Credit Acceptance Co. (NASDAQ:CACC) Shares Acquired by Millennium Management LLC

Millennium Management LLC lifted its stake in shares of Credit Acceptance Co. (NASDAQ:CACC - Free Report) by 708.8% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 43,426 shares of the credit services provider's stock after buying an additional 38,057 shares during the quarter. Millennium Management LLC owned approximately 0.36% of Credit Acceptance worth $20,387,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Gamco Investors INC. ET AL grew its position in shares of Credit Acceptance by 5.3% during the fourth quarter. Gamco Investors INC. ET AL now owns 2,185 shares of the credit services provider's stock worth $1,026,000 after buying an additional 110 shares in the last quarter. Bridgewater Associates LP grew its position in shares of Credit Acceptance by 268.2% during the fourth quarter. Bridgewater Associates LP now owns 8,354 shares of the credit services provider's stock worth $3,922,000 after buying an additional 6,085 shares in the last quarter. Park Avenue Securities LLC acquired a new position in shares of Credit Acceptance during the fourth quarter worth about $680,000. Northern Trust Corp grew its position in shares of Credit Acceptance by 7.9% during the fourth quarter. Northern Trust Corp now owns 37,772 shares of the credit services provider's stock worth $17,732,000 after buying an additional 2,773 shares in the last quarter. Finally, Corient Private Wealth LLC grew its position in shares of Credit Acceptance by 7.2% during the fourth quarter. Corient Private Wealth LLC now owns 1,030 shares of the credit services provider's stock worth $484,000 after buying an additional 69 shares in the last quarter. 81.71% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

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

Insider Activity at Credit Acceptance

In other news, insider Douglas W. Busk sold 3,000 shares of the stock in a transaction that occurred on Tuesday, March 25th. The stock was sold at an average price of $515.97, for a total value of $1,547,910.00. Following the completion of the sale, the insider now directly owns 3,112 shares of the company's stock, valued at approximately $1,605,698.64. This represents a 49.08% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Nicholas J. Elliott sold 300 shares of the stock in a transaction that occurred 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 directly owns 19,385 shares of the company's stock, 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. 5.30% of the stock is currently owned by corporate insiders.

Credit Acceptance Stock Down 1.0%

CACC traded down $4.65 on Monday, reaching $476.81. The company's stock had a trading volume of 99,040 shares, compared to its average volume of 68,335. The stock has a 50 day moving average of $490.29 and a two-hundred day moving average of $486.10. The company has a quick ratio of 20.33, a current ratio of 20.33 and a debt-to-equity ratio of 3.63. The company has a market capitalization of $5.53 billion, a price-to-earnings ratio of 24.01 and a beta of 1.23. Credit Acceptance Co. has a fifty-two week low of $409.22 and a fifty-two 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 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $10.31 by ($0.96). The business had revenue of $571.10 million during the quarter, compared to analyst estimates of $570.25 million. Credit Acceptance had a net margin of 11.46% and a return on equity of 29.01%. The business's revenue for the quarter was up 12.4% compared to the same quarter last year. During the same period last year, the company earned $9.28 earnings per share. As a group, analysts forecast that Credit Acceptance Co. will post 53.24 EPS for the current fiscal year.

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.