Credit Acceptance Co. (NASDAQ:CACC) Position Reduced by Envestnet Asset Management Inc.

Envestnet Asset Management Inc. lowered its stake in Credit Acceptance Co. (NASDAQ:CACC – Get Rating) by 32.4% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 3,063 shares of the credit services provider’s stock after selling 1,467 shares during the period. Envestnet Asset Management Inc.’s holdings in Credit Acceptance were worth $1,453,000 as of its most recent filing with the SEC.

Several other institutional investors also recently modified their holdings of CACC. ExodusPoint Capital Management LP increased its holdings in shares of Credit Acceptance by 140.8% in the third quarter. ExodusPoint Capital Management LP now owns 5,882 shares of the credit services provider’s stock valued at $2,576,000 after buying an additional 20,282 shares in the last quarter. Teachers Retirement System of The State of Kentucky purchased a new position in Credit Acceptance during the 3rd quarter worth approximately $6,874,000. BloombergSen Inc. grew its position in Credit Acceptance by 15.1% during the 3rd quarter. BloombergSen Inc. now owns 94,861 shares of the credit services provider’s stock worth $41,549,000 after purchasing an additional 12,478 shares in the last quarter. UBS Group AG grew its position in Credit Acceptance by 605.0% during the 1st quarter. UBS Group AG now owns 13,882 shares of the credit services provider’s stock worth $7,640,000 after purchasing an additional 11,913 shares in the last quarter. Finally, Northern Trust Corp grew its position in Credit Acceptance by 27.8% during the 1st quarter. Northern Trust Corp now owns 48,871 shares of the credit services provider’s stock worth $26,897,000 after purchasing an additional 10,634 shares in the last quarter. Institutional investors own 63.11% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on CACC shares. StockNews.com initiated coverage on shares of Credit Acceptance in a research report on Thursday, May 18th. They set a “hold” rating on the stock. Stephens lowered their price target on shares of Credit Acceptance from $442.00 to $440.00 in a report on Tuesday, May 2nd. BMO Capital Markets boosted their price target on shares of Credit Acceptance from $360.00 to $380.00 and gave the company a “market perform” rating in a report on Wednesday, February 1st. Finally, Credit Suisse Group lowered their price target on shares of Credit Acceptance from $400.00 to $380.00 in a report on Tuesday, May 2nd.

Credit Acceptance Trading Up 2.0 %

Shares of NASDAQ:CACC opened at $443.84 on Tuesday. The stock has a market capitalization of $5.70 billion, a PE ratio of 14.04 and a beta of 1.32. Credit Acceptance Co. has a 1 year low of $358.00 and a 1 year high of $617.44. The firm has a fifty day moving average price of $442.74 and a 200 day moving average price of $451.43. The company has a current ratio of 17.48, a quick ratio of 17.48 and a debt-to-equity ratio of 2.65.

Credit Acceptance (NASDAQ:CACC – Get Rating) last released its earnings results on Monday, May 1st. The credit services provider reported $9.71 earnings per share for the quarter, missing analysts’ consensus estimates of $12.27 by ($2.56). The firm had revenue of $453.80 million for the quarter, compared to analyst estimates of $458.12 million. Credit Acceptance had a return on equity of 40.26% and a net margin of 23.00%. The firm’s revenue was down .4% on a year-over-year basis. During the same period in the prior year, the firm earned $13.76 EPS. Analysts expect that Credit Acceptance Co. will post 45.1 EPS for the current fiscal year.

Insiders Place Their Bets

In other Credit Acceptance news, insider Andrew K. Rostami sold 461 shares of the business’s stock in a transaction on Thursday, April 20th. The shares were sold at an average price of $500.00, for a total transaction of $230,500.00. Following the completion of the transaction, the insider now owns 7,115 shares of the company’s stock, valued at approximately $3,557,500. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, insider Andrew K. Rostami sold 461 shares of the company’s stock in a transaction dated Thursday, April 20th. The shares were sold at an average price of $500.00, for a total transaction of $230,500.00. Following the completion of the transaction, the insider now owns 7,115 shares of the company’s stock, valued at $3,557,500. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Thomas W. Smith sold 500 shares of the company’s stock in a transaction dated Friday, March 3rd. The shares were sold at an average price of $450.12, for a total transaction of $225,060.00. Following the transaction, the insider now directly owns 76,050 shares of the company’s stock, valued at approximately $34,231,626. The disclosure for this sale can be found here. Company insiders own 4.20% of the company’s stock.

Credit Acceptance Profile

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Credit Acceptance Corp. engages in the provision of dealer financing programs that enables automobile dealers to sell vehicles to consumers, regardless of its credit history. Its financing programs are offered through a nationwide network of automobile dealers who benefit from sales of vehicles to consumers.