Credit Acceptance Corp. (CACC) Shares Gap Up to $199.85
Credit Acceptance Corp. (NASDAQ:CACC) gapped up before the market opened on Monday . The stock had previously closed at $199.49, but opened at $199.85. Credit Acceptance Corp. shares last traded at $202.15, with a volume of 130,921 shares changing hands.
A number of brokerages have issued reports on CACC. Janney Montgomery Scott raised shares of Credit Acceptance Corp. from a “sell” rating to a “neutral” rating and set a $173.00 target price on the stock in a report on Monday, June 20th. Zacks Investment Research cut shares of Credit Acceptance Corp. from a “buy” rating to a “hold” rating in a report on Monday, May 23rd. BMO Capital Markets reissued a “hold” rating on shares of Credit Acceptance Corp. in a report on Tuesday, May 3rd. Credit Suisse Group AG cut shares of Credit Acceptance Corp. from a “neutral” rating to an “underperform” rating and lowered their target price for the company from $200.00 to $185.00 in a report on Wednesday, July 27th. Finally, Compass Point upped their price target on shares of Credit Acceptance Corp. from $160.00 to $170.00 and gave the stock a “neutral” rating in a report on Monday, August 1st. Five equities research analysts have rated the stock with a sell rating, three have issued a hold rating and one has issued a strong buy rating to the stock. Credit Acceptance Corp. presently has an average rating of “Hold” and a consensus price target of $179.15.
The stock has a 50-day moving average of $190.55 and a 200 day moving average of $187.50. The company has a market capitalization of $4.15 billion and a P/E ratio of 13.45.
Credit Acceptance Corp. (NASDAQ:CACC) last issued its earnings results on Friday, July 29th. The company reported $4.38 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $3.86 by $0.52. The company earned $238.50 million during the quarter, compared to analysts’ expectations of $232.40 million. During the same quarter in the prior year, the business posted $3.60 EPS. The company’s revenue for the quarter was up 17.4% compared to the same quarter last year. Equities research analysts predict that Credit Acceptance Corp. will post $16.02 EPS for the current fiscal year.
In related news, major shareholder Jill Foss Watson sold 48,247 shares of the firm’s stock in a transaction that occurred on Friday, August 12th. The shares were sold at an average price of $200.66, for a total value of $9,681,243.02. The sale was disclosed in a legal filing with the SEC, which is available at this link.
Several hedge funds and institutional investors have modified their holdings of the company. 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 valued at $10,845,000 after buying an additional 2,749 shares in the last quarter. California Public Employees Retirement System boosted its position in shares of 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 in the last quarter. Finally, Rhumbline Advisers boosted its position in shares of 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 in 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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