KLP Kapitalforvaltning AS Acquires 100 Shares of Credit Acceptance Corporation $CACC

KLP Kapitalforvaltning AS boosted its holdings in Credit Acceptance Corporation (NASDAQ:CACC) by 7.7% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,400 shares of the credit services provider’s stock after acquiring an additional 100 shares during the quarter. KLP Kapitalforvaltning AS’s holdings in Credit Acceptance were worth $713,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of CACC. Lecap Asset Management Ltd. bought a new position in shares of Credit Acceptance during the 1st quarter valued at $288,000. Sequoia Financial Advisors LLC purchased a new stake in Credit Acceptance in the 1st quarter worth $4,329,000. Highland Capital Management LLC purchased a new position in shares of Credit Acceptance during the first quarter valued at about $1,358,000. Teacher Retirement System of Texas purchased a new position in shares of Credit Acceptance during the first quarter valued at about $794,000. Finally, Sierra Ocean LLC bought a new position in shares of Credit Acceptance in the 1st quarter valued at about $26,000. 81.71% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Separately, Weiss Ratings reissued a “hold (c)” rating on shares of Credit Acceptance in a research note on Wednesday, October 8th. Two investment analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of “Reduce” and an average target price of $440.00.

Credit Acceptance Stock Performance

Shares of CACC stock opened at $475.76 on Friday. The company’s 50 day moving average is $493.66 and its 200 day moving average is $494.68. The company has a quick ratio of 22.03, a current ratio of 22.03 and a debt-to-equity ratio of 4.16. Credit Acceptance Corporation has a 52-week low of $414.15 and a 52-week high of $560.00. The firm has a market cap of $5.35 billion, a price-to-earnings ratio of 13.71 and a beta of 1.19.

Credit Acceptance (NASDAQ:CACC) last released its quarterly 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 27.06% and a net margin of 18.69%.The firm had revenue of $583.80 million during the quarter, compared to analysts’ expectations of $583.30 million. During the same period in the prior year, the firm posted $10.29 earnings per share. Credit Acceptance’s revenue for the quarter was up 8.5% compared to the same quarter last year. On average, sell-side analysts anticipate that Credit Acceptance Corporation will post 53.24 EPS for the current fiscal year.

Insider Transactions at Credit Acceptance

In related news, COO Jonathan Lum sold 6,000 shares of the business’s stock in a transaction on Monday, August 25th. The shares were sold at an average price of $512.61, for a total transaction of $3,075,660.00. Following the completion of the transaction, the chief operating officer directly owned 31,493 shares in the company, valued at $16,143,626.73. The trade was a 16.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Kenneth Booth sold 4,000 shares of the company’s stock in a transaction dated Thursday, September 18th. The stock was sold at an average price of $506.59, for a total transaction of $2,026,360.00. Following the transaction, the chief executive officer owned 68,116 shares of the company’s stock, valued at approximately $34,506,884.44. This trade represents a 5.55% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 13,697 shares of company stock worth $6,981,255. Company insiders own 6.60% of the company’s stock.

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.