Credit Acceptance Corporation $CACC Position Increased by Gabelli Funds LLC

Key Points

• Gabelli Funds LLC increased its stake in Credit Acceptance Corporation by 380%, acquiring an additional 2,850 shares, bringing its total holdings to 3,600 shares valued at approximately $1.86 million.
• Credit Acceptance reported a quarterly earnings per share of $8.56, missing the consensus estimate of $9.84, but achieved an 8.5% year-over-year revenue growth.
• Insiders have sold a significant number of shares, with major shareholder Jill Foss Watson selling 20,000 shares valued at about $10.8 million, leading to a decrease in her ownership position by 16.38%.

Gabelli Funds LLC increased its stake in Credit Acceptance Corporation (NASDAQ:CACC - Free Report) by 380.0% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 3,600 shares of the credit services provider's stock after purchasing an additional 2,850 shares during the quarter. Gabelli Funds LLC's holdings in Credit Acceptance were worth $1,859,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Sierra Ocean LLC bought a new stake in shares of Credit Acceptance during the 1st quarter worth about $26,000. CX Institutional bought a new stake in Credit Acceptance during the first quarter worth approximately $36,000. BI Asset Management Fondsmaeglerselskab A S bought a new stake in Credit Acceptance during the first quarter worth approximately $44,000. Harbor Capital Advisors Inc. bought a new stake in Credit Acceptance during the first quarter worth approximately $49,000. Finally, Point72 Asia Singapore Pte. Ltd. raised its holdings in Credit Acceptance by 13,400.0% during the fourth quarter. Point72 Asia Singapore Pte. Ltd. now owns 135 shares of the credit services provider's stock worth $64,000 after purchasing an additional 134 shares in the last quarter. Institutional investors own 81.71% of the company's stock.

Credit Acceptance Price Performance

NASDAQ:CACC traded up $5.74 during midday trading on Wednesday, hitting $517.86. 95,671 shares of the stock were exchanged, compared to its average volume of 115,112. Credit Acceptance Corporation has a one year low of $409.22 and a one year high of $560.00. The company has a market capitalization of $5.82 billion, a price-to-earnings ratio of 14.93 and a beta of 1.25. The business has a 50-day moving average price of $501.20 and a two-hundred day moving average price of $494.55. The company has a current ratio of 22.03, a quick ratio of 22.03 and a debt-to-equity ratio of 4.16.

Credit Acceptance (NASDAQ:CACC - Get Free Report) last released 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 return on equity of 27.06% and a net margin of 18.69%.The firm had revenue of $583.80 million for the quarter, compared to analyst estimates of $583.30 million. During the same period in the previous year, the firm earned $10.29 earnings per share. Credit Acceptance's revenue was up 8.5% on a year-over-year basis. Sell-side analysts predict that Credit Acceptance Corporation will post 53.24 EPS for the current year.

Insider Buying and Selling at Credit Acceptance

In related news, insider Daniel A. Ulatowski sold 53 shares of the stock in a transaction that occurred on Monday, August 25th. The shares were sold at an average price of $508.50, for a total transaction of $26,950.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Jill Foss Watson sold 20,000 shares of Credit Acceptance stock in a transaction that occurred on Wednesday, July 2nd. The stock was sold at an average price of $539.97, for a total transaction of $10,799,400.00. Following the completion of the transaction, the insider owned 102,107 shares in the company, valued at approximately $55,134,716.79. This trade represents a 16.38% decrease in their position. The disclosure for this sale can be found here. Insiders sold 36,428 shares of company stock valued at $19,262,627 in the last ninety days. Company insiders own 6.60% of the company's stock.

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.