Credit Acceptance (NASDAQ:CACC) Rating Lowered to “Hold” at StockNews.com

Credit Acceptance (NASDAQ:CACC) was downgraded by StockNews.com from a “buy” rating to a “hold” rating in a research report issued on Tuesday.

Other equities analysts also recently issued reports about the stock. TD Cowen lowered their target price on shares of Credit Acceptance from $400.00 to $380.00 and set a “sell” rating on the stock in a research report on Friday, November 1st. Stephens began coverage on Credit Acceptance in a report on Wednesday, November 13th. They set an “equal weight” rating and a $452.00 price objective on the stock.

Credit Acceptance Stock Down 1.0 %

CACC traded down $4.51 during trading on Tuesday, reaching $466.28. 54,930 shares of the stock traded hands, compared to its average volume of 51,583. The company has a debt-to-equity ratio of 3.79, a current ratio of 23.63 and a quick ratio of 23.63. Credit Acceptance has a fifty-two week low of $409.22 and a fifty-two week high of $616.66. The stock’s 50-day simple moving average is $466.50 and its two-hundred day simple moving average is $478.16. The stock has a market cap of $5.65 billion, a price-to-earnings ratio of 31.31 and a beta of 1.46.

Credit Acceptance (NASDAQ:CACC) last announced its quarterly earnings results on Wednesday, October 30th. The credit services provider reported $8.79 earnings per share (EPS) for the quarter, beating the consensus estimate of $7.88 by $0.91. Credit Acceptance had a return on equity of 29.18% and a net margin of 9.08%. The business had revenue of $550.30 million during the quarter, compared to analyst estimates of $548.13 million. During the same period in the previous year, the company earned $10.70 EPS. The firm’s revenue was up 15.0% on a year-over-year basis. As a group, equities research analysts expect that Credit Acceptance will post 36.54 EPS for the current year.

Insider Activity at Credit Acceptance

In other Credit Acceptance news, COO Jonathan Lum sold 552 shares of the business’s stock in a transaction on Tuesday, December 17th. The shares were sold at an average price of $489.90, for a total transaction of $270,424.80. Following the completion of the transaction, the chief operating officer now owns 31,493 shares of the company’s stock, valued at $15,428,420.70. The trade was a 1.72 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 5.30% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Credit Acceptance

A number of institutional investors have recently made changes to their positions in the business. JPMorgan Chase & Co. grew its holdings in Credit Acceptance by 3.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 4,082 shares of the credit services provider’s stock valued at $1,810,000 after buying an additional 118 shares during the last quarter. Oddo BHF Asset Management Sas bought a new stake in shares of Credit Acceptance in the third quarter valued at approximately $3,020,000. Geode Capital Management LLC boosted its position in shares of Credit Acceptance by 2.3% in the third quarter. Geode Capital Management LLC now owns 111,379 shares of the credit services provider’s stock valued at $49,401,000 after acquiring an additional 2,522 shares during the period. Barclays PLC grew its stake in shares of Credit Acceptance by 85.8% in the third quarter. Barclays PLC now owns 5,241 shares of the credit services provider’s stock worth $2,324,000 after acquiring an additional 2,420 shares during the last quarter. Finally, Kovitz Investment Group Partners LLC bought a new position in Credit Acceptance during the third quarter worth $245,000. 81.71% of the stock is currently owned by institutional investors.

About Credit Acceptance

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.