Credit Acceptance (NASDAQ:CACC) Lowered to Hold Rating by StockNews.com

Credit Acceptance (NASDAQ:CACC - Get Free Report) was downgraded by research analysts at StockNews.com from a "buy" rating to a "hold" rating in a research note issued on Thursday.

Several other brokerages also recently weighed in on CACC. Stephens began coverage on shares of Credit Acceptance in a research note on Wednesday, November 13th. They set an "equal weight" rating and a $452.00 target price for the company. TD Cowen lowered their target price on shares of 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 3.7 %

Shares of NASDAQ:CACC traded up $18.85 on Thursday, hitting $524.14. 99,643 shares of the company's stock were exchanged, compared to its average volume of 54,703. The company has a debt-to-equity ratio of 3.79, a quick ratio of 23.63 and a current ratio of 23.63. Credit Acceptance has a 1-year low of $409.22 and a 1-year high of $616.66. The company has a market capitalization of $6.35 billion, a PE ratio of 35.20 and a beta of 1.46. The firm's 50-day moving average is $473.29 and its 200 day moving average is $475.55.

Credit Acceptance (NASDAQ:CACC - Get Free Report) last announced its quarterly earnings results on Wednesday, October 30th. The credit services provider reported $8.79 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $7.88 by $0.91. The firm had revenue of $550.30 million during the quarter, compared to the consensus estimate 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 period in the prior year, the company posted $10.70 earnings per share. Sell-side analysts predict that Credit Acceptance will post 36.53 EPS for the current year.

Insiders Place Their Bets

In other Credit Acceptance news, COO Jonathan Lum sold 552 shares of Credit Acceptance stock in a transaction on Tuesday, December 17th. The shares were sold at an average price of $489.90, for a total value of $270,424.80. Following the transaction, the chief operating officer now owns 31,493 shares in the company, valued at $15,428,420.70. This trade represents a 1.72 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 5.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Credit Acceptance

Large investors have recently modified their holdings of the company. HighTower Advisors LLC raised its position in shares of Credit Acceptance by 5.7% during the 3rd quarter. HighTower Advisors LLC now owns 595 shares of the credit services provider's stock worth $263,000 after purchasing an additional 32 shares during the period. Eagle Bay Advisors LLC bought a new position in Credit Acceptance during the 4th quarter worth $28,000. Wedge Capital Management L L P NC increased its position in Credit Acceptance by 2.7% in the fourth quarter. Wedge Capital Management L L P NC now owns 2,687 shares of the credit services provider's stock worth $1,261,000 after buying an additional 70 shares during the period. UMB Bank n.a. lifted its stake in Credit Acceptance by 10.7% in the fourth quarter. UMB Bank n.a. now owns 743 shares of the credit services provider's stock valued at $349,000 after buying an additional 72 shares during the last quarter. Finally, PDT Partners LLC boosted its holdings in shares of Credit Acceptance by 1.9% during the third quarter. PDT Partners LLC now owns 5,458 shares of the credit services provider's stock valued at $2,420,000 after acquiring an additional 100 shares during the period. 81.71% of the stock is currently owned by hedge funds and other institutional investors.

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.