Man Group plc Purchases 1,783 Shares of Credit Acceptance Co. (NASDAQ:CACC)

Man Group plc boosted its stake in Credit Acceptance Co. (NASDAQ:CACC - Free Report) by 50.3% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,327 shares of the credit services provider's stock after acquiring an additional 1,783 shares during the period. Man Group plc's holdings in Credit Acceptance were worth $2,501,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. First Horizon Advisors Inc. bought a new position in shares of Credit Acceptance during the 4th quarter worth approximately $34,000. TD Private Client Wealth LLC acquired a new position in Credit Acceptance during the 4th quarter worth approximately $37,000. Farther Finance Advisors LLC acquired a new position in Credit Acceptance during the 4th quarter worth approximately $38,000. US Bancorp DE boosted its holdings in Credit Acceptance by 50.4% in the fourth quarter. US Bancorp DE now owns 179 shares of the credit services provider's stock worth $84,000 after acquiring an additional 60 shares in the last quarter. Finally, Aster Capital Management DIFC Ltd grew its stake in Credit Acceptance by 245.9% in the fourth quarter. Aster Capital Management DIFC Ltd now owns 256 shares of the credit services provider's stock valued at $120,000 after acquiring an additional 182 shares during the period. 81.71% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on CACC shares. Stephens lifted their price objective on shares of Credit Acceptance from $452.00 to $500.00 and gave the company an "equal weight" rating in a report on Friday, January 31st. Wall Street Zen raised shares of Credit Acceptance from a "hold" rating to a "buy" rating in a research report on Friday, January 31st.

Credit Acceptance Stock Performance

Shares of CACC stock traded down $4.25 during trading hours on Wednesday, hitting $489.01. 7,590 shares of the company were exchanged, compared to its average volume of 68,243. The company has a current ratio of 20.33, a quick ratio of 20.33 and a debt-to-equity ratio of 3.63. The stock has a market capitalization of $5.67 billion, a price-to-earnings ratio of 24.71 and a beta of 1.23. The firm has a fifty day simple moving average of $490.20 and a 200 day simple moving average of $486.15. 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 results on Wednesday, April 30th. The credit services provider reported $9.35 EPS for the quarter, missing analysts' consensus estimates of $10.31 by ($0.96). The business had revenue of $571.10 million for the quarter, compared to analysts' expectations of $570.25 million. Credit Acceptance had a net margin of 11.46% and a return on equity of 29.01%. The business's quarterly revenue was up 12.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $9.28 earnings per share. Research analysts predict that Credit Acceptance Co. will post 53.24 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, insider Nicholas J. Elliott sold 300 shares of the 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 transaction, the insider now owns 19,385 shares of the company's stock, valued at $9,731,270. This represents a 1.52% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Douglas W. Busk sold 3,000 shares of Credit Acceptance 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 sale, the insider now directly owns 3,112 shares of the company's stock, valued at $1,605,698.64. This represents a 49.08% 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.