Envestnet Portfolio Solutions Inc. Grows Stock Holdings in Credit Acceptance Corporation $CACC

Envestnet Portfolio Solutions Inc. raised its position in shares of Credit Acceptance Corporation (NASDAQ:CACC) by 9.8% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 818 shares of the credit services provider’s stock after buying an additional 73 shares during the period. Envestnet Portfolio Solutions Inc.’s holdings in Credit Acceptance were worth $417,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Beck Mack & Oliver LLC boosted its position in shares of Credit Acceptance by 1.0% during the first quarter. Beck Mack & Oliver LLC now owns 394,972 shares of the credit services provider’s stock worth $203,944,000 after buying an additional 3,734 shares during the period. Alfreton Capital LLP raised its stake in shares of Credit Acceptance by 11.8% in the first quarter. Alfreton Capital LLP now owns 190,000 shares of the credit services provider’s stock valued at $98,106,000 after acquiring an additional 20,000 shares in the last quarter. Khrom Capital Management LLC purchased a new position in Credit Acceptance in the first quarter valued at $30,639,000. Northern Trust Corp boosted its holdings in Credit Acceptance by 1.1% in the first quarter. Northern Trust Corp now owns 38,184 shares of the credit services provider’s stock valued at $19,716,000 after purchasing an additional 412 shares during the period. Finally, Philadelphia Financial Management of San Francisco LLC purchased a new position in Credit Acceptance in the first quarter valued at $18,481,000. 81.71% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Credit Acceptance

In other Credit Acceptance news, CEO Kenneth Booth sold 4,000 shares of the firm’s stock in a transaction on Thursday, September 18th. The stock was sold at an average price of $506.59, for a total value of $2,026,360.00. Following the sale, the chief executive officer directly owned 68,116 shares in the company, valued at $34,506,884.44. This trade represents a 5.55% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Daniel A. Ulatowski sold 53 shares of the firm’s stock in a transaction on Monday, August 25th. The shares were sold at an average price of $508.50, for a total value of $26,950.50. The disclosure for this sale can be found here. Insiders have sold a total of 13,697 shares of company stock worth $6,981,255 over the last ninety days. Corporate insiders own 6.60% of the company’s stock.

Credit Acceptance Trading Down 0.1%

NASDAQ:CACC opened at $501.39 on Thursday. The firm has a market cap of $5.64 billion, a PE ratio of 14.45 and a beta of 1.19. The stock has a fifty day moving average price of $495.57 and a 200 day moving average price of $494.52. Credit Acceptance Corporation has a 12-month low of $414.15 and a 12-month high of $560.00. The company has a current ratio of 22.03, a quick ratio of 22.03 and a debt-to-equity ratio of 4.16.

Credit Acceptance (NASDAQ:CACC) last posted its quarterly earnings results on Thursday, July 31st. The credit services provider reported $8.56 earnings per share for the quarter, missing analysts’ consensus estimates of $9.84 by ($1.28). Credit Acceptance had a net margin of 18.69% and a return on equity of 27.06%. The business had revenue of $583.80 million during the quarter, compared to analyst estimates of $583.30 million. During the same quarter in the prior year, the business earned $10.29 earnings per share. The firm’s quarterly revenue was up 8.5% on a year-over-year basis. Sell-side analysts anticipate that Credit Acceptance Corporation will post 53.24 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

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

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.