KLP Kapitalforvaltning AS Buys New Position in Credit Acceptance Co. (NASDAQ:CACC)

KLP Kapitalforvaltning AS purchased a new position in shares of Credit Acceptance Co. (NASDAQ:CACC) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 1,300 shares of the credit services provider’s stock, valued at approximately $610,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in CACC. Park Avenue Securities LLC acquired a new stake in Credit Acceptance in the fourth quarter worth approximately $680,000. Geode Capital Management LLC boosted 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 valued at $49,401,000 after buying an additional 2,522 shares in the last quarter. Corient Private Wealth LLC grew its holdings in Credit Acceptance by 7.2% during the fourth quarter. Corient Private Wealth LLC now owns 1,030 shares of the credit services provider’s stock worth $484,000 after acquiring an additional 69 shares during the period. Wealthfront Advisers LLC bought a new stake in Credit Acceptance in the fourth quarter worth about $18,146,000. Finally, HighTower Advisors LLC lifted its holdings in Credit Acceptance by 67.6% in the 4th quarter. HighTower Advisors LLC now owns 997 shares of the credit services provider’s stock valued at $468,000 after acquiring an additional 402 shares during the last quarter. 81.71% of the stock is currently owned by institutional investors.

Credit Acceptance Trading Up 1.2 %

NASDAQ:CACC opened at $529.80 on Thursday. The stock has a fifty day simple moving average of $502.56 and a 200 day simple moving average of $477.05. The firm has a market capitalization of $6.37 billion, a price-to-earnings ratio of 26.68 and a beta of 1.51. Credit Acceptance Co. has a 1-year low of $409.22 and a 1-year high of $614.96. The company has a quick ratio of 20.33, a current ratio of 20.33 and a debt-to-equity ratio of 3.63.

Credit Acceptance (NASDAQ:CACC) last posted its quarterly earnings data on Thursday, January 30th. The credit services provider reported $10.17 EPS for the quarter, beating analysts’ consensus estimates of $7.70 by $2.47. Credit Acceptance had a net margin of 11.46% and a return on equity of 29.01%. Sell-side analysts forecast that Credit Acceptance Co. will post 53.24 earnings per share for the current year.

Analyst Upgrades and Downgrades

CACC has been the topic of several recent research reports. Stephens lifted their price objective on shares of Credit Acceptance from $452.00 to $500.00 and gave the stock an “equal weight” rating in a research note on Friday, January 31st. StockNews.com upgraded shares of Credit Acceptance from a “hold” rating to a “buy” rating in a research report on Friday, January 31st.

Insider Activity at Credit Acceptance

In other news, insider Douglas W. Busk sold 3,000 shares of the stock in a transaction on Tuesday, March 25th. The stock was sold at an average price of $515.97, for a total value of $1,547,910.00. Following the completion of the sale, the insider now owns 3,112 shares in the company, valued at $1,605,698.64. This represents a 49.08 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Nicholas J. Elliott sold 300 shares of the firm’s stock in a transaction on Thursday, March 20th. The stock was sold at an average price of $502.00, for a total value of $150,600.00. Following the completion of the sale, the insider now directly owns 19,385 shares of the company’s stock, valued at approximately $9,731,270. This trade represents a 1.52 % decrease in their position. The disclosure for this sale can be found here. 5.30% of the stock is owned by insiders.

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.