Fmr LLC lowered its stake in shares of Credit Acceptance Corporation (NASDAQ:CACC) by 28.5% in the second quarter, according to its most recent 13F filing with the SEC. The fund owned 7,275 shares of the credit services provider’s stock after selling 2,900 shares during the period. Fmr LLC’s holdings in Credit Acceptance Corporation were worth $1,871,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in CACC. Russell Investments Group Ltd. boosted its stake 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 valued at $146,000 after purchasing an additional 231 shares during the last quarter. Ameriprise Financial Inc. boosted its stake in Credit Acceptance Corporation by 27.4% during the 1st quarter. Ameriprise Financial Inc. now owns 3,394 shares of the credit services provider’s stock valued at $676,000 after purchasing an additional 730 shares during the last quarter. JPMorgan Chase & Co. boosted its stake in Credit Acceptance Corporation by 1.5% during the 1st quarter. JPMorgan Chase & Co. now owns 13,694 shares of the credit services provider’s stock valued at $2,731,000 after purchasing an additional 200 shares during the last quarter. Wellington Management Group LLP acquired a new position in Credit Acceptance Corporation during the 1st quarter valued at about $2,967,000. Finally, Teachers Advisors LLC boosted its stake in Credit Acceptance Corporation by 0.7% during the 1st quarter. Teachers Advisors LLC now owns 14,484 shares of the credit services provider’s stock valued at $2,888,000 after purchasing an additional 105 shares during the last quarter. Institutional investors and hedge funds own 72.99% of the company’s stock.

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Credit Acceptance Corporation (NASDAQ CACC) opened at $284.15 on Wednesday. Credit Acceptance Corporation has a 1 year low of $163.17 and a 1 year high of $299.92. The company has a debt-to-equity ratio of 2.12, a quick ratio of 17.63 and a current ratio of 17.63. The company has a market cap of $5,498.20, a P/E ratio of 14.16, a price-to-earnings-growth ratio of 1.16 and a beta of 0.51.

Credit Acceptance Corporation (NASDAQ:CACC) last posted its earnings results on Monday, October 30th. The credit services provider reported $5.43 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $5.15 by $0.28. Credit Acceptance Corporation had a net margin of 35.29% and a return on equity of 32.08%. The firm had revenue of $283.90 million for the quarter, compared to analysts’ expectations of $281.03 million. During the same quarter last year, the firm earned $4.53 EPS. The company’s quarterly revenue was up 15.1% compared to the same quarter last year. sell-side analysts forecast that Credit Acceptance Corporation will post 20.84 earnings per share for the current year.

A number of equities analysts have issued reports on the company. Credit Suisse Group lifted their price target on Credit Acceptance Corporation from $200.00 to $225.00 and gave the company an “underperform” rating in a research note on Tuesday, October 31st. BMO Capital Markets reiterated a “market perform” rating and set a $252.00 price target (up previously from $238.00) on shares of Credit Acceptance Corporation in a research note on Tuesday, October 31st. Bank of America Corporation lifted their price target on Credit Acceptance Corporation from $195.00 to $230.00 and gave the company an “underperform” rating in a research note on Tuesday, October 31st. Zacks Investment Research cut shares of Credit Acceptance Corporation from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, October 3rd. Finally, Jefferies Group LLC reissued a “hold” rating and set a $260.00 target price (up previously from $240.00) on shares of Credit Acceptance Corporation in a research report on Tuesday, October 10th. Four investment analysts have rated the stock with a sell rating and seven have issued a hold rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $229.78.

About Credit Acceptance Corporation

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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Institutional Ownership by Quarter for Credit Acceptance Corporation (NASDAQ:CACC)

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