Ruane Cunniff & Goldfarb Inc. Trims Stake in Credit Acceptance Corporation (CACC)

Ruane Cunniff & Goldfarb Inc. trimmed its stake in shares of Credit Acceptance Corporation (NASDAQ:CACC) by 0.6% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,073,427 shares of the credit services provider’s stock after selling 6,328 shares during the period. Credit Acceptance comprises about 2.6% of Ruane Cunniff & Goldfarb Inc.’s holdings, making the stock its 17th biggest position. Ruane Cunniff & Goldfarb Inc. owned about 5.56% of Credit Acceptance worth $300,742,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Mackenzie Financial Corp purchased a new position in shares of Credit Acceptance during the 3rd quarter worth approximately $6,338,000. OxFORD Asset Management LLP purchased a new position in shares of Credit Acceptance during the 3rd quarter worth approximately $2,314,000. Dimensional Fund Advisors LP increased its stake in shares of Credit Acceptance by 6.7% during the 3rd quarter. Dimensional Fund Advisors LP now owns 191,207 shares of the credit services provider’s stock worth $53,570,000 after purchasing an additional 11,956 shares in the last quarter. Schwab Charles Investment Management Inc. increased its stake in shares of Credit Acceptance by 7.7% during the 3rd quarter. Schwab Charles Investment Management Inc. now owns 72,472 shares of the credit services provider’s stock worth $20,305,000 after purchasing an additional 5,187 shares in the last quarter. Finally, Barings LLC increased its stake in shares of Credit Acceptance by 95.0% during the 3rd quarter. Barings LLC now owns 7,080 shares of the credit services provider’s stock worth $1,984,000 after purchasing an additional 3,450 shares in the last quarter. Institutional investors own 70.72% of the company’s stock.

A number of research analysts have recently weighed in on CACC shares. Jefferies Group reissued a “hold” rating and set a $260.00 price objective (up from $240.00) on shares of Credit Acceptance in a research note on Tuesday, October 10th. Zacks Investment Research cut shares of Credit Acceptance from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, October 3rd. BMO Capital Markets reissued a “market perform” rating and set a $252.00 price objective (up from $238.00) on shares of Credit Acceptance in a research note on Tuesday, October 31st. Bank of America lifted their target price on shares of Credit Acceptance from $195.00 to $230.00 and gave the stock an “underperform” rating in a research note on Tuesday, October 31st. Finally, Credit Suisse Group lifted their target price on shares of Credit Acceptance from $200.00 to $225.00 and gave the stock an “underperform” rating in a research note on Tuesday, October 31st. Four equities research analysts have rated the stock with a sell rating and seven have issued a hold rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $229.78.

Shares of Credit Acceptance Corporation (NASDAQ CACC) opened at $304.27 on Monday. The company has a market cap of $5,875.52, a P/E ratio of 15.13, a price-to-earnings-growth ratio of 1.24 and a beta of 0.53. The company has a quick ratio of 17.63, a current ratio of 17.63 and a debt-to-equity ratio of 2.12. Credit Acceptance Corporation has a 12 month low of $182.50 and a 12 month high of $308.19.

Credit Acceptance (NASDAQ:CACC) last released its earnings results on Monday, October 30th. The credit services provider reported $5.43 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $5.15 by $0.28. The firm had revenue of $283.90 million during the quarter, compared to analysts’ expectations of $281.03 million. Credit Acceptance had a net margin of 35.29% and a return on equity of 32.08%. Credit Acceptance’s revenue for the quarter was up 15.1% on a year-over-year basis. During the same period in the previous year, the company earned $4.53 EPS. equities analysts anticipate that Credit Acceptance Corporation will post 20.84 earnings per share for the current fiscal year.

COPYRIGHT VIOLATION NOTICE: “Ruane Cunniff & Goldfarb Inc. Trims Stake in Credit Acceptance Corporation (CACC)” was originally published by Community Financial News and is the sole property of of Community Financial News. If you are viewing this story on another publication, it was illegally copied and republished in violation of US & international trademark & copyright law. The original version of this story can be read at https://www.com-unik.info/2017/12/04/ruane-cunniff-goldfarb-inc-trims-stake-in-credit-acceptance-corporation-cacc.html.

Credit Acceptance Company Profile

Credit Acceptance Corporation offers financing programs that enable automobile dealers to sell vehicles to consumers. The Company’s financing programs are offered through a network of automobile dealers. The Company has two Dealers financing programs: the Portfolio Program and the Purchase Program. Under the Portfolio Program, the Company advances money to dealers (Dealer Loan) in exchange for the right to service the underlying consumer loans.

Institutional Ownership by Quarter for Credit Acceptance (NASDAQ:CACC)

What are top analysts saying about Credit Acceptance Corporation? - Enter your email address in the form below to receive our free daily email newsletter that contains the latest headlines and analysts' recommendations for for Credit Acceptance Corporation and related companies.

Comments

Leave a Reply


share news on Facebook
tweet this investment news
share on linkedin
share on StockTwits
share on Google Plus
share on reddit