Credit Acceptance Co. (NASDAQ:CACC) Position Trimmed by Public Employees Retirement System of Ohio

Public Employees Retirement System of Ohio trimmed its stake in Credit Acceptance Co. (NASDAQ:CACC) by 4.4% in the third quarter, Holdings Channel.com reports. The firm owned 2,407 shares of the credit services provider’s stock after selling 110 shares during the quarter. Public Employees Retirement System of Ohio’s holdings in Credit Acceptance were worth $1,067,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. UMB Bank n.a. lifted its position in Credit Acceptance by 4.6% in the 2nd quarter. UMB Bank n.a. now owns 654 shares of the credit services provider’s stock worth $337,000 after buying an additional 29 shares in the last quarter. HighTower Advisors LLC increased its stake in shares of Credit Acceptance by 5.7% in the third quarter. HighTower Advisors LLC now owns 595 shares of the credit services provider’s stock worth $263,000 after acquiring an additional 32 shares during the last quarter. nVerses Capital LLC purchased a new stake in shares of Credit Acceptance during the second quarter worth $51,000. PDT Partners LLC boosted its position in Credit Acceptance by 1.9% during the third quarter. PDT Partners LLC now owns 5,458 shares of the credit services provider’s stock valued at $2,420,000 after purchasing an additional 100 shares during the last quarter. Finally, Wedge Capital Management L L P NC grew its stake in Credit Acceptance by 4.2% in the third quarter. Wedge Capital Management L L P NC now owns 2,617 shares of the credit services provider’s stock valued at $1,160,000 after purchasing an additional 105 shares in the last quarter. 81.71% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Credit Acceptance

In related news, COO Jonathan Lum sold 552 shares of the business’s stock in a transaction dated Tuesday, December 17th. The stock was sold at an average price of $489.90, for a total transaction of $270,424.80. Following the completion of the transaction, the chief operating officer now owns 31,493 shares of the company’s stock, valued at approximately $15,428,420.70. The trade was a 1.72 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 5.30% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the company. TD Cowen reduced their price target on Credit Acceptance from $400.00 to $380.00 and set a “sell” rating for the company in a report on Friday, November 1st. 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 target price for the company. Finally, StockNews.com upgraded shares of Credit Acceptance from a “hold” rating to a “buy” rating in a research note on Tuesday, November 12th.

Credit Acceptance Stock Performance

CACC opened at $460.99 on Friday. The stock has a 50-day moving average of $467.20 and a 200-day moving average of $479.51. The company has a debt-to-equity ratio of 3.79, a quick ratio of 23.63 and a current ratio of 23.63. Credit Acceptance Co. has a 52-week low of $409.22 and a 52-week high of $616.66. The company has a market cap of $5.58 billion, a PE ratio of 30.96 and a beta of 1.46.

Credit Acceptance (NASDAQ:CACC) last announced its quarterly earnings results on Wednesday, October 30th. The credit services provider reported $8.79 EPS for the quarter, beating the consensus estimate of $7.88 by $0.91. Credit Acceptance had a return on equity of 29.18% and a net margin of 9.08%. The company had revenue of $550.30 million for the quarter, compared to the consensus estimate of $548.13 million. During the same quarter last year, the company posted $10.70 earnings per share. The company’s revenue for the quarter was up 15.0% compared to the same quarter last year. As a group, equities research analysts forecast that Credit Acceptance Co. will post 36.54 earnings per share for the current fiscal 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.