Mackenzie Financial Corp Acquires New Stake in Credit Acceptance Co. (NASDAQ:CACC)

Mackenzie Financial Corp bought a new position in shares of Credit Acceptance Co. (NASDAQ:CACC - Free Report) in the fourth quarter, according to the company in its most recent filing with the SEC. The fund bought 632 shares of the credit services provider's stock, valued at approximately $297,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of CACC. First Horizon Advisors Inc. purchased a new stake in shares of Credit Acceptance during the 4th quarter valued at about $34,000. TD Private Client Wealth LLC bought a new position in shares of Credit Acceptance during the fourth quarter worth about $37,000. Farther Finance Advisors LLC acquired a new position in Credit Acceptance in the fourth quarter worth about $38,000. Point72 Asia Singapore Pte. Ltd. increased its holdings in 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 buying an additional 134 shares during the last quarter. Finally, US Bancorp DE raised its stake in Credit Acceptance by 50.4% during the fourth quarter. US Bancorp DE now owns 179 shares of the credit services provider's stock valued at $84,000 after buying an additional 60 shares in the last quarter. Institutional investors and hedge funds own 81.71% of the company's stock.

Credit Acceptance Stock Performance

NASDAQ:CACC traded up $31.07 during trading hours on Friday, reaching $505.60. 162,804 shares of the stock were exchanged, compared to its average volume of 74,367. The stock has a market capitalization of $5.87 billion, a P/E ratio of 25.46 and a beta of 1.15. The firm has a 50 day simple moving average of $486.23 and a 200-day simple moving average of $487.71. The company has a quick ratio of 20.33, a current ratio of 20.33 and a debt-to-equity ratio of 3.63. Credit Acceptance Co. has a 52 week low of $409.22 and a 52 week high of $614.96.

Credit Acceptance (NASDAQ:CACC - Get Free Report) last announced its quarterly earnings data on Wednesday, April 30th. The credit services provider reported $9.35 earnings per share (EPS) for the quarter, missing the consensus estimate of $10.31 by ($0.96). Credit Acceptance had a return on equity of 29.01% and a net margin of 11.46%. The firm had revenue of $571.10 million for the quarter, compared to the consensus estimate of $570.25 million. During the same quarter last year, the business earned $9.28 earnings per share. The business's revenue for the quarter was up 12.4% compared to the same quarter last year. As a group, sell-side analysts forecast that Credit Acceptance Co. will post 53.24 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Douglas W. Busk sold 3,000 shares of the company's stock in a transaction on Tuesday, March 25th. The stock was sold at an average price of $515.97, for a total transaction of $1,547,910.00. Following the completion of the transaction, the insider now directly owns 3,112 shares in the company, valued at $1,605,698.64. This represents a 49.08% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Nicholas J. Elliott sold 300 shares of the firm's stock in a transaction on Thursday, March 20th. The shares were sold at an average price of $502.00, for a total value of $150,600.00. Following the completion of the sale, the insider now owns 19,385 shares in the company, valued at $9,731,270. The trade was a 1.52% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 5.30% of the company's stock.

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.