Mackenzie Financial Corp Acquires Shares of 750 Credit Acceptance Co. (NASDAQ:CACC)

Mackenzie Financial Corp bought a new position in shares of Credit Acceptance Co. (NASDAQ:CACC) in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor bought 750 shares of the credit services provider’s stock, valued at approximately $386,000.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in CACC. nVerses Capital LLC acquired a new position in Credit Acceptance during the second quarter worth $51,000. Healthcare of Ontario Pension Plan Trust Fund purchased a new stake in shares of Credit Acceptance during the first quarter worth about $156,000. MQS Management LLC acquired a new position in shares of Credit Acceptance during the 1st quarter worth about $242,000. Headlands Technologies LLC lifted its stake in Credit Acceptance by 24,850.0% in the 2nd quarter. Headlands Technologies LLC now owns 499 shares of the credit services provider’s stock valued at $257,000 after buying an additional 497 shares in the last quarter. Finally, FORA Capital LLC acquired a new stake in Credit Acceptance in the 1st quarter worth about $269,000. Hedge funds and other institutional investors own 81.71% of the company’s stock.

Wall Street Analyst Weigh In

Separately, TD Cowen reduced 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 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 data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $395.67.

Credit Acceptance Stock Performance

CACC opened at $442.80 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 capitalization of $5.36 billion, a PE ratio of 22.72 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 firm’s 50-day moving average price is $461.32 and its 200 day moving average price is $501.21.

Credit Acceptance (NASDAQ:CACC) last issued its earnings results on Wednesday, July 31st. The credit services provider reported $10.29 earnings per share for the quarter, topping 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 business had revenue of $538.20 million for the quarter, compared to analysts’ expectations of $525.03 million. During the same period in the previous year, the firm posted $10.69 EPS. The business’s revenue for the quarter was up 12.6% compared to the same quarter last year. As a group, sell-side analysts expect that Credit Acceptance Co. will post 38.87 EPS for the current fiscal year.

Insider Buying and Selling at Credit Acceptance

In other news, insider Thomas W. Smith sold 1,200 shares of Credit Acceptance 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 transaction, the insider now owns 74,450 shares in the company, valued at $33,577,694.50. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 5.30% of the stock is owned by company insiders.

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.