Credit Acceptance Corp. (CACC) Shares Sold by Shell Asset Management Co.
Shell Asset Management Co. lowered its stake in shares of Credit Acceptance Corp. (NASDAQ:CACC) by 69.8% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,612 shares of the company’s stock after selling 6,024 shares during the period. Shell Asset Management Co.’s holdings in Credit Acceptance Corp. were worth $483,000 at the end of the most recent reporting period.
Other institutional investors also recently bought and sold shares of the company. Envestnet Asset Management Inc. raised its position in Credit Acceptance Corp. by 0.3% in the first quarter. Envestnet Asset Management Inc. now owns 7,421 shares of the company’s stock valued at $1,347,000 after buying an additional 20 shares during the period. Legal & General Group Plc raised its position in Credit Acceptance Corp. by 36.2% in the first quarter. Legal & General Group Plc now owns 689 shares of the company’s stock valued at $125,000 after buying an additional 183 shares during the period. BlackRock Japan Co. Ltd raised its position in Credit Acceptance Corp. by 1.7% in the first quarter. BlackRock Japan Co. Ltd now owns 12,031 shares of the company’s stock valued at $2,184,000 after buying an additional 204 shares during the period. Seven Eight Capital LLC raised its position in Credit Acceptance Corp. by 214.8% in the first quarter. Seven Eight Capital LLC now owns 639 shares of the company’s stock valued at $116,000 after buying an additional 436 shares during the period. Finally, Aperio Group LLC raised its position in Credit Acceptance Corp. by 46.2% in the first quarter. Aperio Group LLC now owns 2,308 shares of the company’s stock valued at $419,000 after buying an additional 729 shares during the period. Institutional investors own 47.43% of the company’s stock.
Credit Acceptance Corp. (NASDAQ:CACC) traded up 2.31% during midday trading on Monday, reaching $190.35. The company had a trading volume of 152,498 shares. The firm has a market capitalization of $3.88 billion, a P/E ratio of 12.59 and a beta of 0.62. Credit Acceptance Corp. has a one year low of $159.43 and a one year high of $258.58. The stock’s 50 day moving average price is $197.33 and its 200-day moving average price is $189.08.
Credit Acceptance Corp. (NASDAQ:CACC) last issued its quarterly 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. Credit Acceptance Corp. had a net margin of 35.03% and a return on equity of 33.91%. The firm had revenue of $238.50 million for the quarter, compared to analysts’ expectations of $232.40 million. During the same period in the previous year, the firm posted $3.60 EPS. The company’s revenue for the quarter was up 17.4% on a year-over-year basis. On average, equities research analysts anticipate that Credit Acceptance Corp. will post $16.02 earnings per share for the current year.
Several equities analysts have weighed in on the company. Zacks Investment Research upgraded Credit Acceptance Corp. from a “hold” rating to a “strong-buy” rating and set a $226.00 target price on the stock in a report on Wednesday, August 3rd. Compass Point raised their price target on Credit Acceptance Corp. from $160.00 to $170.00 and gave the company a “neutral” rating in a research report on Monday, August 1st. 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 downgraded Credit Acceptance Corp. from a “neutral” rating to an “underperform” rating and lowered their price target for the company from $200.00 to $185.00 in a research report on Wednesday, July 27th. Six analysts have rated the stock with a sell rating and three have given a hold rating to the company. The stock presently has an average rating of “Sell” and an average target price of $179.15.
In other Credit Acceptance Corp. news, major shareholder Jill Foss Watson sold 43,196 shares of the business’s stock in a transaction dated Monday, August 15th. The shares were sold at an average price of $202.97, for a total transaction of $8,767,492.12. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Company insiders own 25.20% of the company’s stock.
About Credit Acceptance Corp.
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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