First Manhattan CO. LLC. Increases Stake in Credit Acceptance Co. (NASDAQ:CACC)

First Manhattan CO. LLC. lifted its stake in Credit Acceptance Co. (NASDAQ:CACC - Free Report) by 753.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 4,078 shares of the credit services provider's stock after purchasing an additional 3,600 shares during the period. First Manhattan CO. LLC.'s holdings in Credit Acceptance were worth $1,914,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in CACC. Eagle Bay Advisors LLC bought a new position in shares of Credit Acceptance in the fourth quarter worth about $28,000. First Horizon Advisors Inc. bought a new position in shares of Credit Acceptance in the fourth quarter worth about $34,000. TD Private Client Wealth LLC bought a new position in shares of Credit Acceptance in the fourth quarter worth about $37,000. Farther Finance Advisors LLC bought a new position in shares of Credit Acceptance in the fourth quarter worth about $38,000. Finally, US Bancorp DE grew its holdings in shares of 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 purchasing an additional 60 shares during the last quarter. 81.71% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on CACC. Stephens upped their price objective on shares of Credit Acceptance from $452.00 to $500.00 and gave the stock an "equal weight" rating in a research note on Friday, January 31st. StockNews.com raised shares of Credit Acceptance from a "hold" rating to a "buy" rating in a research note on Friday, January 31st.

Credit Acceptance Stock Up 0.5%

Shares of CACC stock traded up $2.72 during mid-day trading on Friday, hitting $504.26. 12,571 shares of the stock traded hands, compared to its average volume of 67,263. The stock has a market cap of $5.85 billion, a P/E ratio of 25.41 and a beta of 1.23. The stock's fifty day moving average is $489.05 and its two-hundred day moving average is $483.24. Credit Acceptance Co. has a 52-week low of $409.22 and a 52-week high of $614.96. The company has a debt-to-equity ratio of 3.63, a current ratio of 20.33 and a quick ratio of 20.33.

Credit Acceptance (NASDAQ:CACC - Get Free Report) last released its quarterly earnings results on Wednesday, April 30th. The credit services provider reported $9.35 EPS for the quarter, missing the consensus estimate of $10.31 by ($0.96). The firm 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 period in the previous year, the company posted $9.28 earnings per share. Equities analysts predict that Credit Acceptance Co. will post 53.24 EPS for the current year.

Insider Buying and Selling at Credit Acceptance

In related news, 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 transaction, the insider now directly owns 19,385 shares of the company's stock, valued at $9,731,270. This trade represents a 1.52% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Douglas W. Busk sold 3,000 shares of the stock in a transaction that occurred on 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 completion of the transaction, the insider now directly owns 3,112 shares of the company's stock, valued at $1,605,698.64. The trade was a 49.08% 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.

Credit Acceptance 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.