Mraz Amerine & Associates Inc. Cuts Stock Holdings in Credit Acceptance Corporation $CACC

Mraz Amerine & Associates Inc. lessened its holdings in Credit Acceptance Corporation (NASDAQ:CACC) by 36.5% during the second quarter, Holdings Channel.com reports. The institutional investor owned 8,376 shares of the credit services provider’s stock after selling 4,819 shares during the quarter. Credit Acceptance comprises approximately 0.7% of Mraz Amerine & Associates Inc.’s holdings, making the stock its 22nd biggest position. Mraz Amerine & Associates Inc.’s holdings in Credit Acceptance were worth $5,333,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also bought and sold shares of the company. Versant Capital Management Inc lifted its stake in shares of Credit Acceptance by 587.5% during the 2nd quarter. Versant Capital Management Inc now owns 55 shares of the credit services provider’s stock valued at $35,000 after buying an additional 47 shares in the last quarter. State of Wyoming purchased a new position in Credit Acceptance in the 4th quarter worth approximately $27,000. Kestra Advisory Services LLC purchased a new stake in Credit Acceptance during the fourth quarter valued at about $27,000. Rockefeller Capital Management L.P. grew its position in Credit Acceptance by 53.3% during the fourth quarter. Rockefeller Capital Management L.P. now owns 69 shares of the credit services provider’s stock valued at $31,000 after acquiring an additional 24 shares during the last quarter. Finally, Parallel Advisors LLC grew its stake in shares of Credit Acceptance by 590.0% during the first quarter. Parallel Advisors LLC now owns 69 shares of the credit services provider’s stock valued at $29,000 after buying an additional 59 shares during the last quarter. Hedge funds and other institutional investors own 81.71% of the company’s stock.

Credit Acceptance Trading Down 1.8%

Credit Acceptance stock traded down $10.94 during midday trading on Tuesday, reaching $593.78. 155,960 shares of the stock traded hands, compared to its average volume of 173,102. The firm has a market cap of $6.21 billion, a PE ratio of 13.06 and a beta of 1.35. The company has a 50-day simple moving average of $601.47 and a two-hundred day simple moving average of $544.00. The company has a current ratio of 14.89, a quick ratio of 14.89 and a debt-to-equity ratio of 3.84. Credit Acceptance Corporation has a 12-month low of $401.90 and a 12-month high of $668.86.

Credit Acceptance (NASDAQ:CACC) last released its earnings results on Tuesday, August 4th. The credit services provider reported $12.12 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $12.20 by ($0.08). The company had revenue of $415.00 million during the quarter, compared to analyst estimates of $588.07 million. Credit Acceptance had a net margin of 21.54% and a return on equity of 31.67%. The company’s revenue for the quarter was up .6% on a year-over-year basis. During the same period in the previous year, the firm posted $10.05 EPS. Research analysts expect that Credit Acceptance Corporation will post 47.8 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

CACC has been the subject of a number of research reports. Zacks Research downgraded shares of Credit Acceptance from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, May 13th. Weiss Ratings raised Credit Acceptance from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday, July 16th. Finally, TD Cowen boosted their target price on shares of Credit Acceptance from $575.00 to $600.00 and gave the stock a “hold” rating in a report on Wednesday, August 5th. One analyst has rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Credit Acceptance has an average rating of “Hold” and an average target price of $570.00.

Insider Buying and Selling

In other Credit Acceptance news, insider Erin Kerber sold 5,720 shares of the company’s stock in a transaction that occurred on Friday, June 26th. The stock was sold at an average price of $629.80, for a total value of $3,602,456.00. Following the transaction, the insider directly owned 25,711 shares of the company’s stock, valued at $16,192,787.80. This represents a 18.20% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, major shareholder Jill Watson sold 11,000 shares of the business’s stock in a transaction that occurred on Thursday, July 2nd. The shares were sold at an average price of $653.24, for a total value of $7,185,640.00. Following the transaction, the insider owned 49,346 shares of the company’s stock, valued at $32,234,781.04. This represents a 18.23% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 44,289 shares of company stock valued at $27,525,241 over the last three months. Company insiders own 6.10% of the company’s stock.

About Credit Acceptance

Credit Acceptance Corporation, founded in 1972 and headquartered in Southfield, Michigan, is a specialty finance company focused on the indirect automotive lending market. The company partners with independent and franchised auto dealers to facilitate purchase financing for consumers who may not qualify for traditional prime auto loans. By purchasing retail installment contracts originated by these dealers, Credit Acceptance provides capital and credit insurance to support vehicle sales, enabling dealers to broaden their customer base and reduce credit risk.

Through its proprietary underwriting platform and risk management strategies, Credit Acceptance evaluates borrower applications, structures credit plans, and retains servicing rights on the acquired contracts.