Wellington Management Group LLP Sells 78,757 Shares of Credit Acceptance Co. (NASDAQ:CACC)

Wellington Management Group LLP reduced its stake in shares of Credit Acceptance Co. (NASDAQ:CACC - Free Report) by 12.7% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 542,671 shares of the credit services provider's stock after selling 78,757 shares during the quarter. Wellington Management Group LLP owned about 4.48% of Credit Acceptance worth $240,631,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of CACC. nVerses Capital LLC acquired a new position in Credit Acceptance during the second quarter worth about $51,000. Quest Partners LLC grew its holdings in Credit Acceptance by 11,900.0% during the third quarter. Quest Partners LLC now owns 120 shares of the credit services provider's stock worth $53,000 after acquiring an additional 119 shares during the period. Point72 Hong Kong Ltd acquired a new position in Credit Acceptance during the third quarter worth about $177,000. Headlands Technologies LLC grew its holdings in Credit Acceptance by 24,850.0% during the second quarter. Headlands Technologies LLC now owns 499 shares of the credit services provider's stock worth $257,000 after acquiring an additional 497 shares during the period. Finally, Creative Planning acquired a new position in Credit Acceptance during the second quarter worth about $282,000. 81.71% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms have issued reports on CACC. Stephens assumed coverage on Credit Acceptance in a report on Wednesday, November 13th. They set an "equal weight" rating and a $452.00 price objective on the stock. StockNews.com upgraded Credit Acceptance from a "hold" rating to a "buy" rating in a report on Tuesday, November 12th. Finally, TD Cowen dropped their target price on Credit Acceptance from $400.00 to $380.00 and set a "sell" rating on the stock in a report on Friday, November 1st.

Credit Acceptance Stock Up 2.4 %

Shares of CACC traded up $11.52 during trading hours on Monday, reaching $494.62. The company's stock had a trading volume of 115,428 shares, compared to its average volume of 60,033. The firm has a market cap of $5.99 billion, a price-to-earnings ratio of 32.44 and a beta of 1.46. The company has a 50 day moving average of $459.22 and a two-hundred day moving average of $479.20. Credit Acceptance Co. has a 1-year low of $409.22 and a 1-year 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.

Credit Acceptance (NASDAQ:CACC - Get Free Report) last announced its quarterly earnings results 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 business had revenue of $550.30 million during the quarter, compared to analysts' expectations of $548.13 million. Credit Acceptance had a return on equity of 29.18% and a net margin of 9.08%. The firm's quarterly revenue was up 15.0% compared to the same quarter last year. During the same quarter in the previous year, the business posted $10.70 EPS. As a group, research analysts predict that Credit Acceptance Co. will post 36.54 EPS for the current fiscal 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.