Ruane Cunniff & Goldfarb L.P. Sells 27,323 Shares of Credit Acceptance Co. (NASDAQ:CACC)

Ruane Cunniff & Goldfarb L.P. reduced its stake in shares of Credit Acceptance Co. (NASDAQ:CACC) by 3.9% in the third quarter, according to its most recent filing with the SEC. The institutional investor owned 681,604 shares of the credit services provider’s stock after selling 27,323 shares during the period. Credit Acceptance comprises approximately 4.7% of Ruane Cunniff & Goldfarb L.P.’s portfolio, making the stock its 11th biggest position. Ruane Cunniff & Goldfarb L.P. owned about 5.63% of Credit Acceptance worth $302,237,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of CACC. nVerses Capital LLC bought a new position in shares of Credit Acceptance in the second quarter valued at approximately $51,000. Quest Partners LLC grew its holdings in shares of Credit Acceptance by 11,900.0% in the third quarter. Quest Partners LLC now owns 120 shares of the credit services provider’s stock valued at $53,000 after acquiring an additional 119 shares in the last quarter. Headlands Technologies LLC grew its holdings in shares of Credit Acceptance by 24,850.0% in the second quarter. Headlands Technologies LLC now owns 499 shares of the credit services provider’s stock valued at $257,000 after acquiring an additional 497 shares in the last quarter. Lountzis Asset Management LLC grew its holdings in shares of Credit Acceptance by 22.3% in the third quarter. Lountzis Asset Management LLC now owns 598 shares of the credit services provider’s stock valued at $265,000 after acquiring an additional 109 shares in the last quarter. Finally, Creative Planning bought a new position in Credit Acceptance during the second quarter valued at $282,000. 81.71% of the stock is owned by institutional investors.

Analyst Ratings Changes

CACC has been the subject of several research reports. StockNews.com raised Credit Acceptance from a “hold” rating to a “buy” rating in a report on Tuesday, November 12th. Stephens initiated coverage on Credit Acceptance in a report on Wednesday, November 13th. They set an “equal weight” rating and a $452.00 price objective for the company. Finally, TD Cowen reduced their price objective on Credit Acceptance from $400.00 to $380.00 and set a “sell” rating for the company in a report on Friday, November 1st.

Insiders Place Their Bets

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

Credit Acceptance Price Performance

Shares of NASDAQ CACC opened at $494.24 on Thursday. The firm has a market cap of $5.99 billion, a price-to-earnings ratio of 33.19 and a beta of 1.42. The stock has a fifty day simple moving average of $454.37 and a two-hundred day simple moving average of $480.33. Credit Acceptance Co. has a 1-year low of $409.22 and a 1-year 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.

Credit Acceptance (NASDAQ:CACC) last posted its earnings results on Wednesday, October 30th. The credit services provider reported $8.79 earnings per share (EPS) for the quarter, topping the consensus estimate of $7.88 by $0.91. The firm had revenue of $550.30 million for the quarter, compared to the consensus estimate of $548.13 million. Credit Acceptance had a return on equity of 29.18% and a net margin of 9.08%. The business’s quarterly revenue was up 15.0% on a year-over-year basis. During the same quarter in the prior year, the business posted $10.70 earnings per share. Analysts anticipate that Credit Acceptance Co. will post 37.14 earnings per share for the current year.

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.