Glen Harbor Capital Management LLC boosted its stake in Credit Acceptance Corp. (NASDAQ:CACC) by 328.6% in the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 1,320 shares of the credit services provider’s stock after purchasing an additional 1,012 shares during the quarter. Glen Harbor Capital Management LLC’s holdings in Credit Acceptance were worth $466,000 as of its most recent filing with the SEC.

A number of other hedge funds have also made changes to their positions in CACC. Meadow Creek Investment Management LLC acquired a new position in Credit Acceptance during the first quarter valued at approximately $157,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Credit Acceptance by 57.9% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 616 shares of the credit services provider’s stock valued at $218,000 after buying an additional 226 shares in the last quarter. Verition Fund Management LLC acquired a new position in Credit Acceptance during the first quarter valued at approximately $244,000. Financial Architects Inc acquired a new position in Credit Acceptance during the second quarter valued at approximately $254,000. Finally, Strs Ohio acquired a new position in Credit Acceptance during the second quarter valued at approximately $277,000. 67.59% of the stock is currently owned by hedge funds and other institutional investors.

A number of research analysts have weighed in on the stock. JMP Securities lifted their price target on shares of Credit Acceptance from $260.00 to $350.00 and gave the company a “market underperform” rating in a research report on Thursday, August 2nd. Oppenheimer set a $400.00 price target on shares of Credit Acceptance and gave the company a “buy” rating in a research report on Tuesday, July 31st. BidaskClub raised shares of Credit Acceptance from a “hold” rating to a “buy” rating in a research report on Thursday, May 24th. BMO Capital Markets lifted their price target on shares of Credit Acceptance from $305.00 to $312.00 and gave the company a “market perform” rating in a research report on Thursday, August 2nd. Finally, Zacks Investment Research raised shares of Credit Acceptance from a “hold” rating to a “buy” rating and set a $500.00 price target on the stock in a research report on Friday, August 3rd. Four equities research analysts have rated the stock with a sell rating, four have given a hold rating and four have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $327.78.

NASDAQ CACC opened at $445.05 on Friday. Credit Acceptance Corp. has a 52 week low of $263.19 and a 52 week high of $467.26. The company has a debt-to-equity ratio of 2.03, a quick ratio of 33.69 and a current ratio of 33.69. The firm has a market cap of $8.61 billion, a PE ratio of 18.85, a PEG ratio of 0.82 and a beta of 0.54.

Credit Acceptance (NASDAQ:CACC) last posted its earnings results on Tuesday, July 31st. The credit services provider reported $6.95 EPS for the quarter, topping analysts’ consensus estimates of $6.44 by $0.51. Credit Acceptance had a net margin of 46.43% and a return on equity of 28.97%. The business had revenue of $315.40 million for the quarter, compared to analysts’ expectations of $303.55 million. equities research analysts anticipate that Credit Acceptance Corp. will post 27.36 earnings per share for the current year.

In other news, insider Arthur L. Smith sold 2,000 shares of the business’s stock in a transaction on Wednesday, August 22nd. The shares were sold at an average price of $460.98, for a total transaction of $921,960.00. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Prescott General Partners Llc sold 1,300 shares of the business’s stock in a transaction on Friday, August 24th. The stock was sold at an average price of $447.56, for a total transaction of $581,828.00. The disclosure for this sale can be found here. Over the last three months, insiders have sold 79,230 shares of company stock worth $35,120,602. Corporate insiders own 5.40% of the company’s stock.

Credit Acceptance Company Profile

Credit Acceptance Corporation provides financing programs, and related products and services to independent and franchised automobile dealers in the United States. The company advances money to dealers in exchange for the right to service the underlying consumer loans; and buys the consumer loans from the dealers and keeps various amounts collected from the consumers.

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Institutional Ownership by Quarter for Credit Acceptance (NASDAQ:CACC)

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