Credit Acceptance Co. (NASDAQ:CACC) Shares Sold by State of New Jersey Common Pension Fund D

State of New Jersey Common Pension Fund D reduced its position in Credit Acceptance Co. (NASDAQ:CACC) by 24.3% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,888 shares of the credit services provider’s stock after selling 1,246 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Credit Acceptance were worth $2,001,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of the company. Beacon Pointe Advisors LLC acquired a new position in Credit Acceptance during the fourth quarter valued at approximately $211,000. Panagora Asset Management Inc. purchased a new stake in Credit Acceptance during the 4th quarter worth $210,000. Quantum Capital Management LLC NJ boosted its position in Credit Acceptance by 55.9% during the 4th quarter. Quantum Capital Management LLC NJ now owns 52,896 shares of the credit services provider’s stock worth $28,179,000 after purchasing an additional 18,960 shares during the period. JARISLOWSKY FRASER Ltd increased its holdings in 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 purchasing an additional 7,612 shares in the last quarter. Finally, Allianz Asset Management GmbH purchased a new position in Credit Acceptance in the fourth quarter valued at about $2,845,000. Hedge funds and other institutional investors own 81.71% of the company’s stock.

Credit Acceptance Price Performance

CACC opened at $453.56 on Friday. Credit Acceptance Co. has a twelve month low of $379.77 and a twelve month high of $616.66. The firm has a market cap of $5.49 billion, a price-to-earnings ratio of 23.27 and a beta of 1.42. The company has a current ratio of 19.15, a quick ratio of 19.15 and a debt-to-equity ratio of 3.77. The company has a fifty day simple moving average of $488.86 and a 200 day simple moving average of $509.24.

Credit Acceptance (NASDAQ:CACC) last announced its earnings results on Wednesday, July 31st. The credit services provider reported $10.29 earnings per share for the quarter, beating the consensus estimate of $7.20 by $3.09. Credit Acceptance had a return on equity of 30.77% and a net margin of 9.01%. The company had revenue of $538.20 million during the quarter, compared to the consensus estimate of $525.03 million. During the same period last year, the firm earned $10.69 earnings per share. The company’s revenue was up 12.6% on a year-over-year basis. Equities research analysts expect that Credit Acceptance Co. will post 38.87 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Thomas W. Smith sold 1,200 shares of the stock in a transaction that occurred on Monday, September 9th. The stock was sold at an average price of $451.01, for a total transaction of $541,212.00. Following the completion of the transaction, the insider now directly owns 74,450 shares in the company, valued at approximately $33,577,694.50. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. 5.30% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Separately, TD Cowen decreased their target price on Credit Acceptance from $440.00 to $400.00 and set a “sell” rating for the company in a research report on Thursday, August 1st. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and one has assigned a buy rating to the company. According to MarketBeat.com, Credit Acceptance has an average rating of “Hold” and an average target price of $395.67.

About Credit Acceptance

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.