State of New Jersey Common Pension Fund D Boosts Stock Position in Credit Acceptance Co. (NASDAQ:CACC)

State of New Jersey Common Pension Fund D lifted its holdings in shares of Credit Acceptance Co. (NASDAQ:CACC) by 7.1% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,163 shares of the credit services provider’s stock after buying an additional 275 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Credit Acceptance were worth $1,846,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Diversified Trust Co acquired a new position in Credit Acceptance during the second quarter worth $618,000. Jacobs Levy Equity Management Inc. acquired a new position in shares of Credit Acceptance during the 1st quarter worth about $662,000. Russell Investments Group Ltd. lifted its stake in Credit Acceptance by 821.9% in the 1st quarter. Russell Investments Group Ltd. now owns 3,282 shares of the credit services provider’s stock valued at $1,810,000 after buying an additional 2,926 shares in the last quarter. Renaissance Technologies LLC boosted its holdings in Credit Acceptance by 38.6% in the 2nd 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 last quarter. Finally, Quadrature Capital Ltd purchased a new stake in Credit Acceptance during the 1st quarter worth approximately $6,830,000. Hedge funds and other institutional investors own 81.71% of the company’s stock.

Insider Buying and Selling at Credit Acceptance

In related 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 value of $541,212.00. Following the completion of the sale, the insider now owns 74,450 shares in the company, valued at approximately $33,577,694.50. This trade represents a 1.59 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 5.30% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several equities analysts have recently weighed in on CACC shares. TD Cowen decreased their target price on Credit Acceptance from $400.00 to $380.00 and set a “sell” rating on the stock in a research report on Friday, November 1st. StockNews.com raised shares of Credit Acceptance from a “hold” rating to a “buy” rating in a research note on Tuesday, November 12th. Finally, Stephens started coverage on shares of Credit Acceptance in a research note on Wednesday, November 13th. They issued an “equal weight” rating and a $452.00 price target on the stock.

Credit Acceptance Stock Up 0.1 %

Shares of NASDAQ CACC opened at $445.96 on Tuesday. Credit Acceptance Co. has a 1 year low of $409.22 and a 1 year high of $616.66. The company has a market capitalization of $5.40 billion, a P/E ratio of 29.95 and a beta of 1.42. The company has a 50 day simple moving average of $449.16 and a 200-day simple moving average of $482.84. The company has a debt-to-equity ratio of 3.79, a current ratio of 23.63 and a quick ratio of 23.63.

Credit Acceptance (NASDAQ:CACC) last posted its earnings results on Wednesday, October 30th. The credit services provider reported $8.79 EPS for the quarter, beating analysts’ consensus estimates of $7.88 by $0.91. The company had revenue of $550.30 million for the quarter, compared to the consensus estimate of $548.13 million. Credit Acceptance had a return on equity of 29.18% and a net margin of 9.08%. The company’s revenue for the quarter was up 15.0% on a year-over-year basis. During the same quarter in the previous year, the business earned $10.70 earnings per share. On average, equities research analysts predict that Credit Acceptance Co. will post 37.14 earnings per share for the current year.

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.