MIG Capital LLC Sells 11,229 Shares of Credit Acceptance Corporation $CACC

Key Points

Error: Response status code does not indicate success: 429 (Too Many Requests).

MIG Capital LLC reduced its stake in shares of Credit Acceptance Corporation (NASDAQ:CACC - Free Report) by 8.9% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 115,238 shares of the credit services provider's stock after selling 11,229 shares during the quarter. Credit Acceptance accounts for approximately 7.4% of MIG Capital LLC's holdings, making the stock its 2nd largest holding. MIG Capital LLC owned about 0.99% of Credit Acceptance worth $59,503,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Sierra Ocean LLC purchased a new stake in Credit Acceptance during the 1st quarter worth approximately $26,000. CX Institutional acquired a new position in shares of Credit Acceptance in the 1st quarter worth approximately $36,000. Harbor Capital Advisors Inc. acquired a new position in Credit Acceptance during the 1st quarter valued at approximately $49,000. Point72 Asia Singapore Pte. Ltd. boosted its position in Credit Acceptance by 13,400.0% during the 4th quarter. Point72 Asia Singapore Pte. Ltd. now owns 135 shares of the credit services provider's stock valued at $64,000 after purchasing an additional 134 shares during the period. Finally, CWM LLC boosted its position in Credit Acceptance by 206.3% during the 1st quarter. CWM LLC now owns 193 shares of the credit services provider's stock valued at $100,000 after purchasing an additional 130 shares during the period. 81.71% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Credit Acceptance

In other news, insider Andrew K. Rostami sold 375 shares of the business's stock in a transaction on Friday, June 20th. The stock was sold at an average price of $505.29, for a total transaction of $189,483.75. Following the sale, the insider directly owned 25,478 shares of the company's stock, valued at $12,873,778.62. The trade was a 1.45% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Jill Foss Watson sold 20,000 shares of the business's stock in a transaction on Wednesday, July 2nd. The stock was sold at an average price of $539.97, for a total value of $10,799,400.00. Following the sale, the insider directly owned 102,107 shares in the company, valued at $55,134,716.79. This trade represents a 16.38% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 26,731 shares of company stock valued at $14,307,733. Corporate insiders own 6.60% of the company's stock.

Credit Acceptance Stock Performance

NASDAQ:CACC traded up $24.25 during midday trading on Friday, reaching $506.49. 142,232 shares of the company traded hands, compared to its average volume of 108,880. Credit Acceptance Corporation has a twelve month low of $409.22 and a twelve month high of $560.00. The firm has a market capitalization of $5.69 billion, a price-to-earnings ratio of 14.60 and a beta of 1.13. The company has a debt-to-equity ratio of 4.16, a current ratio of 22.03 and a quick ratio of 22.03. The company has a fifty day moving average price of $499.62 and a 200 day moving average price of $494.41.

Credit Acceptance (NASDAQ:CACC - Get Free Report) last announced its quarterly 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 return on equity of 27.06% and a net margin of 18.69%.The business had revenue of $583.80 million for the quarter, compared to analyst estimates of $583.30 million. During the same quarter last year, the firm posted $10.29 EPS. The company's revenue was up 8.5% compared to the same quarter last year. On average, analysts expect 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.