Credit Acceptance Co. (NASDAQ:CACC) Shares Sold by Abrams Bison Investments LLC

Abrams Bison Investments LLC reduced its holdings in Credit Acceptance Co. (NASDAQ:CACC - Free Report) by 23.3% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 175,000 shares of the credit services provider's stock after selling 53,306 shares during the quarter. Credit Acceptance makes up 8.5% of Abrams Bison Investments LLC's portfolio, making the stock its 7th biggest position. Abrams Bison Investments LLC owned approximately 1.45% of Credit Acceptance worth $82,156,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Gamco Investors INC. ET AL grew its position in shares of Credit Acceptance by 5.3% during the fourth quarter. Gamco Investors INC. ET AL now owns 2,185 shares of the credit services provider's stock worth $1,026,000 after acquiring an additional 110 shares during the last quarter. Bridgewater Associates LP boosted its position in shares of Credit Acceptance by 268.2% during the fourth quarter. Bridgewater Associates LP now owns 8,354 shares of the credit services provider's stock worth $3,922,000 after buying an additional 6,085 shares during the period. Park Avenue Securities LLC acquired a new stake in Credit Acceptance in the 4th quarter valued at approximately $680,000. Corient Private Wealth LLC raised its stake in Credit Acceptance by 7.2% during the 4th quarter. Corient Private Wealth LLC now owns 1,030 shares of the credit services provider's stock valued at $484,000 after acquiring an additional 69 shares in the last quarter. Finally, HighTower Advisors LLC boosted its position in Credit Acceptance by 67.6% during the 4th quarter. HighTower Advisors LLC now owns 997 shares of the credit services provider's stock worth $468,000 after acquiring an additional 402 shares during the period. 81.71% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other Credit Acceptance news, insider Douglas W. Busk sold 3,000 shares of the firm's stock in a transaction dated Tuesday, March 25th. The shares were sold at an average price of $515.97, for a total value of $1,547,910.00. Following the completion of the transaction, the insider now directly owns 3,112 shares in the company, valued at $1,605,698.64. This trade represents a 49.08 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Nicholas J. Elliott sold 300 shares of Credit Acceptance 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 completion of the transaction, the insider now directly owns 19,385 shares in the company, valued at approximately $9,731,270. This trade represents a 1.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 5.30% of the company's stock.

Credit Acceptance Price Performance

CACC stock traded up $26.35 during trading hours on Friday, hitting $494.14. 128,131 shares of the stock traded hands, compared to its average volume of 63,262. The stock has a 50-day simple moving average of $486.32 and a 200 day simple moving average of $481.82. The company has a market cap of $5.81 billion, a P/E ratio of 24.88 and a beta of 1.27. Credit Acceptance Co. has a one year low of $409.22 and a one year high of $614.96. 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 data on Wednesday, April 30th. The credit services provider reported $9.35 earnings per share for the quarter, missing the consensus estimate of $10.31 by ($0.96). Credit Acceptance had a net margin of 11.46% and a return on equity of 29.01%. The business had revenue of $571.10 million for the quarter, compared to the consensus estimate of $570.25 million. During the same quarter last year, the business posted $9.28 EPS. The business's revenue for the quarter was up 12.4% on a year-over-year basis. Equities analysts forecast that Credit Acceptance Co. will post 53.24 earnings per share for the current year.

Analysts Set New Price Targets

CACC has been the subject of several research analyst reports. Stephens upped their price objective on shares of Credit Acceptance from $452.00 to $500.00 and gave the stock an "equal weight" rating in a report on Friday, January 31st. StockNews.com raised shares of Credit Acceptance from a "hold" rating to a "buy" rating in a research note on Friday, January 31st.

Credit Acceptance Company 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.