Goldman Sachs Group Inc. Trims Stock Position in Credit Acceptance Corporation $CACC

Key Points

• Goldman Sachs Group Inc. has reduced its stake in Credit Acceptance Corporation by 19.0%, owning approximately 0.10% of the company valued at $5.76 million after selling 2,618 shares in the first quarter.
• During the same quarter, several investors purchased new stakes in the company, with notable buys from Sierra Ocean LLC ($26,000), CX Institutional ($36,000), and Harbor Capital Advisors Inc. ($49,000).
• Credit Acceptance reported $8.56 earnings per share for the last quarter, falling short of the consensus estimate of $9.84, while experiencing an 8.5% year-over-year increase in revenue.

Goldman Sachs Group Inc. trimmed its holdings in Credit Acceptance Corporation (NASDAQ:CACC - Free Report) by 19.0% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 11,151 shares of the credit services provider's stock after selling 2,618 shares during the period. Goldman Sachs Group Inc. owned about 0.10% of Credit Acceptance worth $5,758,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. New York State Common Retirement Fund increased its holdings in Credit Acceptance by 0.7% during the first quarter. New York State Common Retirement Fund now owns 3,780 shares of the credit services provider's stock worth $1,952,000 after buying an additional 27 shares during the last quarter. Linden Thomas Advisory Services LLC boosted its position in shares of Credit Acceptance by 2.8% in the first quarter. Linden Thomas Advisory Services LLC now owns 1,690 shares of the credit services provider's stock valued at $873,000 after acquiring an additional 46 shares during the period. Sierra Ocean LLC bought a new position in shares of Credit Acceptance in the first quarter valued at approximately $26,000. US Bancorp DE boosted its position in shares of Credit Acceptance by 35.8% in the first quarter. US Bancorp DE now owns 243 shares of the credit services provider's stock valued at $125,000 after acquiring an additional 64 shares during the period. Finally, Rhumbline Advisers boosted its position in shares of Credit Acceptance by 0.8% in the first quarter. Rhumbline Advisers now owns 9,122 shares of the credit services provider's stock valued at $4,710,000 after acquiring an additional 70 shares during the period. Hedge funds and other institutional investors own 81.71% of the company's stock.

Insiders Place Their Bets

In other Credit Acceptance news, insider Daniel A. Ulatowski sold 2,139 shares of the business's stock in a transaction on Monday, August 25th. The shares were sold at an average price of $509.05, for a total transaction of $1,088,857.95. Following the transaction, the insider directly owned 28,290 shares of the company's stock, valued at approximately $14,401,024.50. The trade was a 7.03% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Jill Foss Watson sold 20,000 shares of the business's stock in a transaction on Wednesday, July 2nd. The shares were sold at an average price of $539.97, for a total transaction of $10,799,400.00. Following the sale, 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. Over the last ninety days, insiders have sold 29,697 shares of company stock valued at $15,754,295. 6.60% of the stock is currently owned by corporate insiders.

Credit Acceptance Price Performance

Shares of CACC stock traded up $3.02 during trading hours on Friday, reaching $507.29. The stock had a trading volume of 214,888 shares, compared to its average volume of 113,662. Credit Acceptance Corporation has a 12 month low of $414.15 and a 12 month high of $560.00. The firm has a market capitalization of $5.70 billion, a PE ratio of 14.62 and a beta of 1.25. 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 stock's fifty day simple moving average is $498.14 and its 200 day simple moving average is $495.90.

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 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 company had revenue of $583.80 million for the quarter, compared to the consensus estimate of $583.30 million. During the same quarter in the previous year, the firm earned $10.29 earnings per share. The company's revenue for the quarter was up 8.5% compared to the same quarter last year. On average, equities research analysts predict that Credit Acceptance Corporation will post 53.24 EPS for the current year.

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.