Neuburgh Advisers LLC trimmed its position in shares of Credit Acceptance Corp. (NASDAQ:CACC) by 36.0% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,648 shares of the credit services provider’s stock after selling 928 shares during the quarter. Neuburgh Advisers LLC’s holdings in Credit Acceptance were worth $797,000 at the end of the most recent reporting period.
Other large investors have also recently modified their holdings of the company. Canada Pension Plan Investment Board acquired a new stake in Credit Acceptance in the 2nd quarter valued at $217,000. GAM Holding AG raised its holdings in shares of Credit Acceptance by 156.2% in the 2nd quarter. GAM Holding AG now owns 1,335 shares of the credit services provider’s stock worth $646,000 after acquiring an additional 814 shares during the last quarter. Renaissance Technologies LLC raised its holdings in shares of Credit Acceptance by 2,684.5% in the 2nd quarter. Renaissance Technologies LLC now owns 47,003 shares of the credit services provider’s stock worth $22,741,000 after acquiring an additional 45,315 shares during the last quarter. Bank of New York Mellon Corp lifted its position in Credit Acceptance by 0.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 48,211 shares of the credit services provider’s stock valued at $23,325,000 after acquiring an additional 305 shares in the last quarter. Finally, Pearl River Capital LLC bought a new position in Credit Acceptance in the 2nd quarter valued at about $42,000. 66.05% of the stock is currently owned by institutional investors.
CACC has been the subject of a number of recent research reports. ValuEngine lowered Credit Acceptance from a “hold” rating to a “sell” rating in a report on Thursday, September 5th. BTIG Research restated a “sell” rating and set a $340.00 price objective on shares of Credit Acceptance in a research note on Wednesday, July 31st. Credit Suisse Group set a $380.00 price objective on Credit Acceptance and gave the company an “underperform” rating in a research note on Wednesday, July 31st. BidaskClub downgraded shares of Credit Acceptance from a “hold” rating to a “sell” rating in a report on Wednesday, August 28th. Finally, BMO Capital Markets upped their target price on shares of Credit Acceptance to $484.00 and gave the stock a “market perform” rating in a research note on Thursday, August 1st. Four equities research analysts have rated the stock with a sell rating and five have given a hold rating to the company. The stock has an average rating of “Hold” and a consensus price target of $441.00.
Credit Acceptance (NASDAQ:CACC) last issued its quarterly earnings results on Tuesday, July 30th. The credit services provider reported $8.60 EPS for the quarter, beating the Zacks’ consensus estimate of $8.52 by $0.08. The company had revenue of $370.60 million during the quarter, compared to the consensus estimate of $363.38 million. Credit Acceptance had a return on equity of 30.02% and a net margin of 45.15%. Credit Acceptance’s revenue was up 17.5% on a year-over-year basis. During the same period last year, the business posted $6.95 earnings per share. On average, equities analysts predict that Credit Acceptance Corp. will post 34.67 EPS for the current year.
About Credit Acceptance
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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