Credit Acceptance Corp. (CACC) Downgraded by Zacks Investment Research to “Hold”
According to Zacks, “Credit Acceptance Corporation is a specialized financial services company which provides funding, receivables management, collection, sales training and related services to automobile dealers. “
A number of other brokerages have also recently weighed in on CACC. Compass Point lifted their price target on shares of Credit Acceptance Corp. from $160.00 to $170.00 and gave the company a neutral rating in a research report on Monday, August 1st. Credit Suisse Group AG cut shares of Credit Acceptance Corp. from a neutral rating to an underperform rating and reduced their price target for the company from $200.00 to $185.00 in a research report on Wednesday, July 27th. Finally, Janney Montgomery Scott reaffirmed a hold rating on shares of Credit Acceptance Corp. in a research report on Thursday, September 22nd. Six research analysts have rated the stock with a sell rating and three have issued a hold rating to the stock. Credit Acceptance Corp. has a consensus rating of Sell and a consensus price target of $179.15.
Credit Acceptance Corp. (NASDAQ:CACC) opened at 192.50 on Monday. The stock has a 50 day moving average of $198.47 and a 200 day moving average of $189.13. Credit Acceptance Corp. has a one year low of $159.43 and a one year high of $258.58. The firm has a market cap of $3.92 billion, a PE ratio of 12.73 and a beta of 0.62.
Credit Acceptance Corp. (NASDAQ:CACC) last announced its quarterly earnings results on Friday, July 29th. The company reported $4.38 earnings per share for the quarter, beating analysts’ consensus estimates of $3.86 by $0.52. The firm had revenue of $238.50 million for the quarter, compared to analysts’ expectations of $232.40 million. Credit Acceptance Corp. had a net margin of 35.03% and a return on equity of 33.91%. Credit Acceptance Corp.’s revenue was up 17.4% compared to the same quarter last year. During the same period in the previous year, the company posted $3.60 earnings per share. On average, equities analysts forecast that Credit Acceptance Corp. will post $16.02 earnings per share for the current year.
In other Credit Acceptance Corp. news, major shareholder Jill Foss Watson sold 43,196 shares of Credit Acceptance Corp. stock in a transaction on Monday, August 15th. The shares were sold at an average price of $202.97, for a total value of $8,767,492.12. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 25.20% of the stock is currently owned by company insiders.
A number of institutional investors have recently added to or reduced their stakes in CACC. Aperio Group LLC increased its position in Credit Acceptance Corp. by 46.2% in the first quarter. Aperio Group LLC now owns 2,308 shares of the company’s stock worth $419,000 after buying an additional 729 shares in the last quarter. Teachers Advisors Inc. increased its position in Credit Acceptance Corp. by 30.9% in the first quarter. Teachers Advisors Inc. now owns 12,270 shares of the company’s stock worth $2,228,000 after buying an additional 2,898 shares in the last quarter. BlackRock Inc. increased its position in Credit Acceptance Corp. by 310.5% in the first quarter. BlackRock Inc. now owns 1,014 shares of the company’s stock worth $184,000 after buying an additional 767 shares in the last quarter. BlackRock Group LTD increased its position in Credit Acceptance Corp. by 22.5% in the first quarter. BlackRock Group LTD now owns 4,640 shares of the company’s stock worth $841,000 after buying an additional 851 shares in the last quarter. Finally, BlackRock Japan Co. Ltd increased its position in Credit Acceptance Corp. by 1.7% in the first quarter. BlackRock Japan Co. Ltd now owns 12,031 shares of the company’s stock worth $2,184,000 after buying an additional 204 shares in the last quarter. 47.43% of the stock is owned by hedge funds and other institutional investors.
About Credit Acceptance Corp.
Credit Acceptance Corporation (Credit Acceptance) is a provider of financing programs to automobile dealers that enable them to sell vehicles to consumers. The Company’s financing programs are offered through a nationwide network of automobile dealers; from repeat and referral sales generated by customers, and from sales to customers responding to advertisements for it products.
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