Credit Acceptance Co. (NASDAQ:CACC) is Abrams Bison Investments LLC’s 6th Largest Position

Abrams Bison Investments LLC lifted its holdings in shares of Credit Acceptance Co. (NASDAQ:CACC) by 30.5% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 228,306 shares of the credit services provider’s stock after buying an additional 53,306 shares during the quarter. Credit Acceptance comprises 8.7% of Abrams Bison Investments LLC’s investment portfolio, making the stock its 6th biggest position. Abrams Bison Investments LLC owned about 1.89% of Credit Acceptance worth $101,235,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently bought and sold shares of the business. nVerses Capital LLC bought a new stake in shares of Credit Acceptance during the second quarter valued at about $51,000. Quest Partners LLC lifted its stake in Credit Acceptance by 11,900.0% in the 3rd quarter. Quest Partners LLC now owns 120 shares of the credit services provider’s stock worth $53,000 after purchasing an additional 119 shares in the last quarter. Headlands Technologies LLC grew its position in shares of Credit Acceptance by 24,850.0% during the 2nd quarter. Headlands Technologies LLC now owns 499 shares of the credit services provider’s stock valued at $257,000 after purchasing an additional 497 shares in the last quarter. Creative Planning bought a new position in shares of Credit Acceptance in the second quarter worth $282,000. Finally, Lountzis Asset Management LLC raised its position in shares of Credit Acceptance by 22.3% in the third quarter. Lountzis Asset Management LLC now owns 598 shares of the credit services provider’s stock worth $265,000 after buying an additional 109 shares in the last quarter. 81.71% of the stock is owned by institutional investors.

Credit Acceptance Stock Up 0.7 %

CACC opened at $497.70 on Friday. The business’s fifty day simple moving average is $454.97 and its 200 day simple moving average is $480.42. Credit Acceptance Co. has a 52 week low of $409.22 and a 52 week high of $616.66. The company has a quick ratio of 23.63, a current ratio of 23.63 and a debt-to-equity ratio of 3.79. The stock has a market cap of $6.03 billion, a PE ratio of 33.43 and a beta of 1.42.

Credit Acceptance (NASDAQ:CACC) last announced its quarterly earnings data on Wednesday, October 30th. The credit services provider reported $8.79 EPS for the quarter, beating the consensus estimate of $7.88 by $0.91. The firm had revenue of $550.30 million for the quarter, compared to analyst estimates of $548.13 million. Credit Acceptance had a return on equity of 29.18% and a net margin of 9.08%. The company’s revenue was up 15.0% on a year-over-year basis. During the same period in the prior year, the company earned $10.70 EPS. As a group, research analysts expect that Credit Acceptance Co. will post 37.14 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, insider Thomas W. Smith sold 1,200 shares of the stock in a transaction on Monday, September 9th. The shares were sold at an average price of $451.01, for a total transaction of $541,212.00. Following the transaction, the insider now owns 74,450 shares of the company’s stock, valued at approximately $33,577,694.50. This trade represents a 1.59 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 5.30% of the company’s stock.

Analyst Ratings Changes

Several research firms recently commented on CACC. StockNews.com upgraded Credit Acceptance from a “hold” rating to a “buy” rating in a research report on Tuesday, November 12th. Stephens began coverage on Credit Acceptance in a report on Wednesday, November 13th. They set an “equal weight” rating and a $452.00 price objective for the company. Finally, TD Cowen decreased their price objective on shares of Credit Acceptance from $400.00 to $380.00 and set a “sell” rating on the stock in a research report on Friday, November 1st.

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.