Algert Global LLC Invests $351,000 in Credit Acceptance Co. (NASDAQ:CACC)

Algert Global LLC purchased a new stake in Credit Acceptance Co. (NASDAQ:CACC) in the second quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 682 shares of the credit services provider’s stock, valued at approximately $351,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Diversified Trust Co bought a new stake in shares of Credit Acceptance in the 2nd quarter valued at approximately $618,000. Jacobs Levy Equity Management Inc. purchased a new stake in Credit Acceptance during the 1st quarter valued at $662,000. Russell Investments Group Ltd. lifted its position in Credit Acceptance by 821.9% in the first quarter. Russell Investments Group Ltd. now owns 3,282 shares of the credit services provider’s stock worth $1,810,000 after buying an additional 2,926 shares during the last quarter. Renaissance Technologies LLC boosted its stake in Credit Acceptance by 38.6% during the second quarter. Renaissance Technologies LLC now owns 7,900 shares of the credit services provider’s stock worth $4,066,000 after buying an additional 2,200 shares during the period. Finally, Quadrature Capital Ltd bought a new position in Credit Acceptance during the first quarter valued at $6,830,000. Hedge funds and other institutional investors own 81.71% of the company’s stock.

Insiders Place Their Bets

In other news, insider Thomas W. Smith sold 1,200 shares of Credit Acceptance stock in a transaction that occurred 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 sale, the insider now owns 74,450 shares of the company’s stock, valued at approximately $33,577,694.50. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 5.30% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, TD Cowen lowered their target price on shares of Credit Acceptance from $440.00 to $400.00 and set a “sell” rating for the company 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 company presently has a consensus rating of “Hold” and an average target price of $395.67.

Credit Acceptance Price Performance

CACC opened at $443.45 on Wednesday. The business has a fifty day moving average of $456.09 and a 200 day moving average of $499.13. The stock has a market cap of $5.37 billion, a P/E ratio of 22.75 and a beta of 1.42. The company has a quick ratio of 19.15, a current ratio of 19.15 and a debt-to-equity ratio of 3.77. Credit Acceptance Co. has a 52-week low of $379.77 and a 52-week high of $616.66.

Credit Acceptance (NASDAQ:CACC) last issued 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 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 was up 12.6% on a year-over-year basis. During the same period in the previous year, the firm earned $10.69 earnings per share. As a group, sell-side analysts anticipate that Credit Acceptance Co. will post 38.87 EPS for the current year.

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.