Greenline Partners LLC Buys 4,555 Shares of Credit Acceptance Co. (NASDAQ:CACC)

Greenline Partners LLC increased its stake in Credit Acceptance Co. (NASDAQ:CACC) by 811.9% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 5,116 shares of the credit services provider’s stock after purchasing an additional 4,555 shares during the quarter. Greenline Partners LLC’s holdings in Credit Acceptance were worth $2,646,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. nVerses Capital LLC bought a new stake in shares of Credit Acceptance in the 2nd quarter worth approximately $51,000. Healthcare of Ontario Pension Plan Trust Fund bought a new stake in Credit Acceptance during the 1st quarter valued at $156,000. Panagora Asset Management Inc. bought a new stake in Credit Acceptance during the 4th quarter valued at $210,000. Beacon Pointe Advisors LLC bought a new stake in Credit Acceptance during the 4th quarter valued at $211,000. Finally, MQS Management LLC bought a new stake in Credit Acceptance during the 1st quarter valued at $242,000. Institutional investors own 81.71% of the company’s stock.

Analysts Set New Price Targets

Separately, TD Cowen lowered their target price on shares of Credit Acceptance from $440.00 to $400.00 and set a “sell” rating on the stock in a report on Thursday, August 1st. One equities 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. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $395.67.

Credit Acceptance Trading Down 2.3 %

Shares of CACC stock opened at $453.56 on Friday. The company’s fifty day simple moving average is $488.86 and its two-hundred day simple moving average is $508.96. The stock has a market capitalization of $5.49 billion, a price-to-earnings ratio of 23.27 and a beta of 1.42. The company has a debt-to-equity ratio of 3.77, a current ratio of 19.15 and a quick ratio of 19.15. Credit Acceptance Co. has a 1 year low of $379.77 and a 1 year high of $616.66.

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

Insider Activity

In other news, insider Thomas W. Smith sold 1,200 shares of the business’s stock in a transaction on Monday, September 9th. The shares were 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 Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 5.30% of the company’s stock.

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.