Lecap Asset Management Ltd. Makes New Investment in Credit Acceptance Corporation (NASDAQ:CACC)

Lecap Asset Management Ltd. acquired a new position in shares of Credit Acceptance Corporation (NASDAQ:CACC - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 557 shares of the credit services provider's stock, valued at approximately $288,000.

Other hedge funds have also recently bought and sold shares of the company. First Horizon Advisors Inc. acquired a new stake in Credit Acceptance during the fourth quarter worth approximately $34,000. CX Institutional acquired a new stake in Credit Acceptance during the first quarter worth approximately $36,000. TD Private Client Wealth LLC acquired a new stake in Credit Acceptance during the fourth quarter worth approximately $37,000. Farther Finance Advisors LLC acquired a new stake in shares of Credit Acceptance in the fourth quarter valued at approximately $38,000. Finally, Harbor Capital Advisors Inc. acquired a new stake in shares of Credit Acceptance in the first quarter valued at approximately $49,000. 81.71% of the stock is currently owned by institutional investors and hedge funds.

Credit Acceptance Price Performance

Shares of NASDAQ CACC traded down $6.04 during midday trading on Friday, reaching $502.66. The company's stock had a trading volume of 238,545 shares, compared to its average volume of 85,426. The company has a debt-to-equity ratio of 3.92, a quick ratio of 17.64 and a current ratio of 17.64. Credit Acceptance Corporation has a fifty-two week low of $409.22 and a fifty-two week high of $614.96. The business's 50 day moving average price is $490.44 and its two-hundred day moving average price is $490.34. The company has a market cap of $5.83 billion, a P/E ratio of 21.44 and a beta of 1.15.

Credit Acceptance (NASDAQ:CACC - Get Free Report) last released its quarterly earnings results 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 during the quarter, compared to analyst estimates of $570.25 million. During the same quarter in the previous year, the firm posted $9.28 earnings per share. The firm's quarterly revenue was up 12.4% on a year-over-year basis. On average, analysts forecast that Credit Acceptance Corporation will post 53.24 EPS for the current fiscal year.

Insider Activity

In related news, insider Andrew K. Rostami sold 375 shares of Credit Acceptance stock in a transaction that occurred 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 transaction, the insider now directly owns 25,478 shares of the company's stock, valued at $12,873,778.62. This trade represents a 1.45% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Daniel A. Ulatowski sold 6,356 shares of Credit Acceptance stock in a transaction that occurred on Wednesday, June 11th. The shares were sold at an average price of $522.16, for a total transaction of $3,318,848.96. Following the completion of the transaction, the insider now directly owns 28,290 shares in the company, 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 owned by company 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.