Insider Selling: Credit Acceptance Co. (NASDAQ:CACC) Insider Sells 1,200 Shares of Stock

Credit Acceptance Co. (NASDAQ:CACC) insider Thomas W. Smith sold 1,200 shares of the stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of $451.01, for a total transaction of $541,212.00. Following the sale, the insider now owns 74,450 shares in the company, valued at approximately $33,577,694.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Credit Acceptance Stock Performance

Shares of NASDAQ CACC traded down $2.94 during trading on Wednesday, reaching $420.93. 58,563 shares of the company traded hands, compared to its average volume of 58,470. The firm has a 50 day simple moving average of $503.96 and a 200-day simple moving average of $514.83. Credit Acceptance Co. has a 52-week low of $379.77 and a 52-week high of $616.66. The stock has a market capitalization of $5.10 billion, a PE ratio of 21.60 and a beta of 1.42. The company has a quick ratio of 19.15, a current ratio of 19.15 and a debt-to-equity ratio of 3.77.

Credit Acceptance (NASDAQ:CACC) last posted its earnings results on Wednesday, July 31st. The credit services provider reported $10.29 EPS for the quarter, topping analysts’ consensus estimates of $7.20 by $3.09. The business had revenue of $538.20 million during the quarter, compared to the consensus estimate of $525.03 million. Credit Acceptance had a net margin of 9.01% and a return on equity of 30.77%. The firm’s revenue was up 12.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $10.69 EPS. Equities research analysts anticipate that Credit Acceptance Co. will post 38.87 earnings per share for the current year.

Analyst Upgrades and Downgrades

Separately, TD Cowen cut their target price on Credit Acceptance from $440.00 to $400.00 and set a “sell” rating on the stock in a research note on Thursday, August 1st. One investment analyst has rated the stock with a sell rating, two have given a hold rating and one has issued a buy rating to the stock. According to MarketBeat, Credit Acceptance presently has an average rating of “Hold” and an average target price of $395.67.

Institutional Trading of Credit Acceptance

A number of hedge funds have recently bought and sold shares of CACC. Dimensional Fund Advisors LP grew its stake in shares of Credit Acceptance by 4.1% during the 2nd quarter. Dimensional Fund Advisors LP now owns 179,655 shares of the credit services provider’s stock valued at $92,455,000 after purchasing an additional 7,064 shares during the period. Alfreton Capital LLP boosted its holdings in shares of Credit Acceptance by 22.7% in the second quarter. Alfreton Capital LLP now owns 98,128 shares of the credit services provider’s stock worth $50,505,000 after buying an additional 18,128 shares during the last quarter. Crow s Nest Holdings LP grew its position in Credit Acceptance by 39.4% during the fourth quarter. Crow s Nest Holdings LP now owns 92,000 shares of the credit services provider’s stock valued at $49,011,000 after buying an additional 26,000 shares during the period. Goodnow Investment Group LLC increased its holdings in Credit Acceptance by 17.0% during the fourth quarter. Goodnow Investment Group LLC now owns 77,941 shares of the credit services provider’s stock valued at $41,522,000 after buying an additional 11,310 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its position in Credit Acceptance by 6.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 75,927 shares of the credit services provider’s stock worth $40,449,000 after acquiring an additional 4,734 shares during the period. Hedge funds and other institutional investors own 81.71% of the company’s stock.

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.