Oppenheimer Asset Management Inc. cut its position in shares of Credit Acceptance Corp. (NASDAQ:CACC) by 10.2% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 1,323 shares of the credit services provider’s stock after selling 151 shares during the period. Oppenheimer Asset Management Inc.’s holdings in Credit Acceptance were worth $640,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in CACC. Trexquant Investment LP acquired a new position in shares of Credit Acceptance during the 2nd quarter valued at $575,000. Skandinaviska Enskilda Banken AB publ purchased a new stake in Credit Acceptance during the 2nd quarter worth $726,000. Covey Capital Advisors LLC lifted its holdings in Credit Acceptance by 34.3% in the 2nd quarter. Covey Capital Advisors LLC now owns 2,350 shares of the credit services provider’s stock worth $1,137,000 after buying an additional 600 shares in the last quarter. Private Advisors LLC lifted its holdings in Credit Acceptance by 3.1% in the 2nd quarter. Private Advisors LLC now owns 2,480 shares of the credit services provider’s stock worth $1,200,000 after buying an additional 75 shares in the last quarter. Finally, Rational Advisors LLC purchased a new position in Credit Acceptance in the 2nd quarter valued at about $1,022,000. Institutional investors own 66.05% of the company’s stock.

CACC stock traded up $4.67 during mid-day trading on Wednesday, hitting $468.08. 11,499 shares of the company were exchanged, compared to its average volume of 76,741. The firm has a fifty day simple moving average of $464.27 and a 200 day simple moving average of $468.02. The company has a market capitalization of $8.71 billion, a PE ratio of 16.49, a price-to-earnings-growth ratio of 1.34 and a beta of 0.75. Credit Acceptance Corp. has a twelve month low of $356.12 and a twelve month high of $509.99. The company has a current ratio of 28.16, a quick ratio of 28.16 and a debt-to-equity ratio of 1.89.

Credit Acceptance (NASDAQ:CACC) last issued its earnings results on Tuesday, July 30th. The credit services provider reported $8.60 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $8.52 by $0.08. Credit Acceptance had a net margin of 45.15% and a return on equity of 30.02%. The business had revenue of $370.60 million for the quarter, compared to analyst estimates of $363.38 million. During the same quarter in the prior year, the business posted $6.95 EPS. The company’s revenue for the quarter was up 17.5% on a year-over-year basis. As a group, sell-side analysts anticipate that Credit Acceptance Corp. will post 34.67 earnings per share for the current year.

A number of brokerages have recently issued reports on CACC. BTIG Research reaffirmed a “sell” rating and set a $340.00 target price on shares of Credit Acceptance in a research report on Wednesday, July 31st. Credit Suisse Group set a $380.00 price target on Credit Acceptance and gave the company an “underperform” rating in a report on Wednesday, July 31st. BidaskClub lowered Credit Acceptance from a “hold” rating to a “sell” rating in a research note on Wednesday, August 28th. BMO Capital Markets raised their price objective on Credit Acceptance to $484.00 and gave the company a “market perform” rating in a research note on Thursday, August 1st. Finally, ValuEngine downgraded Credit Acceptance from a “hold” rating to a “sell” rating in a report on Thursday, September 5th. Four equities research analysts have rated the stock with a sell rating and five have issued a hold rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of $441.00.

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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