Credit Acceptance Corp. (CACC) Trading Up 2.1%
Credit Acceptance Corp. (NASDAQ:CACC) shares were up 2.1% during trading on Friday . The company traded as high as $198.64 and last traded at $197.34, with a volume of 69,200 shares traded. The stock had previously closed at $193.33.
A number of research analysts have commented on CACC shares. Zacks Investment Research cut Credit Acceptance Corp. from a “hold” rating to a “sell” rating in a research note on Monday, March 28th. BMO Capital Markets reaffirmed a “hold” rating on shares of Credit Acceptance Corp. in a research report on Tuesday, May 3rd. Macquarie lowered Credit Acceptance Corp. from a “neutral” rating to an “underperform” rating and cut their price objective for the stock from $190.00 to $150.00 in a research report on Wednesday, May 11th. Finally, Janney Montgomery Scott raised Credit Acceptance Corp. from a “sell” rating to a “neutral” rating and set a $173.00 price objective on the stock in a research report on Monday, June 20th. Four investment analysts have rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the stock. Credit Acceptance Corp. currently has an average rating of “Hold” and an average price target of $184.15.
The company has a market cap of $4.05 billion and a price-to-earnings ratio of 13.65. The firm has a 50 day moving average price of $180.27 and a 200-day moving average price of $187.29.
Credit Acceptance Corp. (NASDAQ:CACC) last issued its quarterly earnings data on Monday, May 2nd. The company reported $4.02 earnings per share for the quarter, topping the Zacks’ consensus estimate of $3.81 by $0.21. On average, equities research analysts forecast that Credit Acceptance Corp. will post $15.84 EPS for the current fiscal year.
In other news, major shareholder Jill Foss Watson sold 15,000 shares of the firm’s stock in a transaction that occurred on Tuesday, April 26th. The shares were sold at an average price of $201.29, for a total transaction of $3,019,350.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.
Several hedge funds and institutional investors have modified their holdings of CACC. Wells Fargo & Company MN boosted its position in shares of Credit Acceptance Corp. by 5.7% in the fourth quarter. Wells Fargo & Company MN now owns 50,670 shares of the company’s stock worth $10,845,000 after buying an additional 2,749 shares during the period. California Public Employees Retirement System boosted its stake in Credit Acceptance Corp. by 1.3% in the fourth quarter. California Public Employees Retirement System now owns 23,297 shares of the company’s stock valued at $4,986,000 after buying an additional 300 shares during the last quarter. Finally, Rhumbline Advisers boosted its stake in Credit Acceptance Corp. by 3.1% in the fourth quarter. Rhumbline Advisers now owns 10,778 shares of the company’s stock valued at $2,307,000 after buying an additional 326 shares during the last quarter.
Credit Acceptance Corporation (Credit Acceptance) is a provider of financing programs to automobile dealers that enable them to sell vehicles to consumers. The Company’s financing programs are offered through a nationwide network of automobile dealers; from repeat and referral sales generated by customers, and from sales to customers responding to advertisements for it products.
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