Aigen Investment Management LP Invests $372,000 in Credit Acceptance Corporation (NASDAQ:CACC)

Key Points

• Aigen Investment Management LP invested approximately $372,000 in Credit Acceptance Corporation by purchasing 721 shares during the first quarter.
• Several other institutional investors, including Deutsche Bank AG and Entropy Technologies LP, significantly increased their holdings in Credit Acceptance during the same period, indicating growing institutional interest.
• Despite a revenue increase of 8.5% year-over-year, Credit Acceptance reported earnings per share of $8.56, missing analysts' expectations by $1.28.

Aigen Investment Management LP acquired a new position in shares of Credit Acceptance Corporation (NASDAQ:CACC - Free Report) in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 721 shares of the credit services provider's stock, valued at approximately $372,000.

Several other hedge funds have also recently bought and sold shares of the stock. Entropy Technologies LP boosted its holdings in Credit Acceptance by 80.0% in the first quarter. Entropy Technologies LP now owns 900 shares of the credit services provider's stock valued at $465,000 after acquiring an additional 400 shares during the last quarter. Invesco Ltd. boosted its holdings in Credit Acceptance by 15.8% during the first quarter. Invesco Ltd. now owns 12,574 shares of the credit services provider's stock worth $6,493,000 after buying an additional 1,715 shares during the last quarter. Manhattan West Asset Management LLC lifted its holdings in shares of Credit Acceptance by 13.1% during the 1st quarter. Manhattan West Asset Management LLC now owns 1,044 shares of the credit services provider's stock valued at $539,000 after purchasing an additional 121 shares in the last quarter. Headlands Technologies LLC bought a new position in shares of Credit Acceptance during the 1st quarter valued at about $128,000. Finally, Deutsche Bank AG lifted its holdings in shares of Credit Acceptance by 135.1% during the 1st quarter. Deutsche Bank AG now owns 3,769 shares of the credit services provider's stock valued at $1,946,000 after purchasing an additional 2,166 shares in the last quarter. 81.71% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Credit Acceptance

In other Credit Acceptance news, major shareholder Jill Foss Watson sold 20,000 shares of the business's stock in a transaction that occurred on Wednesday, July 2nd. The stock was sold at an average price of $539.97, for a total transaction of $10,799,400.00. Following the transaction, the insider owned 102,107 shares of the company's stock, valued at $55,134,716.79. The trade was a 16.38% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Daniel A. Ulatowski sold 6,356 shares of the business's stock in a transaction that occurred on Wednesday, June 11th. The stock was sold at an average price of $522.16, for a total value of $3,318,848.96. Following the transaction, the insider directly owned 28,290 shares in the company, valued at $14,771,906.40. This trade represents a 18.35% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 26,731 shares of company stock valued at $14,307,733. 6.60% of the stock is owned by insiders.

Credit Acceptance Stock Down 0.6%

Shares of NASDAQ:CACC traded down $2.92 during trading on Friday, hitting $474.74. 93,193 shares of the company's stock traded hands, compared to its average volume of 104,700. The company has a 50-day moving average price of $501.49 and a 200-day moving average price of $495.44. Credit Acceptance Corporation has a 52 week low of $409.22 and a 52 week high of $560.00. The company has a market cap of $5.34 billion, a price-to-earnings ratio of 13.69 and a beta of 1.13. The company has a current ratio of 22.03, a quick ratio of 22.03 and a debt-to-equity ratio of 4.16.

Credit Acceptance (NASDAQ:CACC - Get Free Report) last announced its earnings results on Thursday, July 31st. The credit services provider reported $8.56 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $9.84 by ($1.28). Credit Acceptance had a net margin of 18.69% and a return on equity of 27.06%. The firm had revenue of $583.80 million during the quarter, compared to analyst estimates of $583.30 million. During the same period in the prior year, the business posted $10.29 EPS. The firm's quarterly revenue was up 8.5% compared to the same quarter last year. As a group, research analysts forecast that Credit Acceptance Corporation will post 53.24 EPS for the current fiscal 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.