Corton Capital Inc. Purchases Shares of 689 Credit Acceptance Co. (NASDAQ:CACC)

Corton Capital Inc. acquired a new position in shares of Credit Acceptance Co. (NASDAQ:CACC - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 689 shares of the credit services provider's stock, valued at approximately $323,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Eagle Bay Advisors LLC bought a new stake in shares of Credit Acceptance in the fourth quarter valued at about $28,000. First Horizon Advisors Inc. acquired a new position in Credit Acceptance during the fourth quarter worth about $34,000. TD Private Client Wealth LLC acquired a new position in Credit Acceptance during the fourth quarter worth about $37,000. Farther Finance Advisors LLC acquired a new position in Credit Acceptance during the fourth quarter worth about $38,000. Finally, US Bancorp DE raised its stake in Credit Acceptance by 50.4% during the fourth quarter. US Bancorp DE now owns 179 shares of the credit services provider's stock worth $84,000 after acquiring an additional 60 shares in the last quarter. 81.71% of the stock is owned by institutional investors.

Credit Acceptance Trading Up 1.8%

CACC stock traded up $8.81 during trading on Monday, hitting $500.59. The company had a trading volume of 57,328 shares, compared to its average volume of 83,233. The business has a 50-day moving average of $487.94 and a 200-day moving average of $482.59. Credit Acceptance Co. has a one year low of $409.22 and a one year high of $614.96. The stock has a market cap of $5.81 billion, a PE ratio of 25.21 and a beta of 1.23. The company has a current ratio of 20.33, a quick ratio of 20.33 and a debt-to-equity ratio of 3.63.

Credit Acceptance (NASDAQ:CACC - Get Free Report) last posted its quarterly earnings results on Wednesday, April 30th. The credit services provider reported $9.35 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $10.31 by ($0.96). The business had revenue of $571.10 million for the quarter, compared to the consensus estimate of $570.25 million. Credit Acceptance had a return on equity of 29.01% and a net margin of 11.46%. Credit Acceptance's quarterly revenue was up 12.4% on a year-over-year basis. During the same quarter in the previous year, the company posted $9.28 earnings per share. Research analysts predict that Credit Acceptance Co. will post 53.24 earnings per share for the current fiscal year.

Insider Transactions at Credit Acceptance

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

Analyst Upgrades and Downgrades

Several research analysts have commented on CACC shares. StockNews.com raised Credit Acceptance from a "hold" rating to a "buy" rating in a research note on Friday, January 31st. Stephens boosted their price target on Credit Acceptance from $452.00 to $500.00 and gave the stock an "equal weight" rating in a report on Friday, January 31st.

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.