Credit Acceptance (NASDAQ:CACC) Stock Rating Upgraded by StockNews.com

Credit Acceptance (NASDAQ:CACC) was upgraded by research analysts at StockNews.com from a “hold” rating to a “buy” rating in a report released on Wednesday.

Several other equities research analysts have also commented on the company. TD Cowen lowered their price objective 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. Stephens assumed coverage on shares of Credit Acceptance in a research note on Wednesday, November 13th. They set an “equal weight” rating and a $452.00 target price on the stock.

Credit Acceptance Trading Up 2.3 %

CACC opened at $461.98 on Wednesday. Credit Acceptance has a 12 month low of $409.22 and a 12 month high of $616.66. The stock has a fifty day moving average price of $467.97 and a 200-day moving average price of $476.94. The firm has a market cap of $5.60 billion, a price-to-earnings ratio of 31.03 and a beta of 1.46. The company has a current ratio of 23.63, a quick ratio of 23.63 and a debt-to-equity ratio of 3.79.

Credit Acceptance (NASDAQ:CACC) last posted its quarterly earnings data on Wednesday, October 30th. The credit services provider reported $8.79 earnings per share for the quarter, topping analysts’ consensus estimates of $7.88 by $0.91. The firm had revenue of $550.30 million during the quarter, compared to analysts’ expectations of $548.13 million. Credit Acceptance had a return on equity of 29.18% and a net margin of 9.08%. The business’s quarterly revenue was up 15.0% on a year-over-year basis. During the same quarter last year, the firm earned $10.70 EPS. As a group, equities research analysts anticipate that Credit Acceptance will post 36.54 earnings per share for the current fiscal year.

Insider Activity at Credit Acceptance

In related news, COO Jonathan Lum sold 552 shares of the company’s stock in a transaction dated Tuesday, December 17th. The shares were sold at an average price of $489.90, for a total value of $270,424.80. Following the completion of the sale, the chief operating officer now owns 31,493 shares of the company’s stock, valued at approximately $15,428,420.70. This represents a 1.72 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. 5.30% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Credit Acceptance

Several institutional investors and hedge funds have recently bought and sold shares of the company. Park Avenue Securities LLC acquired a new position in Credit Acceptance in the fourth quarter valued at approximately $680,000. Eagle Bay Advisors LLC purchased a new stake in Credit Acceptance in the 4th quarter valued at about $28,000. JPMorgan Chase & Co. boosted its stake in Credit Acceptance by 3.0% during the third quarter. JPMorgan Chase & Co. now owns 4,082 shares of the credit services provider’s stock worth $1,810,000 after buying an additional 118 shares during the period. Oddo BHF Asset Management Sas acquired a new stake in Credit Acceptance in the 3rd quarter valued at approximately $3,020,000. Finally, Geode Capital Management LLC increased its stake in Credit Acceptance by 2.3% during the third quarter. Geode Capital Management LLC now owns 111,379 shares of the credit services provider’s stock worth $49,401,000 after purchasing an additional 2,522 shares during the period. 81.71% of the stock is currently owned by institutional investors and hedge funds.

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.