Credit Acceptance (NASDAQ:CACC) was upgraded by stock analysts at BidaskClub from a "buy" rating to a "strong-buy" rating in a research note issued on Thursday, BidAskClub reports.
A number of other analysts have also recently weighed in on CACC. Credit Suisse Group raised their price target on shares of Credit Acceptance from $200.00 to $240.00 and gave the company an "underperform" rating in a report on Friday, July 31st. TheStreet upgraded shares of Credit Acceptance from a "c+" rating to a "b" rating in a research note on Thursday, July 30th. Janney Montgomery Scott upgraded shares of Credit Acceptance from a "sell" rating to a "neutral" rating and set a $394.00 target price for the company in a research note on Friday, July 31st. ValuEngine upgraded shares of Credit Acceptance from a "sell" rating to a "hold" rating in a research note on Monday. Finally, BMO Capital Markets lifted their target price on shares of Credit Acceptance from $316.00 to $337.00 in a research note on Friday, May 29th. Three research analysts have rated the stock with a sell rating, five have assigned a hold rating and one has issued a strong buy rating to the company. The stock has a consensus rating of "Hold" and a consensus price target of $293.50.
NASDAQ:CACC opened at $496.00 on Thursday. Credit Acceptance has a fifty-two week low of $199.00 and a fifty-two week high of $520.00. The stock has a market capitalization of $8.38 billion, a P/E ratio of 27.37 and a beta of 1.32. The company has a debt-to-equity ratio of 2.25, a quick ratio of 28.62 and a current ratio of 21.20. The company's 50-day simple moving average is $437.45 and its 200-day simple moving average is $384.30.
Credit Acceptance (NASDAQ:CACC) last released its quarterly earnings results on Thursday, July 30th. The credit services provider reported $5.40 earnings per share for the quarter, missing analysts' consensus estimates of $8.36 by ($2.96). Credit Acceptance had a net margin of 21.79% and a return on equity of 30.64%. The firm had revenue of $406.30 million during the quarter, compared to the consensus estimate of $372.72 million. On average, research analysts forecast that Credit Acceptance will post 34.46 EPS for the current year.
In other Credit Acceptance news, major shareholder Donald A. Foss sold 10,000 shares of the firm's stock in a transaction that occurred on Wednesday, July 15th. The shares were sold at an average price of $443.58, for a total transaction of $4,435,800.00. Following the completion of the transaction, the insider now directly owns 1,776,342 shares of the company's stock, valued at approximately $787,949,784.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Donald A. Foss sold 6,175 shares of the firm's stock in a transaction that occurred on Wednesday, July 22nd. The stock was sold at an average price of $451.45, for a total transaction of $2,787,703.75. Following the transaction, the insider now directly owns 1,753,229 shares of the company's stock, valued at $791,495,232.05. The disclosure for this sale can be found here. Insiders have sold a total of 72,395 shares of company stock valued at $30,271,605 over the last three months. 5.20% of the stock is currently owned by insiders.
Large investors have recently bought and sold shares of the company. Allred Capital Management LLC increased its holdings in shares of Credit Acceptance by 120.5% during the 1st quarter. Allred Capital Management LLC now owns 97 shares of the credit services provider's stock valued at $25,000 after purchasing an additional 53 shares in the last quarter. CWM Advisors LLC purchased a new position in shares of Credit Acceptance during the 1st quarter valued at approximately $35,000. NN Investment Partners Holdings N.V. purchased a new position in shares of Credit Acceptance during the 2nd quarter valued at approximately $59,000. Bartlett & Co. LLC purchased a new position in shares of Credit Acceptance during the 1st quarter valued at approximately $83,000. Finally, Russell Investments Group Ltd. purchased a new position in shares of Credit Acceptance during the 2nd quarter valued at approximately $165,000. 70.36% of the stock is owned by hedge funds and other institutional investors.
About Credit Acceptance
Credit Acceptance Corporation provides financing programs, and related products and services to independent and franchised automobile dealers in the United States. The company advances money to dealers in exchange for the right to service the underlying consumer loans; and buys the consumer loans from the dealers and keeps various amounts collected from the consumers.
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