Envestnet Asset Management Inc. Acquires 2,901 Shares of Credit Acceptance Corporation (NASDAQ:CACC)

Envestnet Asset Management Inc. raised its position in shares of Credit Acceptance Corporation (NASDAQ:CACC - Free Report) by 10.6% in the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 30,351 shares of the credit services provider's stock after purchasing an additional 2,901 shares during the quarter. Envestnet Asset Management Inc. owned about 0.25% of Credit Acceptance worth $15,672,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Sierra Ocean LLC acquired a new stake in Credit Acceptance during the first quarter valued at $26,000. CX Institutional bought a new position in Credit Acceptance during the first quarter valued at about $36,000. TD Private Client Wealth LLC bought a new position in Credit Acceptance during the fourth quarter valued at about $37,000. Farther Finance Advisors LLC bought a new position in Credit Acceptance during the fourth quarter valued at about $38,000. Finally, Harbor Capital Advisors Inc. bought a new position in Credit Acceptance during the first quarter valued at about $49,000. 81.71% of the stock is owned by institutional investors.

Credit Acceptance Price Performance

NASDAQ CACC traded up $6.15 during trading on Monday, reaching $504.94. 87,400 shares of the company traded hands, compared to its average volume of 90,855. The company has a debt-to-equity ratio of 3.92, a quick ratio of 17.64 and a current ratio of 17.64. The stock's 50 day moving average price is $502.47 and its two-hundred day moving average price is $495.28. The company has a market cap of $5.86 billion, a price-to-earnings ratio of 21.54 and a beta of 1.15. Credit Acceptance Corporation has a 1-year low of $409.22 and a 1-year high of $592.62.

Credit Acceptance (NASDAQ:CACC - Get Free Report) last announced its earnings results on Wednesday, April 30th. The credit services provider reported $9.35 EPS for the quarter, missing the consensus estimate of $10.31 by ($0.96). The business had revenue of $571.10 million during the quarter, compared to analyst estimates of $570.25 million. Credit Acceptance had a return on equity of 28.60% and a net margin of 13.03%. The firm's revenue was up 12.4% compared to the same quarter last year. During the same period in the previous year, the firm earned $9.28 earnings per share. As a group, analysts anticipate that Credit Acceptance Corporation will post 53.24 EPS for the current year.

Insider Buying and Selling

In related news, insider Andrew K. Rostami sold 375 shares of the company's stock in a transaction on Friday, June 20th. The shares were sold at an average price of $505.29, for a total value of $189,483.75. Following the completion of the sale, the insider owned 25,478 shares in the company, valued at $12,873,778.62. This represents a 1.45% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Daniel A. Ulatowski sold 6,356 shares of the company's stock in a transaction on Wednesday, June 11th. The shares were 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 owned 28,290 shares of the company's stock, valued at approximately $14,771,906.40. This represents a 18.35% decrease in their position. The disclosure for this sale can be found here. Insiders sold 26,731 shares of company stock worth $14,307,733 in the last quarter. Insiders own 5.30% of the company's stock.

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.