Credit Acceptance Corporation $CACC Shares Acquired by Cubist Systematic Strategies LLC

Key Points

• Cubist Systematic Strategies LLC increased its stake in Credit Acceptance Corporation by 75.7%, now holding 1,172 shares valued at approximately $605,000.
• Major shareholder Jill Foss Watson sold 20,000 shares for around $10.8 million, representing a 16.38% decrease in ownership.
• Credit Acceptance reported earnings of $8.56 per share for the quarter, missing estimates, while its revenue increased by 8.5% compared to the previous year.

Cubist Systematic Strategies LLC lifted its holdings in shares of Credit Acceptance Corporation (NASDAQ:CACC - Free Report) by 75.7% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,172 shares of the credit services provider's stock after purchasing an additional 505 shares during the quarter. Cubist Systematic Strategies LLC's holdings in Credit Acceptance were worth $605,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of CACC. Sierra Ocean LLC acquired a new position in Credit Acceptance in the first quarter valued at about $26,000. CX Institutional acquired a new stake in shares of Credit Acceptance during the first quarter valued at about $36,000. BI Asset Management Fondsmaeglerselskab A S purchased a new stake in shares of Credit Acceptance in the 1st quarter valued at approximately $44,000. Harbor Capital Advisors Inc. acquired a new position in shares of Credit Acceptance in the 1st quarter worth approximately $49,000. Finally, Point72 Asia Singapore Pte. Ltd. lifted its holdings in shares of Credit Acceptance by 13,400.0% in the 4th quarter. Point72 Asia Singapore Pte. Ltd. now owns 135 shares of the credit services provider's stock worth $64,000 after acquiring an additional 134 shares during the last quarter. 81.71% of the stock is owned by institutional investors and hedge funds.

Credit Acceptance Trading Down 0.2%

Shares of NASDAQ:CACC traded down $1.05 during mid-day trading on Tuesday, reaching $501.00. 67,806 shares of the company were exchanged, compared to its average volume of 114,447. Credit Acceptance Corporation has a 1 year low of $414.15 and a 1 year high of $560.00. 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 firm's 50-day simple moving average is $499.16 and its 200 day simple moving average is $495.37. The firm has a market cap of $5.63 billion, a price-to-earnings ratio of 14.44 and a beta of 1.25.

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 analysts' expectations of $583.30 million. During the same period in the previous year, the firm earned $10.29 EPS. The firm's revenue for the quarter was up 8.5% compared to the same quarter last year. Equities research analysts forecast that Credit Acceptance Corporation will post 53.24 EPS for the current year.

Insider Transactions at Credit Acceptance

In related news, insider Andrew K. Rostami sold 375 shares of the stock in a transaction dated Friday, June 20th. The stock was sold at an average price of $505.29, for a total transaction of $189,483.75. Following the transaction, the insider owned 25,478 shares of the company's stock, valued at approximately $12,873,778.62. This represents a 1.45% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Jonathan Lum sold 6,000 shares of the firm's stock in a transaction dated Monday, August 25th. The shares were sold at an average price of $512.61, for a total value of $3,075,660.00. Following the transaction, the chief operating officer owned 31,493 shares of the company's stock, valued at $16,143,626.73. This trade represents a 16.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 30,072 shares of company stock worth $15,943,779 over the last quarter. 6.60% of the stock is owned by corporate insiders.

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.