Edgestream Partners L.P. Sells 798 Shares of Credit Acceptance Co. (NASDAQ:CACC)

Edgestream Partners L.P. cut its position in shares of Credit Acceptance Co. (NASDAQ:CACC) by 29.5% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,910 shares of the credit services provider’s stock after selling 798 shares during the period. Edgestream Partners L.P.’s holdings in Credit Acceptance were worth $983,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. nVerses Capital LLC acquired a new stake in Credit Acceptance during the second quarter worth $51,000. Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in shares of Credit Acceptance during the 1st quarter valued at about $156,000. Panagora Asset Management Inc. bought a new stake in Credit Acceptance in the fourth quarter valued at about $210,000. Beacon Pointe Advisors LLC acquired a new position in Credit Acceptance in the fourth quarter worth about $211,000. Finally, MQS Management LLC bought a new position in Credit Acceptance during the first quarter worth about $242,000. 81.71% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Credit Acceptance

In other news, insider Thomas W. Smith sold 1,200 shares of the stock in a transaction 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 sale, the insider now owns 74,450 shares in the company, valued at $33,577,694.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 5.30% of the company’s stock.

Credit Acceptance Trading Down 2.3 %

Shares of CACC stock opened at $453.56 on Friday. The company has a market capitalization of $5.49 billion, a P/E ratio of 23.27 and a beta of 1.42. Credit Acceptance Co. has a 12-month low of $379.77 and a 12-month high of $616.66. The company has a quick ratio of 19.15, a current ratio of 19.15 and a debt-to-equity ratio of 3.77. The firm has a 50-day moving average price of $488.86 and a 200 day moving average price of $508.96.

Credit Acceptance (NASDAQ:CACC) last posted its earnings results on Wednesday, July 31st. The credit services provider reported $10.29 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $7.20 by $3.09. The company had revenue of $538.20 million during the quarter, compared to analysts’ expectations of $525.03 million. Credit Acceptance had a net margin of 9.01% and a return on equity of 30.77%. Credit Acceptance’s quarterly revenue was up 12.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $10.69 earnings per share. Research analysts forecast that Credit Acceptance Co. will post 38.87 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

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

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.