Global Endowment Management LP Sells 2,231 Shares of Credit Acceptance Corporation (NASDAQ: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 decreased its holdings in Credit Acceptance Corporation (NASDAQ:CACC - Free Report) by 65.4% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,179 shares of the credit services provider's stock after selling 2,231 shares during the period. 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 bought and sold shares of CACC. Sierra Ocean LLC acquired a new position in shares of Credit Acceptance in the first quarter valued at approximately $26,000. CX Institutional acquired a new position in shares of Credit Acceptance in the first quarter valued at approximately $36,000. Harbor Capital Advisors Inc. acquired a new position in shares of Credit Acceptance in the first quarter valued at approximately $49,000. Point72 Asia Singapore Pte. Ltd. grew its position in shares of Credit Acceptance by 13,400.0% in the fourth 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 position in shares of Credit Acceptance by 206.3% in the first 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. Institutional investors own 81.71% of the company's stock.

Credit Acceptance Price Performance

Credit Acceptance stock opened at $474.74 on Friday. Credit Acceptance Corporation has a 12 month low of $409.22 and a 12 month high of $560.00. The stock's 50 day moving average is $501.49 and its 200-day moving average is $495.65. The company has a current ratio of 22.03, a quick ratio of 22.03 and a debt-to-equity ratio of 4.16. The company has a market capitalization of $5.34 billion, a price-to-earnings ratio of 13.69 and a beta of 1.13.

Credit Acceptance (NASDAQ:CACC - Get Free Report) last posted its earnings results on Thursday, July 31st. The credit services provider reported $8.56 EPS for the quarter, missing the consensus estimate 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 analyst estimates of $583.30 million. During the same period in the previous year, the company posted $10.29 EPS. Credit Acceptance's revenue for the quarter was up 8.5% compared to the same quarter last year. Equities research analysts expect 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 Credit Acceptance stock in a transaction on Friday, June 20th. The stock was sold at an average price of $505.29, for a total value of $189,483.75. Following the completion of the transaction, the insider directly owned 25,478 shares of the company's stock, valued at $12,873,778.62. The trade was 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 Credit Acceptance stock in a transaction on Wednesday, July 2nd. The shares were sold at an average price of $539.97, for a total value of $10,799,400.00. Following the completion of the transaction, the insider directly owned 102,107 shares of the company's stock, valued at $55,134,716.79. This represents a 16.38% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 26,731 shares of company stock worth $14,307,733 in the last 90 days. Company 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.

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