Credit Acceptance Corporation $CACC Shares Sold by Wellington Management Group LLP

Key Points

• Wellington Management Group LLP reduced its stake in Credit Acceptance Corporation by 2.9%, owning approximately 291,201 shares valued at around $150.36 million.
• Several institutional investors, including JPMorgan Chase & Co. and Barclays PLC, increased their holdings in Credit Acceptance during the fourth quarter, reflecting confidence in the company's future performance.
• Credit Acceptance reported a loss in earnings per share for the last quarter, coming in at $8.56, below the consensus estimate of $9.84, despite revenue growth of 8.5% year-over-year.

Wellington Management Group LLP lessened its stake in Credit Acceptance Corporation (NASDAQ:CACC - Free Report) by 2.9% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 291,201 shares of the credit services provider's stock after selling 8,846 shares during the period. Wellington Management Group LLP owned 2.51% of Credit Acceptance worth $150,362,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Northern Trust Corp increased its holdings in shares of Credit Acceptance by 1.1% in the first quarter. Northern Trust Corp now owns 38,184 shares of the credit services provider's stock valued at $19,716,000 after purchasing an additional 412 shares during the period. American Century Companies Inc. boosted its holdings in shares of Credit Acceptance by 3.4% in the first quarter. American Century Companies Inc. now owns 2,223 shares of the credit services provider's stock valued at $1,148,000 after acquiring an additional 73 shares in the last quarter. Kovitz Investment Group Partners LLC acquired a new position in shares of Credit Acceptance during the first quarter worth about $257,000. Russell Investments Group Ltd. increased its stake in shares of Credit Acceptance by 80.6% during the first quarter. Russell Investments Group Ltd. now owns 643 shares of the credit services provider's stock worth $332,000 after acquiring an additional 287 shares during the period. Finally, Aigen Investment Management LP purchased a new position in Credit Acceptance during the first quarter worth about $372,000. 81.71% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Credit Acceptance news, major shareholder Jill Foss Watson sold 20,000 shares of the business's stock in a transaction on Wednesday, July 2nd. The shares were sold at an average price of $539.97, for a total transaction of $10,799,400.00. Following the sale, the insider directly owned 102,107 shares in the company, valued at approximately $55,134,716.79. The trade was a 16.38% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Andrew K. Rostami sold 375 shares of the stock in a transaction dated Friday, June 20th. The shares were sold at an average price of $505.29, for a total transaction of $189,483.75. Following the completion of the transaction, the insider owned 25,478 shares of the company's stock, valued at $12,873,778.62. This represents a 1.45% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 30,428 shares of company stock valued at $16,186,967 over the last quarter. Company insiders own 6.60% of the company's stock.

Credit Acceptance Stock Performance

NASDAQ:CACC traded up $9.38 during mid-day trading on Tuesday, reaching $521.71. The stock had a trading volume of 175,923 shares, compared to its average volume of 121,328. Credit Acceptance Corporation has a twelve month low of $409.22 and a twelve month high of $560.00. The business has a 50 day simple moving average of $500.38 and a 200 day simple moving average of $494.44. The firm has a market capitalization of $5.86 billion, a price-to-earnings ratio of 15.04 and a beta of 1.13. The company has a debt-to-equity ratio of 4.16, a quick ratio of 22.03 and a current ratio of 22.03.

Credit Acceptance (NASDAQ:CACC - Get Free Report) last released its earnings results on Thursday, July 31st. The credit services provider reported $8.56 earnings per share (EPS) for the quarter, missing the consensus estimate of $9.84 by ($1.28). The business had revenue of $583.80 million for the quarter, compared to analyst estimates of $583.30 million. Credit Acceptance had a return on equity of 27.06% and a net margin of 18.69%.The business's revenue for the quarter was up 8.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $10.29 EPS. On average, analysts expect that Credit Acceptance Corporation will post 53.24 earnings per share for the current fiscal year.

Credit Acceptance Company Profile

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.