Wellington Management Group LLP Has $165.61 Million Stock Holdings in Credit Acceptance Corporation $CACC

Wellington Management Group LLP boosted its position in shares of Credit Acceptance Corporation (NASDAQ:CACC) by 0.5% in the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 260,084 shares of the credit services provider’s stock after purchasing an additional 1,186 shares during the quarter. Wellington Management Group LLP owned 2.49% of Credit Acceptance worth $165,606,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of CACC. BlackRock Inc. acquired a new position in shares of Credit Acceptance in the 2nd quarter valued at $408,849,000. Boston Partners grew its stake in Credit Acceptance by 3.4% in the fourth quarter. Boston Partners now owns 456,253 shares of the credit services provider’s stock valued at $202,373,000 after acquiring an additional 14,877 shares during the period. Dimensional Fund Advisors LP raised its position in shares of Credit Acceptance by 3.1% during the first quarter. Dimensional Fund Advisors LP now owns 230,715 shares of the credit services provider’s stock worth $97,701,000 after purchasing an additional 6,843 shares during the period. Smead Capital Management Inc. lifted its holdings in shares of Credit Acceptance by 17.0% during the 2nd quarter. Smead Capital Management Inc. now owns 216,811 shares of the credit services provider’s stock valued at $110,450,000 after purchasing an additional 31,438 shares in the last quarter. Finally, Goodnow Investment Group LLC acquired a new position in shares of Credit Acceptance in the 2nd quarter valued at approximately $67,578,000. 81.71% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Credit Acceptance

In other news, COO Jonathan Lum sold 6,000 shares of Credit Acceptance stock in a transaction that occurred on Wednesday, June 24th. The stock was sold at an average price of $600.00, for a total value of $3,600,000.00. Following the sale, the chief operating officer directly owned 31,609 shares in the company, valued at approximately $18,965,400. This trade represents a 15.95% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Jay D. Martin sold 3,000 shares of the business’s stock in a transaction that occurred on Wednesday, June 24th. The shares were sold at an average price of $601.04, for a total value of $1,803,120.00. Following the transaction, the chief financial officer directly owned 25,963 shares in the company, valued at $15,604,801.52. This trade represents a 10.36% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 44,289 shares of company stock valued at $27,525,241. Company insiders own 6.10% of the company’s stock.

Credit Acceptance Stock Performance

NASDAQ CACC opened at $599.74 on Tuesday. Credit Acceptance Corporation has a 1 year low of $401.90 and a 1 year high of $668.86. The company has a debt-to-equity ratio of 3.84, a current ratio of 14.89 and a quick ratio of 14.89. The company has a fifty day moving average price of $602.89 and a 200-day moving average price of $540.07. The firm has a market cap of $6.27 billion, a price-to-earnings ratio of 13.19 and a beta of 1.37.

Credit Acceptance (NASDAQ:CACC) last announced its quarterly earnings data on Tuesday, August 4th. The credit services provider reported $12.12 earnings per share for the quarter, missing the consensus estimate of $12.20 by ($0.08). Credit Acceptance had a net margin of 21.54% and a return on equity of 31.67%. The firm had revenue of $415.00 million for the quarter, compared to the consensus estimate of $588.07 million. During the same period last year, the company posted $10.05 earnings per share. Credit Acceptance’s revenue for the quarter was up .6% on a year-over-year basis. As a group, equities research analysts predict that Credit Acceptance Corporation will post 47.8 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on CACC. Weiss Ratings raised Credit Acceptance from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday, July 16th. TD Cowen increased their price target on Credit Acceptance from $575.00 to $600.00 and gave the company a “hold” rating in a research report on Wednesday, August 5th. Finally, Zacks Research lowered Credit Acceptance from a “strong-buy” rating to a “hold” rating in a report on Wednesday, May 13th. One analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $570.00.

Credit Acceptance Profile

Credit Acceptance Corporation, founded in 1972 and headquartered in Southfield, Michigan, is a specialty finance company focused on the indirect automotive lending market. The company partners with independent and franchised auto dealers to facilitate purchase financing for consumers who may not qualify for traditional prime auto loans. By purchasing retail installment contracts originated by these dealers, Credit Acceptance provides capital and credit insurance to support vehicle sales, enabling dealers to broaden their customer base and reduce credit risk.

Through its proprietary underwriting platform and risk management strategies, Credit Acceptance evaluates borrower applications, structures credit plans, and retains servicing rights on the acquired contracts.