CX Institutional Takes $36,000 Position in Credit Acceptance Corporation (NASDAQ:CACC)

CX Institutional acquired a new stake in shares of Credit Acceptance Corporation (NASDAQ:CACC) in the first quarter, HoldingsChannel reports. The firm acquired 70 shares of the credit services provider’s stock, valued at approximately $36,000.

A number of other institutional investors have also recently made changes to their positions in CACC. London Co. of Virginia purchased a new position in shares of Credit Acceptance during the fourth quarter valued at about $48,148,000. Crow s Nest Holdings LP purchased a new position in Credit Acceptance in the fourth quarter worth about $35,210,000. Twin Lions Management LLC purchased a new position in Credit Acceptance in the fourth quarter worth about $21,093,000. Wealthfront Advisers LLC purchased a new position in Credit Acceptance in the fourth quarter worth about $18,146,000. Finally, Millennium Management LLC grew its position in Credit Acceptance by 708.8% in the fourth quarter. Millennium Management LLC now owns 43,426 shares of the credit services provider’s stock worth $20,387,000 after acquiring an additional 38,057 shares in the last quarter. Hedge funds and other institutional investors own 81.71% of the company’s stock.

Insider Buying and Selling

In other Credit Acceptance news, insider Nicholas J. Elliott sold 300 shares of the business’s stock in a transaction that occurred on Thursday, March 20th. The stock was sold at an average price of $502.00, for a total transaction of $150,600.00. Following the completion of the transaction, the insider now owns 19,385 shares in the company, valued at $9,731,270. The trade was a 1.52% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Douglas W. Busk sold 3,000 shares of the business’s stock in a transaction that occurred on Tuesday, March 25th. The shares were sold at an average price of $515.97, for a total value of $1,547,910.00. Following the transaction, the insider now owns 3,112 shares of the company’s stock, valued at $1,605,698.64. This trade represents a 49.08% decrease in their position. The disclosure for this sale can be found here. 5.30% of the stock is currently owned by company insiders.

Credit Acceptance Trading Up 0.8%

CACC opened at $499.88 on Wednesday. The firm has a market cap of $5.80 billion, a P/E ratio of 21.33 and a beta of 1.15. Credit Acceptance Corporation has a 12 month low of $409.22 and a 12 month high of $614.96. The company has a current ratio of 17.64, a quick ratio of 17.64 and a debt-to-equity ratio of 3.92. The stock has a 50-day moving average of $488.28 and a 200 day moving average of $489.27.

Credit Acceptance (NASDAQ:CACC) last released its quarterly earnings results on Wednesday, April 30th. The credit services provider reported $9.35 EPS for the quarter, missing the consensus estimate of $10.31 by ($0.96). The company had revenue of $571.10 million during the quarter, compared to analysts’ expectations of $570.25 million. Credit Acceptance had a return on equity of 28.60% and a net margin of 13.03%. The company’s revenue was up 12.4% on a year-over-year basis. During the same quarter in the prior year, the business posted $9.28 EPS. As a group, research analysts forecast that Credit Acceptance Corporation will post 53.24 EPS for the current year.

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.