Credit Acceptance Co. (NASDAQ:CACC) Shares Sold by Ingalls & Snyder LLC

Ingalls & Snyder LLC cut its stake in shares of Credit Acceptance Co. (NASDAQ:CACC) by 21.4% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 25,659 shares of the credit services provider’s stock after selling 6,982 shares during the period. Ingalls & Snyder LLC owned approximately 0.21% of Credit Acceptance worth $12,046,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. HighTower Advisors LLC raised its stake in Credit Acceptance by 5.7% during the 3rd quarter. HighTower Advisors LLC now owns 595 shares of the credit services provider’s stock valued at $263,000 after acquiring an additional 32 shares during the last quarter. Eagle Bay Advisors LLC purchased a new stake in Credit Acceptance during the 4th quarter valued at approximately $28,000. Wedge Capital Management L L P NC raised its stake in Credit Acceptance by 2.7% during the 4th quarter. Wedge Capital Management L L P NC now owns 2,687 shares of the credit services provider’s stock valued at $1,261,000 after acquiring an additional 70 shares during the last quarter. UMB Bank n.a. raised its stake in shares of Credit Acceptance by 10.7% during the 4th quarter. UMB Bank n.a. now owns 743 shares of the credit services provider’s stock worth $349,000 after buying an additional 72 shares in the last quarter. Finally, PDT Partners LLC raised its stake in shares of Credit Acceptance by 1.9% during the 3rd quarter. PDT Partners LLC now owns 5,458 shares of the credit services provider’s stock worth $2,420,000 after buying an additional 100 shares in the last quarter. 81.71% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the company. StockNews.com raised Credit Acceptance from a “hold” rating to a “buy” rating in a research note on Friday, January 31st. Stephens increased their target price on Credit Acceptance from $452.00 to $500.00 and gave the stock an “equal weight” rating in a research note on Friday, January 31st. Finally, TD Cowen cut their target price on Credit Acceptance from $400.00 to $380.00 and set a “sell” rating for the company in a research note on Friday, November 1st.

Credit Acceptance Stock Performance

Shares of CACC stock opened at $502.71 on Thursday. The company has a market cap of $6.09 billion, a price-to-earnings ratio of 25.31 and a beta of 1.47. The company has a current ratio of 23.63, a quick ratio of 23.63 and a debt-to-equity ratio of 3.79. The stock has a 50 day simple moving average of $486.86 and a 200-day simple moving average of $470.09. Credit Acceptance Co. has a 12-month low of $409.22 and a 12-month high of $614.96.

Credit Acceptance (NASDAQ:CACC) last released its quarterly earnings results on Thursday, January 30th. The credit services provider reported $10.17 earnings per share for the quarter, topping analysts’ consensus estimates of $7.70 by $2.47. Credit Acceptance had a return on equity of 29.60% and a net margin of 11.46%. On average, equities analysts forecast that Credit Acceptance Co. will post 53.24 EPS for the current year.

Insider Buying and Selling

In related news, COO Jonathan Lum sold 552 shares of the company’s stock in a transaction that occurred on Tuesday, December 17th. The stock was sold at an average price of $489.90, for a total value of $270,424.80. Following the sale, the chief operating officer now owns 31,493 shares in the company, valued at $15,428,420.70. This represents a 1.72 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 5.30% of the company’s stock.

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.