Quantitative Investment Management LLC Invests $7.15 Million in Credit Acceptance Corporation (CACC)

Quantitative Investment Management LLC acquired a new position in shares of Credit Acceptance Corporation (NASDAQ:CACC) during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor acquired 27,800 shares of the credit services provider’s stock, valued at approximately $7,148,000. Quantitative Investment Management LLC owned 0.14% of Credit Acceptance Corporation at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in CACC. Aperio Group LLC raised its holdings in Credit Acceptance Corporation by 1.4% in the second quarter. Aperio Group LLC now owns 1,243 shares of the credit services provider’s stock valued at $320,000 after buying an additional 17 shares during the period. Public Employees Retirement System of Ohio raised its holdings in Credit Acceptance Corporation by 0.9% in the first quarter. Public Employees Retirement System of Ohio now owns 4,078 shares of the credit services provider’s stock valued at $813,000 after buying an additional 37 shares during the period. Allen Investment Management LLC raised its holdings in Credit Acceptance Corporation by 1.8% in the first quarter. Allen Investment Management LLC now owns 2,344 shares of the credit services provider’s stock valued at $467,000 after buying an additional 41 shares during the period. Legal & General Group Plc raised its holdings in Credit Acceptance Corporation by 1.4% in the second quarter. Legal & General Group Plc now owns 3,250 shares of the credit services provider’s stock valued at $836,000 after buying an additional 45 shares during the period. Finally, Public Employees Retirement Association of Colorado raised its holdings in Credit Acceptance Corporation by 4.8% in the second quarter. Public Employees Retirement Association of Colorado now owns 1,954 shares of the credit services provider’s stock valued at $502,000 after buying an additional 90 shares during the period. Institutional investors and hedge funds own 72.71% of the company’s stock.

In other Credit Acceptance Corporation news, major shareholder Jill Foss Watson sold 35,348 shares of the company’s stock in a transaction on Wednesday, August 2nd. The stock was sold at an average price of $275.69, for a total value of $9,745,090.12. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Douglas W. Busk sold 2,500 shares of the company’s stock in a transaction on Wednesday, August 2nd. The shares were sold at an average price of $267.72, for a total value of $669,300.00. The disclosure for this sale can be found here. Insiders sold 152,858 shares of company stock worth $41,562,168 over the last quarter. Company insiders own 5.80% of the company’s stock.

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Credit Acceptance Corporation (NASDAQ:CACC) opened at 273.21 on Friday. The company has a market capitalization of $5.32 billion, a PE ratio of 14.93 and a beta of 0.50. Credit Acceptance Corporation has a 52 week low of $160.63 and a 52 week high of $281.67. The company’s 50-day moving average price is $268.84 and its 200 day moving average price is $232.41.

Credit Acceptance Corporation (NASDAQ:CACC) last announced its quarterly earnings results on Monday, July 31st. The credit services provider reported $5.22 earnings per share for the quarter, beating analysts’ consensus estimates of $4.89 by $0.33. Credit Acceptance Corporation had a return on equity of 32.24% and a net margin of 35.13%. The firm had revenue of $253.20 million for the quarter, compared to analysts’ expectations of $268.18 million. During the same period in the prior year, the business posted $4.38 earnings per share. The business’s revenue was up 14.5% compared to the same quarter last year. On average, equities research analysts anticipate that Credit Acceptance Corporation will post $19.90 EPS for the current year.

CACC has been the topic of several research reports. BidaskClub upgraded shares of Credit Acceptance Corporation from a “buy” rating to a “strong-buy” rating in a report on Friday, June 23rd. Jefferies Group LLC reaffirmed a “hold” rating and issued a $215.00 price objective on shares of Credit Acceptance Corporation in a research report on Friday, July 14th. Zacks Investment Research downgraded shares of Credit Acceptance Corporation from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 4th. BMO Capital Markets increased their price objective on shares of Credit Acceptance Corporation from $226.00 to $238.00 and gave the company a “market perform” rating in a research report on Tuesday, August 1st. Finally, Credit Suisse Group reaffirmed an “underperform” rating and issued a $200.00 price objective (up previously from $190.00) on shares of Credit Acceptance Corporation in a research report on Tuesday, August 1st. Three equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and one has issued a buy rating to the stock. Credit Acceptance Corporation presently has a consensus rating of “Hold” and an average price target of $222.38.

Credit Acceptance Corporation Company Profile

Credit Acceptance Corporation offers financing programs that enable automobile dealers to sell vehicles to consumers. The Company’s financing programs are offered through a network of automobile dealers. The Company has two Dealers financing programs: the Portfolio Program and the Purchase Program. Under the Portfolio Program, the Company advances money to dealers (Dealer Loan) in exchange for the right to service the underlying consumer loans.

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Institutional Ownership by Quarter for Credit Acceptance Corporation (NASDAQ:CACC)

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