Global Endowment Management LP Lowers Stake in Credit Acceptance Corporation $CACC

Key Points

• Global Endowment Management LP has significantly reduced its stake in Credit Acceptance Corporation by 65.4%, owning only 1,179 shares after selling 2,231 shares during the first quarter.
• Several institutional investors, including Sierra Ocean LLC and CX Institutional, recently acquired new positions in Credit Acceptance, reflecting growing interest in the company's stock, which is primarily held by institutions at 81.71%.
• Credit Acceptance reported an EPS of $8.56 for the last quarter, missing estimates, though its revenue increased by 8.5% compared to the previous year, indicating ongoing growth in its financial performance.

Global Endowment Management LP lowered its stake in shares of Credit Acceptance Corporation (NASDAQ:CACC - Free Report) by 65.4% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,179 shares of the credit services provider's stock after selling 2,231 shares during the quarter. Global Endowment Management LP's holdings in Credit Acceptance were worth $609,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in CACC. Sierra Ocean LLC bought a new position in shares of Credit Acceptance during the 1st quarter valued at $26,000. CX Institutional bought a new position in shares of Credit Acceptance during the 1st quarter valued at $36,000. Harbor Capital Advisors Inc. bought a new position in shares of Credit Acceptance during the 1st quarter valued at $49,000. Point72 Asia Singapore Pte. Ltd. grew its holdings in shares of 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 last quarter. Finally, CWM LLC grew its holdings in shares of 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 last quarter. Hedge funds and other institutional investors own 81.71% of the company's stock.

Credit Acceptance Trading Up 0.2%

Shares of CACC stock traded up $1.03 on Thursday, hitting $482.55. 34,616 shares of the company's stock traded hands, compared to its average volume of 114,729. The stock has a market capitalization of $5.42 billion, a price-to-earnings ratio of 13.91 and a beta of 1.13. Credit Acceptance Corporation has a one year low of $409.22 and a one year high of $560.00. The company has a debt-to-equity ratio of 4.16, a quick ratio of 22.03 and a current ratio of 22.03. The company's fifty day simple moving average is $499.53 and its 200 day simple moving average is $494.86.

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). The firm had revenue of $583.80 million during the quarter, compared to the consensus estimate of $583.30 million. Credit Acceptance had a return on equity of 27.06% and a net margin of 18.69%.Credit Acceptance's revenue was up 8.5% on a year-over-year basis. During the same period last year, the business earned $10.29 EPS. Equities analysts forecast that Credit Acceptance Corporation will post 53.24 EPS for the current year.

Insiders Place Their Bets

In other Credit Acceptance news, insider Andrew K. Rostami sold 375 shares of the firm'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 sale, the insider owned 25,478 shares of the company's stock, valued at $12,873,778.62. This trade represents a 1.45% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Jill Foss Watson sold 20,000 shares of the firm's stock in a transaction 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 sale, the insider directly 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 have sold a total of 26,731 shares of company stock valued at $14,307,733 in the last quarter. Insiders own 6.60% of the company's stock.

Credit Acceptance 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.