Credit Acceptance (CACC) Lowered to Sell at Zacks Investment Research

Zacks Investment Research cut shares of Credit Acceptance (NASDAQ:CACC) from a hold rating to a sell rating in a report released on Tuesday morning.

According to Zacks, “Credit Acceptance Corporation is a specialized financial services company which provides funding, receivables management, collection, sales training and related services to automobile dealers. “

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CACC has been the subject of a number of other research reports. JMP Securities lifted their price objective on shares of Credit Acceptance from $195.00 to $260.00 and gave the company an underperform rating in a report on Wednesday, January 31st. BidaskClub cut shares of Credit Acceptance from a strong-buy rating to a buy rating in a report on Saturday, January 6th. Credit Suisse Group reiterated a sell rating and issued a $270.00 price target on shares of Credit Acceptance in a research note on Monday, January 8th. Oppenheimer began coverage on shares of Credit Acceptance in a research note on Monday, January 8th. They issued a buy rating and a $355.00 price target for the company. Finally, BMO Capital Markets decreased their price target on shares of Credit Acceptance from $312.00 to $295.00 and set a market perform rating for the company in a research note on Thursday, February 1st. Five research analysts have rated the stock with a sell rating, four have given a hold rating, one has given a buy rating and two have given a strong buy rating to the company. The company presently has an average rating of Hold and a consensus price target of $283.22.

Shares of CACC stock opened at $330.41 on Tuesday. The company has a quick ratio of 24.00, a current ratio of 24.00 and a debt-to-equity ratio of 1.99. The company has a market capitalization of $6,380.23, a P/E ratio of 16.16, a price-to-earnings-growth ratio of 0.71 and a beta of 0.61. Credit Acceptance has a fifty-two week low of $182.50 and a fifty-two week high of $377.82.

Credit Acceptance (NASDAQ:CACC) last announced its quarterly earnings data on Tuesday, January 30th. The credit services provider reported $5.16 earnings per share for the quarter, missing analysts’ consensus estimates of $5.53 by ($0.37). The business had revenue of $287.30 million during the quarter, compared to analyst estimates of $287.37 million. Credit Acceptance had a net margin of 42.36% and a return on equity of 30.18%. The company’s revenue for the quarter was up 12.1% on a year-over-year basis. During the same quarter last year, the firm posted $4.79 EPS. research analysts predict that Credit Acceptance will post 26.15 EPS for the current year.

In related news, insider John S. Soave sold 2,500 shares of Credit Acceptance stock in a transaction that occurred on Friday, March 16th. The shares were sold at an average price of $337.01, for a total value of $842,525.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Douglas W. Busk sold 1,000 shares of the business’s stock in a transaction that occurred on Monday, February 5th. The stock was sold at an average price of $319.86, for a total transaction of $319,860.00. The disclosure for this sale can be found here. Insiders sold 5,500 shares of company stock valued at $1,831,385 in the last quarter. 5.80% of the stock is owned by insiders.

Large investors have recently modified their holdings of the company. Ladenburg Thalmann Financial Services Inc. lifted its position in shares of Credit Acceptance by 437.0% during the 3rd quarter. Ladenburg Thalmann Financial Services Inc. now owns 537 shares of the credit services provider’s stock worth $150,000 after buying an additional 437 shares during the last quarter. Harvest Fund Management Co. Ltd purchased a new stake in shares of Credit Acceptance during the 4th quarter worth approximately $198,000. The Manufacturers Life Insurance Company lifted its position in shares of Credit Acceptance by 6.9% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 619 shares of the credit services provider’s stock worth $159,000 after buying an additional 40 shares during the last quarter. CIBC Asset Management Inc purchased a new stake in shares of Credit Acceptance during the 4th quarter worth approximately $216,000. Finally, Xact Kapitalforvaltning AB purchased a new stake in shares of Credit Acceptance during the 4th quarter worth approximately $222,000. Institutional investors and hedge funds own 70.34% of the company’s stock.

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Credit Acceptance Company Profile

Credit Acceptance Corporation provides financing programs, and related products and services to independent and franchised automobile dealers in the United States. The company advances money to dealers in exchange for the right to service the underlying consumer loans; and buys the consumer loans from the dealers and keeps various amounts collected from the consumers.

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