Harvest Fund Management Co. Ltd Invests $147,000 in Credit Acceptance Corporation (NASDAQ:CACC)

Harvest Fund Management Co. Ltd bought a new position in shares of Credit Acceptance Corporation (NASDAQ:CACC) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 285 shares of the credit services provider’s stock, valued at approximately $147,000.

Other institutional investors have also recently made changes to their positions in the company. LPL Financial LLC increased its holdings in shares of Credit Acceptance by 16.5% in the first quarter. LPL Financial LLC now owns 2,578 shares of the credit services provider’s stock worth $1,331,000 after purchasing an additional 365 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in Credit Acceptance during the 1st quarter valued at approximately $12,999,000. J.W. Cole Advisors Inc. purchased a new position in Credit Acceptance during the 1st quarter valued at approximately $816,000. Edgestream Partners L.P. increased its stake in Credit Acceptance by 102.7% in the 1st quarter. Edgestream Partners L.P. now owns 2,323 shares of the credit services provider’s stock worth $1,199,000 after acquiring an additional 1,177 shares during the last quarter. Finally, CWM LLC raised its holdings in shares of Credit Acceptance by 206.3% during the 1st quarter. CWM LLC now owns 193 shares of the credit services provider’s stock worth $100,000 after acquiring an additional 130 shares in the last quarter. Hedge funds and other institutional investors own 81.71% of the company’s stock.

Credit Acceptance Stock Performance

Shares of NASDAQ:CACC opened at $490.28 on Friday. The firm has a fifty day simple moving average of $505.61 and a two-hundred day simple moving average of $498.18. Credit Acceptance Corporation has a 52 week low of $409.22 and a 52 week high of $590.50. The company has a quick ratio of 17.64, a current ratio of 17.64 and a debt-to-equity ratio of 3.92. The stock has a market capitalization of $5.69 billion, a P/E ratio of 20.92 and a beta of 1.15.

Credit Acceptance (NASDAQ:CACC) 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). Credit Acceptance had a return on equity of 28.60% and a net margin of 13.03%. The firm had revenue of $583.80 million during the quarter, compared to the consensus estimate of $583.30 million. During the same quarter last year, the business posted $10.29 EPS. Credit Acceptance’s revenue was up 8.5% compared to the same quarter last year. On average, analysts expect that Credit Acceptance Corporation will post 53.24 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Credit Acceptance news, insider Daniel A. Ulatowski sold 6,356 shares of Credit Acceptance stock in a transaction on Wednesday, June 11th. The shares were sold at an average price of $522.16, for a total value of $3,318,848.96. Following the transaction, the insider directly owned 28,290 shares of the company’s stock, valued at approximately $14,771,906.40. The trade was a 18.35% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Jill Foss Watson sold 20,000 shares of the firm’s stock in a transaction dated Wednesday, July 2nd. The stock was sold at an average price of $539.97, for a total value of $10,799,400.00. Following the completion of the sale, the insider directly owned 102,107 shares of the company’s stock, valued at approximately $55,134,716.79. This represents a 16.38% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 26,731 shares of company stock worth $14,307,733. 5.30% of the stock is currently owned by company insiders.

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.