Credit Acceptance Corp. (CACC) Downgraded by Zacks Investment Research to “Hold”
According to Zacks, “Credit Acceptance Corporation is a specialized financial services company which provides funding, receivables management, collection, sales training and related services to automobile dealers. “
A number of other equities research analysts have also recently issued reports on CACC. Compass Point cut Credit Acceptance Corp. from a neutral rating to a sell rating and set a $170.00 target price for the company. in a research report on Tuesday, September 6th. Janney Montgomery Scott reaffirmed a hold rating on shares of Credit Acceptance Corp. in a research report on Thursday, September 22nd. Finally, Credit Suisse Group AG cut Credit Acceptance Corp. from a neutral rating to an underperform rating and decreased their target price for the stock from $200.00 to $185.00 in a research report on Wednesday, July 27th. Six equities research analysts have rated the stock with a sell rating and three have issued a hold rating to the company’s stock. The company presently has a consensus rating of Sell and a consensus target price of $179.15.
Credit Acceptance Corp. (NASDAQ:CACC) opened at 192.50 on Monday. Credit Acceptance Corp. has a 12-month low of $159.43 and a 12-month high of $258.58. The firm has a 50-day moving average of $198.47 and a 200-day moving average of $189.13. The firm has a market cap of $3.92 billion, a P/E ratio of 12.73 and a beta of 0.62.
Credit Acceptance Corp. (NASDAQ:CACC) last announced its earnings results on Friday, July 29th. The company reported $4.38 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.86 by $0.52. The firm earned $238.50 million during the quarter, compared to analysts’ expectations of $232.40 million. Credit Acceptance Corp. had a return on equity of 33.91% and a net margin of 35.03%. The company’s revenue was up 17.4% on a year-over-year basis. During the same quarter in the prior year, the business earned $3.60 earnings per share. On average, analysts expect that Credit Acceptance Corp. will post $16.02 EPS for the current year.
In related news, major shareholder Jill Foss Watson sold 240,000 shares of the company’s stock in a transaction on Monday, September 26th. The stock was sold at an average price of $197.50, for a total value of $47,400,000.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 25.20% of the stock is owned by corporate insiders.
Several hedge funds and other institutional investors have recently modified their holdings of CACC. Seven Eight Capital LLC raised its position in shares of Credit Acceptance Corp. by 214.8% in the first quarter. Seven Eight Capital LLC now owns 639 shares of the company’s stock worth $116,000 after buying an additional 436 shares during the last quarter. Legal & General Group Plc raised its position in shares of Credit Acceptance Corp. by 36.2% in the first quarter. Legal & General Group Plc now owns 689 shares of the company’s stock worth $125,000 after buying an additional 183 shares during the last quarter. Bartlett & Co. LLC purchased a new position in shares of Credit Acceptance Corp. during the second quarter worth approximately $148,000. BlackRock Inc. raised its position in shares of Credit Acceptance Corp. by 310.5% in the first quarter. BlackRock Inc. now owns 1,014 shares of the company’s stock worth $184,000 after buying an additional 767 shares during the last quarter. Finally, Teacher Retirement System of Texas raised its position in shares of Credit Acceptance Corp. by 13.9% in the second quarter. Teacher Retirement System of Texas now owns 1,015 shares of the company’s stock worth $188,000 after buying an additional 124 shares during the last quarter. Institutional investors and hedge funds own 47.43% of the company’s stock.
Credit Acceptance Corp. Company Profile
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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