Credit Acceptance (CACC) Coverage Initiated by Analysts at Oppenheimer
Oppenheimer began coverage on shares of Credit Acceptance (NASDAQ:CACC) in a report issued on Monday. The firm set a “buy” rating and a $355.00 price target on the credit services provider’s stock. Oppenheimer’s price target points to a potential upside of 7.50% from the company’s previous close.
Other analysts also recently issued reports about the company. BidaskClub downgraded Credit Acceptance from a “strong-buy” rating to a “buy” rating in a research report on Saturday. 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 report on Tuesday, October 10th. BMO Capital Markets reissued a “hold” rating and set a $238.00 price objective on shares of Credit Acceptance in a research report on Friday, October 6th. Zacks Investment Research downgraded Credit Acceptance from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, October 3rd. Finally, Credit Suisse Group reissued a “sell” rating and set a $270.00 price objective on shares of Credit Acceptance in a research report on Monday. Four analysts have rated the stock with a sell rating, six have assigned a hold rating and two have assigned a buy rating to the stock. Credit Acceptance has a consensus rating of “Hold” and an average price target of $255.50.
Shares of Credit Acceptance (NASDAQ:CACC) traded up $1.23 during trading hours on Monday, hitting $330.24. The company had a trading volume of 136,418 shares, compared to its average volume of 145,645. The company has a quick ratio of 17.63, a current ratio of 17.63 and a debt-to-equity ratio of 2.12. The firm has a market cap of $6,380.00, a P/E ratio of 17.12, a price-to-earnings-growth ratio of 1.30 and a beta of 0.54. Credit Acceptance has a 1 year low of $182.50 and a 1 year high of $338.12.
Credit Acceptance (NASDAQ:CACC) last issued its quarterly earnings data on Monday, October 30th. The credit services provider reported $5.43 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $5.15 by $0.28. The firm had revenue of $283.90 million during the quarter, compared to the consensus estimate of $281.03 million. Credit Acceptance had a return on equity of 32.08% and a net margin of 35.29%. The company’s quarterly revenue was up 15.1% on a year-over-year basis. During the same period last year, the company earned $4.53 EPS. sell-side analysts expect that Credit Acceptance will post 20.74 EPS for the current year.
In related news, major shareholder Jill Foss Watson sold 18,106 shares of the firm’s stock in a transaction dated Tuesday, December 26th. The stock was sold at an average price of $326.06, for a total transaction of $5,903,642.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders have sold a total of 114,925 shares of company stock valued at $37,901,719 over the last 90 days. 5.80% of the stock is currently owned by company insiders.
A number of institutional investors have recently made changes to their positions in CACC. Koch Industries Inc. purchased a new position in Credit Acceptance during the 2nd quarter valued at about $240,000. Goldman Sachs Group Inc. boosted its holdings in Credit Acceptance by 479.4% during the 2nd quarter. Goldman Sachs Group Inc. now owns 138,545 shares of the credit services provider’s stock valued at $35,626,000 after acquiring an additional 114,632 shares during the period. First Trust Advisors LP boosted its holdings in Credit Acceptance by 5,945.1% during the 3rd quarter. First Trust Advisors LP now owns 53,378 shares of the credit services provider’s stock valued at $14,955,000 after acquiring an additional 52,495 shares during the period. BlackRock Inc. boosted its holdings in Credit Acceptance by 11.4% during the 2nd quarter. BlackRock Inc. now owns 446,139 shares of the credit services provider’s stock valued at $114,720,000 after acquiring an additional 45,768 shares during the period. Finally, Howard Hughes Medical Institute boosted its holdings in Credit Acceptance by 55.2% during the 2nd quarter. Howard Hughes Medical Institute now owns 78,918 shares of the credit services provider’s stock valued at $20,293,000 after acquiring an additional 28,082 shares during the period. Institutional investors own 70.69% of the company’s stock.
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About Credit Acceptance
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.
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