State of New Jersey Common Pension Fund D Grows Stock Holdings in Credit Acceptance Co. (NASDAQ:CACC)

State of New Jersey Common Pension Fund D grew its holdings in Credit Acceptance Co. (NASDAQ:CACC - Free Report) by 13.3% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,717 shares of the credit services provider's stock after purchasing an additional 554 shares during the quarter. State of New Jersey Common Pension Fund D's holdings in Credit Acceptance were worth $2,214,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in CACC. Eagle Bay Advisors LLC acquired a new position in Credit Acceptance during the fourth quarter worth $28,000. Quest Partners LLC boosted its holdings 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 valued at $53,000 after purchasing an additional 119 shares during the last quarter. SG Americas Securities LLC purchased a new stake in shares of Credit Acceptance in the 4th quarter valued at approximately $142,000. Point72 Hong Kong Ltd acquired a new stake in shares of Credit Acceptance during the 3rd quarter worth approximately $177,000. Finally, Principal Securities Inc. purchased a new stake in shares of Credit Acceptance during the 4th quarter valued at approximately $197,000. 81.71% of the stock is currently owned by institutional investors and hedge funds.

Credit Acceptance Trading Down 2.2 %

Shares of NASDAQ CACC traded down $10.70 during trading on Tuesday, reaching $479.51. The stock had a trading volume of 52,517 shares, compared to its average volume of 60,295. The company has a debt-to-equity ratio of 3.63, a quick ratio of 20.33 and a current ratio of 20.33. The company has a market cap of $5.77 billion, a P/E ratio of 24.14 and a beta of 1.47. Credit Acceptance Co. has a fifty-two week low of $409.22 and a fifty-two week high of $614.96. The business's 50-day moving average price is $490.27 and its 200-day moving average price is $470.31.

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Credit Acceptance (NASDAQ:CACC - Get Free Report) last released its earnings results on Thursday, January 30th. The credit services provider reported $10.17 earnings per share for the quarter, beating the consensus estimate of $7.70 by $2.47. Credit Acceptance had a return on equity of 29.01% and a net margin of 11.46%. On average, equities research analysts predict that Credit Acceptance Co. will post 53.24 EPS for the current fiscal year.

Insider Buying and Selling

In other news, COO Jonathan Lum sold 552 shares of the stock in a transaction 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 directly owns 31,493 shares in the company, valued at approximately $15,428,420.70. This trade represents a 1.72 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 5.30% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of equities research analysts have commented on the company. StockNews.com upgraded Credit Acceptance from a "hold" rating to a "buy" rating in a research report on Friday, January 31st. Stephens increased their target price on shares of 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 reduced their price target on shares of Credit Acceptance from $400.00 to $380.00 and set a "sell" rating on the stock in a research note 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.