Highland Capital Management LLC Invests $1.36 Million in Credit Acceptance Corporation (NASDAQ:CACC)

Highland Capital Management LLC purchased a new position in shares of Credit Acceptance Corporation (NASDAQ:CACC - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 2,630 shares of the credit services provider's stock, valued at approximately $1,358,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. raised its stake in shares of Credit Acceptance by 1.1% during the fourth quarter. Vanguard Group Inc. now owns 486,828 shares of the credit services provider's stock valued at $228,546,000 after purchasing an additional 5,134 shares during the period. Beck Mack & Oliver LLC increased its stake in Credit Acceptance by 1.6% during the 4th quarter. Beck Mack & Oliver LLC now owns 391,238 shares of the credit services provider's stock worth $183,671,000 after buying an additional 6,214 shares during the period. Dimensional Fund Advisors LP increased its stake in Credit Acceptance by 0.7% during the 4th quarter. Dimensional Fund Advisors LP now owns 183,203 shares of the credit services provider's stock worth $86,004,000 after buying an additional 1,318 shares during the period. MIG Capital LLC lifted its holdings in Credit Acceptance by 8.6% in the 4th quarter. MIG Capital LLC now owns 126,467 shares of the credit services provider's stock worth $59,371,000 after buying an additional 9,976 shares in the last quarter. Finally, London Co. of Virginia purchased a new position in Credit Acceptance in the 4th quarter valued at about $48,148,000. Hedge funds and other institutional investors own 81.71% of the company's stock.

Credit Acceptance Stock Up 1.3%

Shares of NASDAQ CACC traded up $6.77 during midday trading on Monday, reaching $509.43. 336,275 shares of the company's stock were exchanged, compared to its average volume of 86,146. Credit Acceptance Corporation has a 52-week low of $409.22 and a 52-week high of $796.83. The stock has a market capitalization of $5.91 billion, a PE ratio of 21.73 and a beta of 1.16. 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 business's fifty day moving average price is $491.05 and its two-hundred day moving average price is $490.31.

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

Insiders Place Their Bets

In other news, insider Andrew K. Rostami sold 375 shares of the stock in a transaction dated Friday, June 20th. The shares were sold at an average price of $505.29, for a total transaction of $189,483.75. Following the transaction, the insider owned 25,478 shares of the company's stock, valued at approximately $12,873,778.62. This trade represents a 1.45% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Daniel A. Ulatowski sold 6,356 shares of Credit Acceptance stock in a transaction dated Wednesday, June 11th. The stock was sold at an average price of $522.16, for a total value of $3,318,848.96. Following the completion of the transaction, the insider owned 28,290 shares of the company's stock, valued at $14,771,906.40. This trade represents a 18.35% decrease in their ownership of the stock. The disclosure for this sale can be found here. 5.30% of the stock is currently owned by insiders.

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.