KLP Kapitalforvaltning AS Takes Position in Credit Acceptance Co. (NASDAQ:CACC)

KLP Kapitalforvaltning AS acquired a new stake in Credit Acceptance Co. (NASDAQ:CACC - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm acquired 1,300 shares of the credit services provider's stock, valued at approximately $610,000.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. HighTower Advisors LLC raised its position in Credit Acceptance by 5.7% during the third quarter. HighTower Advisors LLC now owns 595 shares of the credit services provider's stock worth $263,000 after acquiring an additional 32 shares in the last quarter. Eagle Bay Advisors LLC acquired a new stake in Credit Acceptance in the 4th quarter valued at about $28,000. US Bancorp DE lifted its stake in Credit Acceptance by 50.4% in the 4th quarter. US Bancorp DE now owns 179 shares of the credit services provider's stock valued at $84,000 after purchasing an additional 60 shares during the last quarter. Xponance Inc. grew its holdings in Credit Acceptance by 10.4% during the fourth quarter. Xponance Inc. now owns 730 shares of the credit services provider's stock worth $343,000 after purchasing an additional 69 shares during the period. Finally, Corient Private Wealth LLC increased its position in Credit Acceptance by 7.2% during the fourth quarter. Corient Private Wealth LLC now owns 1,030 shares of the credit services provider's stock worth $484,000 after buying an additional 69 shares during the last quarter. Institutional investors and hedge funds own 81.71% of the company's stock.

Insider Buying and Selling

In other news, insider Douglas W. Busk sold 3,000 shares of the stock in a transaction on Tuesday, March 25th. The stock was sold at an average price of $515.97, for a total transaction of $1,547,910.00. Following the sale, the insider now directly owns 3,112 shares of the company's stock, valued at approximately $1,605,698.64. This represents a 49.08 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Nicholas J. Elliott sold 300 shares of the firm's stock in a transaction on Thursday, March 20th. The stock was sold at an average price of $502.00, for a total value 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 position. The disclosure for this sale can be found here. 5.30% of the stock is owned by insiders.

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Credit Acceptance Stock Performance

Shares of Credit Acceptance stock traded up $3.59 on Monday, hitting $465.03. The stock had a trading volume of 171,503 shares, compared to its average volume of 61,114. The stock has a market cap of $5.60 billion, a price-to-earnings ratio of 23.42 and a beta of 1.27. The company has a quick ratio of 20.33, a current ratio of 20.33 and a debt-to-equity ratio of 3.63. Credit Acceptance Co. has a twelve month low of $409.22 and a twelve month high of $614.96. The business's 50 day moving average is $499.59 and its two-hundred day moving average is $477.81.

Credit Acceptance (NASDAQ:CACC - Get Free Report) last issued its quarterly earnings data on Thursday, January 30th. The credit services provider reported $10.17 EPS for the quarter, beating analysts' consensus estimates of $7.70 by $2.47. Credit Acceptance had a return on equity of 29.01% and a net margin of 11.46%. Analysts forecast that Credit Acceptance Co. will post 53.24 EPS for the current year.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on CACC. Stephens lifted 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. StockNews.com raised shares of Credit Acceptance from a "hold" rating to a "buy" rating in a research report on Friday, January 31st.

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.