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% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 115,238 shares of the credit services provider's stock after selling 11,229 shares during the quarter. Credit Acceptance accounts for 7.4% of MIG Capital LLC's holdings, making the stock its 2nd largest position. MIG Capital LLC owned approximately 0.99% of Credit Acceptance worth $59,503,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Teacher Retirement System of Texas purchased a new stake in shares of Credit Acceptance in the first quarter valued at approximately $794,000. Northern Trust Corp increased its position in shares of Credit Acceptance by 7.9% in the fourth quarter. Northern Trust Corp now owns 37,772 shares of the credit services provider's stock valued at $17,732,000 after buying an additional 2,773 shares in the last quarter. CX Institutional purchased a new stake in shares of Credit Acceptance in the first quarter valued at approximately $36,000. Cubist Systematic Strategies LLC purchased a new stake in shares of Credit Acceptance in the fourth quarter valued at approximately $313,000. Finally, Comerica Bank increased its position in shares of Credit Acceptance by 24.4% in the fourth quarter. Comerica Bank now owns 983 shares of the credit services provider's stock valued at $462,000 after buying an additional 193 shares in the last quarter. 81.71% of the stock is currently owned by hedge funds and other institutional investors.

Credit Acceptance Price Performance

Shares of Credit Acceptance stock traded up $24.25 on Friday, reaching $506.49. The company's stock had a trading volume of 142,232 shares, compared to its average volume of 112,822. The company has a market capitalization of $5.69 billion, a P/E ratio of 14.60 and a beta of 1.13. Credit Acceptance Corporation has a 52-week low of $409.22 and a 52-week high of $560.00. The stock has a 50-day moving average price of $499.62 and a 200-day moving average price of $494.23. The company has a quick ratio of 22.03, a current ratio of 22.03 and a debt-to-equity ratio of 4.16.

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

Insider Activity

In related news, 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 transaction of $3,318,848.96. Following the completion of the sale, the insider directly owned 28,290 shares in the company, valued at approximately $14,771,906.40. The trade was a 18.35% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, 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 value of $10,799,400.00. Following the sale, 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 ownership of the stock. The disclosure for this sale can be found here. Insiders sold 26,731 shares of company stock worth $14,307,733 over the last three months. 6.60% of the stock is currently owned by corporate insiders.

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.