California State Teachers Retirement System Decreases Stock Holdings in Credit Acceptance Corporation $CACC

California State Teachers Retirement System lessened its holdings in shares of Credit Acceptance Corporation (NASDAQ:CACC - Free Report) by 1.9% in the second quarter, according to its most recent filing with the SEC. The firm owned 6,185 shares of the credit services provider's stock after selling 123 shares during the quarter. California State Teachers Retirement System owned about 0.06% of Credit Acceptance worth $3,938,237 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. BlackRock Inc. bought a new stake in Credit Acceptance during the 2nd quarter worth about $408,849,000. Wellington Management Group LLP increased its holdings in Credit Acceptance by 0.5% during the 2nd quarter. Wellington Management Group LLP now owns 260,084 shares of the credit services provider's stock worth $165,606,000 after purchasing an additional 1,186 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of Credit Acceptance by 3.1% in the first quarter. Dimensional Fund Advisors LP now owns 230,715 shares of the credit services provider's stock valued at $97,701,000 after purchasing an additional 6,843 shares during the period. Goodnow Investment Group LLC bought a new position in Credit Acceptance in the second quarter valued at $67,578,000. Finally, Bank of America Corp DE bought a new position in shares of Credit Acceptance during the second quarter valued at approximately $34,131,000. Institutional investors own 81.71% of the company's stock.

Credit Acceptance Stock Down 1.5%

Shares of Credit Acceptance stock traded down $8.84 during trading hours on Tuesday, reaching $596.52. 46,431 shares of the company's stock were exchanged, compared to its average volume of 170,121. The company has a current ratio of 14.89, a quick ratio of 14.89 and a debt-to-equity ratio of 3.84. The company has a 50 day moving average of $596.31 and a two-hundred day moving average of $547.76. Credit Acceptance Corporation has a fifty-two week low of $401.90 and a fifty-two week high of $668.86. The stock has a market cap of $6.24 billion, a P/E ratio of 13.12 and a beta of 1.35.

Credit Acceptance (NASDAQ:CACC - Get Free Report) last issued its quarterly earnings results on Tuesday, August 4th. The credit services provider reported $12.12 earnings per share for the quarter, missing analysts' consensus estimates of $12.20 by ($0.08). The business had revenue of $415.00 million for the quarter, compared to analyst estimates of $588.07 million. Credit Acceptance had a return on equity of 31.67% and a net margin of 21.54%.The business's revenue was up .6% on a year-over-year basis. During the same quarter in the previous year, the business posted $10.05 earnings per share. On average, sell-side analysts forecast that Credit Acceptance Corporation will post 47.8 EPS for the current fiscal year.

Analyst Ratings Changes

A number of analysts have issued reports on the company. TD Cowen lifted their price objective on Credit Acceptance from $575.00 to $600.00 and gave the stock a "hold" rating in a research note on Wednesday, August 5th. Weiss Ratings upgraded Credit Acceptance from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Thursday, July 16th. One investment analyst has rated the stock with a Buy rating and three have given a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $570.00.

Insider Buying and Selling at Credit Acceptance

In other news, major shareholder Jill Watson sold 11,000 shares of the firm's stock in a transaction that occurred on Thursday, July 2nd. The shares were sold at an average price of $653.24, for a total transaction of $7,185,640.00. Following the transaction, the insider directly owned 49,346 shares of the company's stock, valued at approximately $32,234,781.04. This trade represents a 18.23% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Erin Kerber sold 8,656 shares of the business's stock in a transaction that occurred on Wednesday, June 24th. The shares were sold at an average price of $600.94, for a total value of $5,201,736.64. Following the completion of the transaction, the insider directly owned 25,711 shares of the company's stock, valued at $15,450,768.34. The trade was a 25.19% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 44,289 shares of company stock valued at $27,525,241 over the last ninety days. Corporate insiders own 6.10% of the company's stock.

About Credit Acceptance

Credit Acceptance Corporation is a specialty finance company that provides automobile financing to consumers with limited or damaged credit histories. The company primarily operates through an indirect lending model, partnering with automobile dealers that offer financing to their customers at the point of sale.

Credit Acceptance purchases or services retail installment contracts originated by participating dealers and provides loan programs designed to help consumers obtain vehicles when they may not qualify for traditional prime lending.

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