Brandywine Global Investment Management LLC lowered its position in Credit Acceptance Corp. (NASDAQ:CACC) by 11.8% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 70,377 shares of the credit services provider’s stock after selling 9,400 shares during the period. Brandywine Global Investment Management LLC owned 0.36% of Credit Acceptance worth $22,766,000 at the end of the most recent reporting period.
Other institutional investors also recently modified their holdings of the company. The Manufacturers Life Insurance Company grew its holdings in 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 acquiring an additional 40 shares during the period. Victory Capital Management Inc. grew its holdings in shares of Credit Acceptance by 91.3% in the 3rd quarter. Victory Capital Management Inc. now owns 49,333 shares of the credit services provider’s stock valued at $13,822,000 after buying an additional 23,539 shares during the period. Chicago Equity Partners LLC bought a new stake in Credit Acceptance in the 3rd quarter valued at $2,260,000. Prudential Financial Inc. lifted its position in Credit Acceptance by 386.9% in the 3rd quarter. Prudential Financial Inc. now owns 10,823 shares of the credit services provider’s stock valued at $3,033,000 after acquiring an additional 8,600 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its position in Credit Acceptance by 9.4% in the 3rd quarter. Bank of New York Mellon Corp now owns 53,826 shares of the credit services provider’s stock valued at $15,081,000 after acquiring an additional 4,613 shares in the last quarter. 70.34% of the stock is owned by institutional investors and hedge funds.
Several brokerages have commented on CACC. BidaskClub raised shares of Credit Acceptance from a “buy” rating to a “strong-buy” rating in a research report on Saturday, January 13th. Zacks Investment Research upgraded shares of Credit Acceptance from a “hold” rating to a “strong-buy” rating and set a $390.00 price objective on the stock in a research note on Friday, January 12th. Oppenheimer upped their price target on shares of Credit Acceptance from $355.00 to $387.00 and gave the company an “outperform” rating in a research note on Wednesday, January 31st. Credit Suisse Group restated a “sell” rating and set a $270.00 target price on shares of Credit Acceptance in a research report on Monday, January 8th. Finally, Stephens set a $257.00 target price on shares of Credit Acceptance and gave the stock a “sell” rating in a research report on Wednesday, January 3rd. Five equities research analysts have rated the stock with a sell rating, four have assigned a hold rating, one has given a buy rating and two have given a strong buy rating to the company. Credit Acceptance has an average rating of “Hold” and a consensus price target of $283.22.
Shares of CACC stock traded down $7.45 during trading hours on Monday, hitting $322.96. 96,746 shares of the company’s stock traded hands, compared to its average volume of 153,439. The company has a debt-to-equity ratio of 1.99, a quick ratio of 24.00 and a current ratio of 24.00. The company has a market capitalization of $6,380.23, a P/E ratio of 16.13, a PEG ratio of 0.71 and a beta of 0.53. Credit Acceptance Corp. has a 12 month low of $182.50 and a 12 month high of $377.82.
Credit Acceptance (NASDAQ:CACC) last posted its quarterly earnings results on Tuesday, January 30th. The credit services provider reported $5.16 EPS for the quarter, missing analysts’ consensus estimates of $5.53 by ($0.37). Credit Acceptance had a return on equity of 30.18% and a net margin of 42.36%. The company had revenue of $287.30 million during the quarter, compared to analyst estimates of $287.37 million. During the same quarter in the previous year, the business posted $4.79 earnings per share. The company’s revenue for the quarter was up 12.1% compared to the same quarter last year. sell-side analysts forecast that Credit Acceptance Corp. will post 26.15 earnings per share for the current fiscal year.
In related news, insider John S. Soave sold 2,500 shares of the firm’s stock in a transaction dated Friday, March 16th. The shares were sold at an average price of $337.01, for a total transaction of $842,525.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Douglas W. Busk sold 1,000 shares of Credit Acceptance stock in a transaction dated 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 worth $1,831,385 over the last ninety days. Insiders own 5.80% 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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