Credit Acceptance Corp. (NASDAQ:CACC) Major Shareholder Sells $2,910,900.00 in Stock

Credit Acceptance Corp. (NASDAQ:CACC) major shareholder Donald A. Foss sold 10,000 shares of the firm’s stock in a transaction dated Thursday, March 19th. The shares were sold at an average price of $291.09, for a total transaction of $2,910,900.00. Following the transaction, the insider now owns 1,975,796 shares of the company’s stock, valued at approximately $575,134,457.64. The transaction was disclosed in a document filed with the SEC, which is available at this link. Major shareholders that own at least 10% of a company’s stock are required to disclose their transactions with the SEC.

Shares of CACC opened at $280.71 on Thursday. Credit Acceptance Corp. has a one year low of $199.00 and a one year high of $509.99. The company has a 50-day moving average of $393.67 and a two-hundred day moving average of $433.44. The stock has a market cap of $4.25 billion, a price-to-earnings ratio of 8.10, a PEG ratio of 1.00 and a beta of 0.71. The company has a debt-to-equity ratio of 1.93, a current ratio of 35.47 and a quick ratio of 35.47.

Credit Acceptance (NASDAQ:CACC) last announced its earnings results on Thursday, January 30th. The credit services provider reported $9.22 EPS for the quarter, topping the consensus estimate of $8.85 by $0.37. Credit Acceptance had a net margin of 44.06% and a return on equity of 29.25%. The company had revenue of $385.90 million during the quarter, compared to analysts’ expectations of $385.34 million. During the same period last year, the company posted $7.85 earnings per share. The business’s revenue for the quarter was up 12.6% on a year-over-year basis. Analysts anticipate that Credit Acceptance Corp. will post 21.39 earnings per share for the current year.

Several equities analysts have recently weighed in on CACC shares. Credit Suisse Group restated a “sell” rating and set a $390.00 price objective on shares of Credit Acceptance in a research report on Sunday, February 2nd. Stephens upgraded shares of Credit Acceptance from an “underweight” rating to an “equal weight” rating in a research report on Friday, January 3rd. Janney Montgomery Scott lowered shares of Credit Acceptance from a “neutral” rating to a “sell” rating in a research report on Friday, January 31st. BTIG Research reduced their price objective on shares of Credit Acceptance from $340.00 to $190.00 and set a “sell” rating for the company in a research report on Thursday, March 19th. Finally, BidaskClub upgraded shares of Credit Acceptance from a “sell” rating to a “hold” rating in a research report on Friday, January 24th. Three analysts have rated the stock with a sell rating and six have issued a hold rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $410.33.

Institutional investors and hedge funds have recently made changes to their positions in the business. CWM LLC acquired a new position in shares of Credit Acceptance in the fourth quarter worth about $38,000. NumerixS Investment Technologies Inc purchased a new stake in shares of Credit Acceptance in the fourth quarter worth approximately $88,000. Tower Research Capital LLC TRC lifted its position in shares of Credit Acceptance by 1,855.6% in the third quarter. Tower Research Capital LLC TRC now owns 352 shares of the credit services provider’s stock worth $162,000 after purchasing an additional 334 shares in the last quarter. Nachman Norwood & Parrott Inc purchased a new stake in shares of Credit Acceptance in the fourth quarter worth approximately $232,000. Finally, First Republic Investment Management Inc. purchased a new stake in shares of Credit Acceptance in the fourth quarter worth approximately $258,000. Institutional investors own 63.24% of the company’s stock.

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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