Caxton Associates LP Takes $338,000 Position in Credit Acceptance Co. (NASDAQ:CACC)

Caxton Associates LP bought a new stake in Credit Acceptance Co. (NASDAQ:CACC) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 612 shares of the credit services provider’s stock, valued at approximately $338,000.

Several other hedge funds also recently modified their holdings of the business. Cerity Partners LLC bought a new position in shares of Credit Acceptance in the 4th quarter valued at about $472,516,000. Crow s Nest Holdings LP raised its position in shares of Credit Acceptance by 39.4% in the 4th quarter. Crow s Nest Holdings LP now owns 92,000 shares of the credit services provider’s stock valued at $49,011,000 after acquiring an additional 26,000 shares during the period. Goodnow Investment Group LLC raised its position in shares of Credit Acceptance by 17.0% in the 4th quarter. Goodnow Investment Group LLC now owns 77,941 shares of the credit services provider’s stock valued at $41,522,000 after acquiring an additional 11,310 shares during the period. Charles Schwab Investment Management Inc. raised its position in shares of Credit Acceptance by 6.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 75,927 shares of the credit services provider’s stock valued at $40,449,000 after acquiring an additional 4,734 shares during the period. Finally, JARISLOWSKY FRASER Ltd raised its position in shares of Credit Acceptance by 12.0% in the 4th quarter. JARISLOWSKY FRASER Ltd now owns 71,262 shares of the credit services provider’s stock valued at $37,963,000 after acquiring an additional 7,612 shares during the period. Institutional investors own 81.71% of the company’s stock.

Credit Acceptance Stock Up 2.1 %

CACC stock traded up $12.14 during mid-day trading on Tuesday, hitting $579.18. 12,061 shares of the company were exchanged, compared to its average volume of 58,787. The company has a debt-to-equity ratio of 3.29, a quick ratio of 13.79 and a current ratio of 13.79. The firm has a market cap of $7.01 billion, a P/E ratio of 29.09 and a beta of 1.44. The firm’s 50 day simple moving average is $515.16 and its 200 day simple moving average is $532.21. Credit Acceptance Co. has a 1-year low of $379.77 and a 1-year high of $616.66.

Credit Acceptance (NASDAQ:CACC) last announced its earnings results on Tuesday, April 30th. The credit services provider reported $9.28 EPS for the quarter, topping the consensus estimate of $6.81 by $2.47. The firm had revenue of $508.00 million for the quarter, compared to the consensus estimate of $497.71 million. Credit Acceptance had a net margin of 12.83% and a return on equity of 30.70%. The business’s quarterly revenue was up 11.9% on a year-over-year basis. During the same period last year, the company posted $9.71 EPS. On average, sell-side analysts predict that Credit Acceptance Co. will post 41.01 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Separately, TD Cowen cut their price target on shares of Credit Acceptance from $465.00 to $420.00 and set a “sell” rating on the stock in a research report on Thursday, May 2nd. One research analyst has rated the stock with a sell rating, two have issued a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $402.33.

Credit Acceptance Company Profile

Credit Acceptance Corporation engages in the provision of financing programs, and related products and services in the United States. The company advances money to automobile dealers in exchange for the right to service the underlying consumer loans; and buys the consumer loans from the dealers and keeps the amount collected from the consumers.