Millennium Management LLC Acquires 38,057 Shares of Credit Acceptance Co. (NASDAQ:CACC)

Millennium Management LLC increased its holdings in Credit Acceptance Co. (NASDAQ:CACC - Free Report) by 708.8% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 43,426 shares of the credit services provider's stock after acquiring an additional 38,057 shares during the quarter. Millennium Management LLC owned about 0.36% of Credit Acceptance worth $20,387,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently modified their holdings of CACC. First Horizon Advisors Inc. bought a new position in shares of Credit Acceptance in the 4th quarter worth about $34,000. TD Private Client Wealth LLC bought a new position in shares of Credit Acceptance in the 4th quarter worth about $37,000. Farther Finance Advisors LLC bought a new position in shares of Credit Acceptance in the 4th quarter worth about $38,000. US Bancorp DE increased its stake in shares of Credit Acceptance by 50.4% in the 4th 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 increased its stake in Credit Acceptance by 245.9% during the 4th quarter. Aster Capital Management DIFC Ltd now owns 256 shares of the credit services provider's stock valued at $120,000 after purchasing an additional 182 shares in the last quarter. 81.71% of the stock is currently owned by institutional investors.

Credit Acceptance Stock Down 1.0%

NASDAQ:CACC traded down $4.65 on Friday, reaching $476.81. 99,040 shares of the stock traded hands, compared to its average volume of 68,163. The company has a market capitalization of $5.53 billion, a price-to-earnings ratio of 24.01 and a beta of 1.23. The company has a current ratio of 20.33, a quick ratio of 20.33 and a debt-to-equity ratio of 3.63. Credit Acceptance Co. has a 12 month low of $409.22 and a 12 month high of $614.96. The company's fifty day simple moving average is $490.79 and its 200 day simple moving average is $485.51.

Credit Acceptance (NASDAQ:CACC - Get Free Report) last released 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). The firm had revenue of $571.10 million for the quarter, compared to the consensus estimate of $570.25 million. Credit Acceptance had a net margin of 11.46% and a return on equity of 29.01%. The firm's revenue for the quarter was up 12.4% compared to the same quarter last year. During the same quarter in the prior year, the business posted $9.28 earnings per share. Equities analysts predict that Credit Acceptance Co. will post 53.24 EPS for the current fiscal year.

Insider Activity

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

Analyst Ratings Changes

CACC has been the subject of a number of analyst reports. Wall Street Zen upgraded shares of Credit Acceptance from a "hold" rating to a "buy" rating in a research note on Friday, January 31st. Stephens raised their price objective on shares of Credit Acceptance from $452.00 to $500.00 and gave the company an "equal weight" rating in a research note on Friday, January 31st.

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.