Credit Acceptance Corp. (CACC) Sees Large Volume Increase
Credit Acceptance Corp. (NASDAQ:CACC) shares saw strong trading volume on Wednesday . 369,896 shares traded hands during mid-day trading, an increase of 23% from the previous session’s volume of 301,390 shares.The stock last traded at $196.57 and had previously closed at $202.80.
Several equities analysts have recently weighed in on CACC shares. BMO Capital Markets reiterated a “hold” rating on shares of Credit Acceptance Corp. in a report on Tuesday, May 3rd. Zacks Investment Research lowered shares of Credit Acceptance Corp. from a “buy” rating to a “hold” rating in a report on Wednesday, May 4th. Credit Suisse Group AG lowered shares of Credit Acceptance Corp. from a “neutral” rating to an “underperform” rating and dropped their price objective for the company from $200.00 to $185.00 in a report on Wednesday, July 27th. Macquarie lowered shares of Credit Acceptance Corp. from a “neutral” rating to an “underperform” rating and dropped their price objective for the company from $190.00 to $150.00 in a report on Wednesday, May 11th. Finally, Compass Point upped their price objective on shares of Credit Acceptance Corp. from $160.00 to $170.00 and gave the company a “neutral” rating in a report on Monday, August 1st. Five equities research analysts have rated the stock with a sell rating, three have given a hold rating and one has given a strong buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $179.15.
The firm has a 50 day moving average price of $192.12 and a 200-day moving average price of $187.74. The firm has a market cap of $4.03 billion and a P/E ratio of 13.09.
Credit Acceptance Corp. (NASDAQ:CACC) last released its earnings results on Friday, July 29th. The company reported $4.38 EPS for the quarter, topping the consensus estimate of $3.86 by $0.52. During the same period last year, the firm posted $3.60 EPS. The company earned $238.50 million during the quarter, compared to analysts’ expectations of $232.40 million. Credit Acceptance Corp.’s quarterly revenue was up 17.4% compared to the same quarter last year. Equities research analysts expect that Credit Acceptance Corp. will post $16.02 earnings per share for the current fiscal year.
In related news, major shareholder Jill Foss Watson sold 43,196 shares of the company’s stock in a transaction on Monday, August 15th. The shares were sold at an average price of $202.97, for a total transaction of $8,767,492.12. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink.
Other large investors have added to or reduced their stakes in the company. Rhumbline Advisers increased 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 worth $2,307,000 after buying an additional 326 shares during the last quarter. Wells Fargo & Company MN increased its stake in 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 last quarter. Finally, California Public Employees Retirement System increased 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 worth $4,986,000 after buying an additional 300 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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