Point72 Hong Kong Ltd Makes New $177,000 Investment in Credit Acceptance Co. (NASDAQ:CACC)

Point72 Hong Kong Ltd acquired a new stake in Credit Acceptance Co. (NASDAQ:CACC) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 398 shares of the credit services provider’s stock, valued at approximately $177,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Abrams Bison Investments LLC increased its holdings in Credit Acceptance by 30.5% during the 3rd quarter. Abrams Bison Investments LLC now owns 228,306 shares of the credit services provider’s stock worth $101,235,000 after purchasing an additional 53,306 shares during the period. Charles Schwab Investment Management Inc. grew its position in shares of Credit Acceptance by 24.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 94,051 shares of the credit services provider’s stock worth $41,704,000 after buying an additional 18,530 shares in the last quarter. MIG Capital LLC increased its stake in shares of Credit Acceptance by 18.7% during the third quarter. MIG Capital LLC now owns 116,491 shares of the credit services provider’s stock worth $51,654,000 after buying an additional 18,351 shares during the period. Alfreton Capital LLP raised its holdings in Credit Acceptance by 22.7% in the second quarter. Alfreton Capital LLP now owns 98,128 shares of the credit services provider’s stock valued at $50,505,000 after acquiring an additional 18,128 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its stake in Credit Acceptance by 4.1% in the second quarter. Dimensional Fund Advisors LP now owns 179,655 shares of the credit services provider’s stock worth $92,455,000 after acquiring an additional 7,064 shares during the last quarter. Hedge funds and other institutional investors own 81.71% of the company’s stock.

Insider Activity

In other news, insider Thomas W. Smith sold 1,200 shares of Credit Acceptance stock in a transaction on Monday, September 9th. The shares were sold at an average price of $451.01, for a total value of $541,212.00. Following the transaction, the insider now directly owns 74,450 shares of the company’s stock, valued at $33,577,694.50. The trade was a 1.59 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 5.30% of the company’s stock.

Credit Acceptance Stock Down 2.5 %

CACC stock opened at $485.43 on Tuesday. The company’s 50 day moving average is $456.47 and its two-hundred day moving average is $479.60. Credit Acceptance Co. has a twelve month low of $409.22 and a twelve month high of $616.66. The company has a current ratio of 23.63, a quick ratio of 23.63 and a debt-to-equity ratio of 3.79. The stock has a market cap of $5.88 billion, a P/E ratio of 32.60 and a beta of 1.42.

Credit Acceptance (NASDAQ:CACC) last announced its quarterly earnings results on Wednesday, October 30th. The credit services provider reported $8.79 earnings per share 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 analysts’ expectations of $548.13 million. Credit Acceptance had a net margin of 9.08% and a return on equity of 29.18%. Credit Acceptance’s quarterly revenue was up 15.0% compared to the same quarter last year. During the same period in the previous year, the company earned $10.70 earnings per share. Research analysts expect that Credit Acceptance Co. will post 36.77 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts have commented on CACC shares. TD Cowen dropped their price objective on shares of Credit Acceptance from $400.00 to $380.00 and set a “sell” rating on the stock in a research report on Friday, November 1st. StockNews.com raised Credit Acceptance from a “hold” rating to a “buy” rating in a report on Tuesday, November 12th. Finally, Stephens assumed coverage on Credit Acceptance in a report on Wednesday, November 13th. They set an “equal weight” rating and a $452.00 price target for the company.

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.