Brokerages Set Credit Acceptance Corp. (NASDAQ:CACC) Target Price at $170.43
Credit Acceptance Corp. (NASDAQ:CACC) has earned an average recommendation of “Sell” from the nine ratings firms that are currently covering the stock. Six analysts have rated the stock with a sell rating and three have issued a hold rating on the company. The average twelve-month target price among analysts that have issued a report on the stock in the last year is $170.43.
A number of equities research analysts have issued reports on the stock. Zacks Investment Research lowered shares of Credit Acceptance Corp. from a “buy” rating to a “hold” rating in a report on Monday, October 3rd. Janney Montgomery Scott reiterated a “hold” rating on shares of Credit Acceptance Corp. in a report on Thursday, September 22nd. Compass Point lowered shares of Credit Acceptance Corp. from a “neutral” rating to a “sell” rating and set a $170.00 target price on the stock. in a report on Tuesday, September 6th. Finally, Credit Suisse Group AG lowered shares of Credit Acceptance Corp. from a “neutral” rating to an “underperform” rating and reduced their target price for the stock from $200.00 to $185.00 in a report on Wednesday, July 27th.
Shares of Credit Acceptance Corp. (NASDAQ:CACC) opened at 186.06 on Thursday. The stock’s 50 day moving average is $197.33 and its 200-day moving average is $189.08. The stock has a market capitalization of $3.79 billion, a price-to-earnings ratio of 12.30 and a beta of 0.62. Credit Acceptance Corp. has a one year low of $159.43 and a one year high of $258.58.
Credit Acceptance Corp. (NASDAQ:CACC) last released its earnings results on Friday, July 29th. The company reported $4.38 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $3.86 by $0.52. The company had revenue of $238.50 million for the quarter, compared to analyst estimates of $232.40 million. Credit Acceptance Corp. had a net margin of 35.03% and a return on equity of 33.91%. The firm’s quarterly revenue was up 17.4% on a year-over-year basis. During the same period in the prior year, the business earned $3.60 EPS. On average, equities research analysts predict that Credit Acceptance Corp. will post $16.02 EPS for the current fiscal year.
In related news, major shareholder Jill Foss Watson sold 35,211 shares of the stock in a transaction on Monday, August 29th. The shares were sold at an average price of $205.18, for a total value of $7,224,592.98. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 25.20% of the stock is currently owned by corporate insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Makaira Partners LLC bought a new position in Credit Acceptance Corp. during the second quarter worth approximately $37,941,000. Abrams Bison Investments LLC increased its position in Credit Acceptance Corp. by 9.8% in the first quarter. Abrams Bison Investments LLC now owns 1,091,474 shares of the company’s stock worth $198,157,000 after buying an additional 97,235 shares during the period. Ingalls & Snyder LLC bought a new position in Credit Acceptance Corp. during the second quarter worth approximately $17,072,000. LMR Partners LLP bought a new position in Credit Acceptance Corp. during the second quarter worth approximately $11,714,000. Finally, Vanguard Group Inc. increased its position in Credit Acceptance Corp. by 7.1% in the second quarter. Vanguard Group Inc. now owns 719,102 shares of the company’s stock worth $133,091,000 after buying an additional 47,735 shares during the period. 47.43% of the stock is currently 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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