Abrams Bison Investments LLC lowered its stake in shares of Credit Acceptance Corp. (NASDAQ:CACC) by 18.3% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 955,404 shares of the credit services provider’s stock after selling 214,152 shares during the quarter. Credit Acceptance makes up approximately 54.3% of Abrams Bison Investments LLC’s holdings, making the stock its largest position. Abrams Bison Investments LLC owned approximately 4.95% of Credit Acceptance worth $309,054,000 at the end of the most recent reporting period.
Other large investors also recently added to or reduced their stakes in the company. Rational Advisors LLC bought a new stake in shares of Credit Acceptance in the 3rd quarter worth $1,180,000. Janus Henderson Group PLC acquired a new stake in shares of Credit Acceptance during the third quarter worth $2,072,000. State of Alaska Department of Revenue acquired a new stake in shares of Credit Acceptance during the fourth quarter worth $323,000. Schroder Investment Management Group raised its position in shares of Credit Acceptance by 5,483.8% during the fourth quarter. Schroder Investment Management Group now owns 206,600 shares of the credit services provider’s stock worth $66,831,000 after purchasing an additional 202,900 shares during the period. Finally, Schwab Charles Investment Management Inc. raised its position in shares of Credit Acceptance by 7.7% during the third quarter. Schwab Charles Investment Management Inc. now owns 72,472 shares of the credit services provider’s stock worth $20,305,000 after purchasing an additional 5,187 shares during the period. Institutional investors and hedge funds own 70.34% of the company’s stock.
Credit Acceptance Corp. (NASDAQ CACC) opened at $328.27 on Friday. The company has a market capitalization of $6,506.71, a PE ratio of 16.45, a price-to-earnings-growth ratio of 0.72 and a beta of 0.61. Credit Acceptance Corp. has a 52 week low of $182.50 and a 52 week high of $377.82. The company has a debt-to-equity ratio of 1.99, a current ratio of 24.00 and a quick ratio of 24.00.
A number of brokerages have recently issued reports on CACC. BidaskClub raised Credit Acceptance from a “buy” rating to a “strong-buy” rating in a research report on Saturday, January 13th. Zacks Investment Research raised Credit Acceptance from a “hold” rating to a “strong-buy” rating and set a $390.00 target price on the stock in a research report on Friday, January 12th. Oppenheimer boosted their target price on Credit Acceptance from $355.00 to $387.00 and gave the stock an “outperform” rating in a research report on Wednesday, January 31st. Credit Suisse Group reiterated a “sell” rating and set a $270.00 price target on shares of Credit Acceptance in a report on Monday, January 8th. Finally, Stephens set a $257.00 price target on Credit Acceptance and gave the company a “sell” rating in a report on Wednesday, January 3rd. Four research analysts have rated the stock with a sell rating, five have assigned a hold rating, one has issued a buy rating and two have assigned a strong buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $283.22.
In related news, CFO Kenneth Booth sold 2,000 shares of the business’s stock in a transaction dated Tuesday, March 6th. The stock was sold at an average price of $334.50, for a total transaction of $669,000.00. The transaction was disclosed in a legal 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 dated Monday, February 5th. The stock was sold at an average price of $319.86, for a total value of $319,860.00. The disclosure for this sale can be found here. In the last quarter, insiders have sold 58,924 shares of company stock valued at $19,253,640. 5.80% of the stock is currently owned by corporate insiders.
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Credit Acceptance 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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