Credit Acceptance Corporation (CACC) Stake Held by Prescott General Partners LLC
Prescott General Partners LLC held its stake in Credit Acceptance Corporation (NASDAQ:CACC) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,222,789 shares of the credit services provider’s stock at the close of the second quarter. Credit Acceptance Corporation comprises 30.7% of Prescott General Partners LLC’s holdings, making the stock its largest holding. Prescott General Partners LLC owned approximately 11.42% of Credit Acceptance Corporation worth $571,568,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds have also made changes to their positions in the company. Russell Investments Group Ltd. boosted its position in Credit Acceptance Corporation by 46.1% during the 1st quarter. Russell Investments Group Ltd. now owns 732 shares of the credit services provider’s stock worth $146,000 after acquiring an additional 231 shares during the period. SG Americas Securities LLC boosted its position in Credit Acceptance Corporation by 102.8% during the 2nd quarter. SG Americas Securities LLC now owns 618 shares of the credit services provider’s stock worth $159,000 after acquiring an additional 22,463 shares during the period. Oppenheimer Asset Management Inc. acquired a new position in Credit Acceptance Corporation during the 1st quarter worth $177,000. Karp Capital Management Corp acquired a new position in Credit Acceptance Corporation during the 1st quarter worth $244,000. Finally, Gotham Asset Management LLC acquired a new position in Credit Acceptance Corporation during the 1st quarter worth $270,000. Institutional investors own 72.71% of the company’s stock.
CACC has been the subject of a number of analyst reports. BidaskClub upgraded Credit Acceptance Corporation from a “buy” rating to a “strong-buy” rating in a research report on Friday, June 23rd. Jefferies Group LLC reiterated a “hold” rating and set a $215.00 price target on shares of Credit Acceptance Corporation in a research report on Friday, July 14th. Zacks Investment Research lowered Credit Acceptance Corporation from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 4th. BMO Capital Markets boosted their price target on Credit Acceptance Corporation from $226.00 to $238.00 and gave the stock a “market perform” rating in a research report on Tuesday, August 1st. Finally, Credit Suisse Group AG reiterated an “underperform” rating and set a $200.00 price target (up previously from $190.00) on shares of Credit Acceptance Corporation in a research report on Tuesday, August 1st. Three equities research analysts have rated the stock with a sell rating and seven have issued a hold rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $222.38.
In other news, major shareholder Jill Foss Watson sold 29,956 shares of the firm’s stock in a transaction on Friday, August 4th. The stock was sold at an average price of $270.81, for a total value of $8,112,384.36. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, insider Douglas W. Busk sold 2,500 shares of the firm’s stock in a transaction on Wednesday, August 2nd. The stock was sold at an average price of $267.72, for a total value of $669,300.00. The disclosure for this sale can be found here. Insiders sold a total of 152,858 shares of company stock worth $41,562,168 over the last 90 days. 5.80% of the stock is owned by corporate insiders.
Credit Acceptance Corporation (NASDAQ:CACC) traded up 0.264% during mid-day trading on Friday, hitting $286.305. The stock had a trading volume of 113,146 shares. Credit Acceptance Corporation has a 1-year low of $160.63 and a 1-year high of $287.98. The stock has a 50 day moving average of $270.14 and a 200-day moving average of $238.63. The firm has a market cap of $5.57 billion, a P/E ratio of 15.649 and a beta of 0.55.
Credit Acceptance Corporation (NASDAQ:CACC) last posted its quarterly earnings results on Monday, July 31st. The credit services provider reported $5.22 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $4.89 by $0.33. Credit Acceptance Corporation had a return on equity of 32.24% and a net margin of 35.13%. The business had revenue of $253.20 million for the quarter, compared to analyst estimates of $268.18 million. During the same period last year, the company earned $4.38 EPS. The firm’s revenue was up 14.5% on a year-over-year basis. Analysts predict that Credit Acceptance Corporation will post $19.90 EPS for the current fiscal year.
Credit Acceptance Corporation Profile
Credit Acceptance Corporation offers financing programs that enable automobile dealers to sell vehicles to consumers. The Company’s financing programs are offered through a network of automobile dealers. The Company has two Dealers financing programs: the Portfolio Program and the Purchase Program. Under the Portfolio Program, the Company advances money to dealers (Dealer Loan) in exchange for the right to service the underlying consumer loans.
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