Renaissance Technologies LLC Lowers Stock Position in Credit Acceptance Co. (NASDAQ:CACC)

Renaissance Technologies LLC cut its position in Credit Acceptance Co. (NASDAQ:CACC - Free Report) by 29.4% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,188 shares of the credit services provider's stock after selling 3,000 shares during the quarter. Renaissance Technologies LLC owned 0.06% of Credit Acceptance worth $3,374,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently bought and sold shares of the company. Eagle Bay Advisors LLC acquired a new position in Credit Acceptance during the 4th quarter worth about $28,000. First Horizon Advisors Inc. acquired a new position in Credit Acceptance during the 4th quarter worth about $34,000. TD Private Client Wealth LLC acquired a new position in Credit Acceptance during the 4th quarter worth about $37,000. Farther Finance Advisors LLC acquired a new position in Credit Acceptance during the 4th quarter worth about $38,000. Finally, US Bancorp DE lifted its stake in Credit Acceptance by 50.4% during the 4th 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. Institutional investors and hedge funds own 81.71% of the company's stock.

Analyst Upgrades and Downgrades

CACC has been the topic of several research reports. StockNews.com raised Credit Acceptance from a "hold" rating to a "buy" rating in a research note on Friday, January 31st. Stephens upped 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.

Insider Transactions at Credit Acceptance

In other news, insider Nicholas J. Elliott sold 300 shares of the company's stock in a transaction dated 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 of the company's stock, valued at approximately $9,731,270. This represents a 1.52 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Douglas W. Busk sold 3,000 shares of the company's stock in a transaction dated 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 of the company's stock, valued at approximately $1,605,698.64. This represents a 49.08 % 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 Stock Up 0.9 %

NASDAQ CACC traded up $4.29 during trading hours on Monday, hitting $487.65. 49,281 shares of the company were exchanged, compared to its average volume of 62,864. The company has a 50 day moving average of $487.43 and a two-hundred day moving average of $481.67. 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 Co. has a 52-week low of $409.22 and a 52-week high of $614.96. The firm has a market cap of $5.87 billion, a price-to-earnings ratio of 24.55 and a beta of 1.27.

Credit Acceptance (NASDAQ:CACC - Get Free Report) last issued its quarterly earnings results on Thursday, January 30th. The credit services provider reported $10.17 earnings per share for the quarter, topping the consensus estimate of $7.70 by $2.47. Credit Acceptance had a return on equity of 29.01% and a net margin of 11.46%. Equities research analysts anticipate that Credit Acceptance Co. will post 53.24 earnings per share for the current year.

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.