings in Credit Acceptance Corporation $CACC

KBC Group NV trimmed its stake in Credit Acceptance Corporation (NASDAQ:CACC) by 37.4% during the 2nd quarter, HoldingsChannel reports. The fund owned 214 shares of the credit services provider’s stock after selling 128 shares during the quarter. KBC Group NV’s holdings in Credit Acceptance were worth $109,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Voleon Capital Management LP bought a new position in shares of Credit Acceptance in the first quarter worth approximately $498,000. Envestnet Asset Management Inc. raised its holdings in Credit Acceptance by 6.8% in the 2nd quarter. Envestnet Asset Management Inc. now owns 32,407 shares of the credit services provider’s stock worth $16,509,000 after acquiring an additional 2,056 shares during the last quarter. Trexquant Investment LP bought a new position in Credit Acceptance in the 1st quarter valued at approximately $436,000. Wedge Capital Management L L P NC lifted its position in Credit Acceptance by 12.9% in the 2nd quarter. Wedge Capital Management L L P NC now owns 3,276 shares of the credit services provider’s stock valued at $1,669,000 after acquiring an additional 375 shares in the last quarter. Finally, KLP Kapitalforvaltning AS boosted its stake in Credit Acceptance by 7.7% during the 2nd quarter. KLP Kapitalforvaltning AS now owns 1,400 shares of the credit services provider’s stock valued at $713,000 after purchasing an additional 100 shares during the last quarter. 81.71% of the stock is currently owned by institutional investors.

Credit Acceptance Trading Up 4.2%

NASDAQ:CACC opened at $428.10 on Friday. The company has a market cap of $4.72 billion, a PE ratio of 12.34 and a beta of 1.16. The company has a current ratio of 22.03, a quick ratio of 22.03 and a debt-to-equity ratio of 4.16. The company has a 50 day simple moving average of $470.88 and a two-hundred day simple moving average of $489.60. Credit Acceptance Corporation has a 12 month low of $401.90 and a 12 month high of $560.00.

Credit Acceptance (NASDAQ:CACC) last released its quarterly earnings results on Thursday, October 30th. The credit services provider reported $10.28 earnings per share for the quarter, beating the consensus estimate of $9.61 by $0.67. Credit Acceptance had a return on equity of 27.06% and a net margin of 18.69%.The firm had revenue of $405.10 million for the quarter, compared to analysts’ expectations of $592.19 million. During the same period in the prior year, the firm earned $9.25 EPS. The company’s revenue was up 5.8% compared to the same quarter last year. Research analysts forecast that Credit Acceptance Corporation will post 53.24 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Daniel A. Ulatowski sold 2,139 shares of the stock in a transaction that occurred on Monday, August 25th. The shares were sold at an average price of $509.05, for a total value of $1,088,857.95. Following the transaction, the insider owned 28,290 shares in the company, valued at $14,401,024.50. This represents a 7.03% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Kenneth Booth sold 4,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 18th. The stock was sold at an average price of $506.59, for a total transaction of $2,026,360.00. Following the completion of the transaction, the chief executive officer directly owned 68,116 shares in the company, valued at approximately $34,506,884.44. The trade was a 5.55% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 12,192 shares of company stock valued at $6,217,828. Insiders own 6.60% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have commented on the company. Cowen reissued a “sell” rating on shares of Credit Acceptance in a report on Friday, October 31st. TD Cowen dropped their price objective on Credit Acceptance from $450.00 to $430.00 and set a “sell” rating on the stock in a research report on Friday, October 31st. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Credit Acceptance in a report on Wednesday, October 8th. Two investment analysts have rated the stock with a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, Credit Acceptance currently has an average rating of “Reduce” and a consensus price target of $465.00.

Credit Acceptance Profile

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.