PDT Partners LLC Lowers Stock Holdings in Credit Acceptance Co. (NASDAQ:CACC)

PDT Partners LLC lowered its stake in Credit Acceptance Co. (NASDAQ:CACC - Free Report) by 34.7% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,566 shares of the credit services provider's stock after selling 1,892 shares during the quarter. PDT Partners LLC's holdings in Credit Acceptance were worth $1,674,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of CACC. Eagle Bay Advisors LLC bought a new stake in Credit Acceptance in the fourth quarter valued at $28,000. First Horizon Advisors Inc. acquired a new position in Credit Acceptance during the 4th quarter worth approximately $34,000. TD Private Client Wealth LLC bought a new position in Credit Acceptance in the fourth quarter worth approximately $37,000. Farther Finance Advisors LLC acquired a new stake in Credit Acceptance in the fourth quarter valued at approximately $38,000. Finally, US Bancorp DE increased its holdings in shares of Credit Acceptance by 50.4% during the fourth quarter. US Bancorp DE now owns 179 shares of the credit services provider's stock valued at $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.

Analysts Set New Price Targets

Several research firms have weighed in on CACC. 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 upgraded Credit Acceptance from a "hold" rating to a "buy" rating in a research note on Friday, January 31st.

Insider Activity

In related news, insider Nicholas J. Elliott sold 300 shares of Credit Acceptance stock in a transaction dated 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 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 sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Douglas W. Busk sold 3,000 shares of the company's stock in a transaction dated Tuesday, March 25th. The shares were sold at an average price of $515.97, for a total transaction of $1,547,910.00. Following the sale, the insider now directly owns 3,112 shares in the company, valued at approximately $1,605,698.64. This trade 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 Performance

Shares of CACC stock traded up $21.48 during trading on Monday, hitting $510.07. The company's stock had a trading volume of 37,046 shares, compared to its average volume of 63,367. The business has a fifty day moving average of $486.50 and a 200-day moving average of $482.03. The company has a market cap of $5.99 billion, a PE ratio of 25.68 and a beta of 1.27. Credit Acceptance Co. has a 52 week low of $409.22 and a 52 week 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 announced its earnings results on Wednesday, April 30th. The credit services provider reported $9.35 earnings per share (EPS) for the quarter, missing the consensus estimate of $10.31 by ($0.96). The business had revenue of $571.10 million for the quarter, compared to analysts' expectations of $570.25 million. Credit Acceptance had a net margin of 11.46% and a return on equity of 29.01%. The company's revenue for the quarter was up 12.4% compared to the same quarter last year. During the same period in the prior year, the business earned $9.28 earnings per share. As a group, research analysts anticipate that Credit Acceptance Co. will post 53.24 earnings per share for the current year.

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.