Wealthfront Advisers LLC Acquires New Position in Credit Acceptance Co. (NASDAQ:CACC)

Wealthfront Advisers LLC bought a new stake in Credit Acceptance Co. (NASDAQ:CACC) in the fourth quarter, Holdings Channel.com reports. The institutional investor bought 38,653 shares of the credit services provider’s stock, valued at approximately $18,146,000.

Several other hedge funds have also recently bought and sold shares of CACC. Abrams Bison Investments LLC boosted its stake in Credit Acceptance by 30.5% during the third quarter. Abrams Bison Investments LLC now owns 228,306 shares of the credit services provider’s stock worth $101,235,000 after buying an additional 53,306 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in Credit Acceptance by 24.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 94,051 shares of the credit services provider’s stock worth $41,704,000 after buying an additional 18,530 shares during the period. MIG Capital LLC boosted its position in Credit Acceptance by 18.7% during the 3rd quarter. MIG Capital LLC now owns 116,491 shares of the credit services provider’s stock worth $51,654,000 after acquiring an additional 18,351 shares during the last quarter. Smead Capital Management Inc. boosted its stake in shares of Credit Acceptance by 3.5% during the 3rd quarter. Smead Capital Management Inc. now owns 207,828 shares of the credit services provider’s stock worth $92,155,000 after buying an additional 7,012 shares during the last quarter. Finally, Oddo BHF Asset Management Sas acquired a new position in shares of Credit Acceptance during the 3rd quarter worth approximately $3,020,000. 81.71% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the company. Stephens raised their price target on Credit Acceptance from $452.00 to $500.00 and gave the company an “equal weight” rating in a report on Friday, January 31st. StockNews.com upgraded Credit Acceptance from a “hold” rating to a “buy” rating in a research note on Friday, January 31st.

Credit Acceptance Stock Down 2.4 %

Shares of NASDAQ:CACC opened at $471.47 on Wednesday. Credit Acceptance Co. has a 12-month low of $409.22 and a 12-month high of $614.96. The business’s 50 day moving average is $492.97 and its 200 day moving average is $471.80. The company has a quick ratio of 20.33, a current ratio of 20.33 and a debt-to-equity ratio of 3.63. The stock has a market cap of $5.67 billion, a price-to-earnings ratio of 23.74 and a beta of 1.51.

Credit Acceptance (NASDAQ:CACC) last released its quarterly earnings results on Thursday, January 30th. The credit services provider reported $10.17 earnings per share for the quarter, beating the consensus estimate of $7.70 by $2.47. Credit Acceptance had a return on equity of 29.01% and a net margin of 11.46%. On average, sell-side analysts forecast that Credit Acceptance Co. will post 53.24 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, COO Jonathan Lum sold 552 shares of the company’s stock in a transaction that occurred on Tuesday, December 17th. The shares were sold at an average price of $489.90, for a total value of $270,424.80. Following the transaction, the chief operating officer now owns 31,493 shares in the company, valued at approximately $15,428,420.70. This represents a 1.72 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. 5.30% of the stock is owned by corporate insiders.

Credit Acceptance 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.