Credit Acceptance Corporation $CACC Stock Acquired by Fulcrum Asset Management LLP

Fulcrum Asset Management LLP boosted its stake in Credit Acceptance Corporation (NASDAQ:CACC) by 888.2% during the 3rd quarter, HoldingsChannel reports. The fund owned 6,720 shares of the credit services provider’s stock after acquiring an additional 6,040 shares during the quarter. Fulcrum Asset Management LLP’s holdings in Credit Acceptance were worth $3,609,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Parallel Advisors LLC increased its holdings in Credit Acceptance by 590.0% during the 1st quarter. Parallel Advisors LLC now owns 69 shares of the credit services provider’s stock worth $29,000 after purchasing an additional 59 shares in the last quarter. Altshuler Shaham Ltd raised its stake in shares of Credit Acceptance by 37.3% in the 1st quarter. Altshuler Shaham Ltd now owns 70 shares of the credit services provider’s stock valued at $30,000 after purchasing an additional 19 shares during the period. Rockefeller Capital Management L.P. lifted its holdings in shares of Credit Acceptance by 53.3% in the fourth quarter. Rockefeller Capital Management L.P. now owns 69 shares of the credit services provider’s stock valued at $31,000 after purchasing an additional 24 shares in the last quarter. Versant Capital Management Inc lifted its holdings in shares of Credit Acceptance by 587.5% in the second quarter. Versant Capital Management Inc now owns 55 shares of the credit services provider’s stock valued at $35,000 after purchasing an additional 47 shares in the last quarter. Finally, Root Financial Partners LLC bought a new stake in shares of Credit Acceptance in the third quarter valued at about $35,000. 81.71% of the stock is owned by institutional investors and hedge funds.

Credit Acceptance Stock Performance

Shares of CACC stock opened at $535.97 on Tuesday. The company’s fifty day simple moving average is $553.40 and its 200-day simple moving average is $538.85. The company has a quick ratio of 13.49, a current ratio of 13.49 and a debt-to-equity ratio of 4.68. The firm has a market cap of $5.43 billion, a PE ratio of 10.57 and a beta of 1.45. Credit Acceptance Corporation has a 12 month low of $405.00 and a 12 month high of $668.86.

Credit Acceptance (NASDAQ:CACC) last announced its earnings results on Thursday, October 29th. The credit services provider reported $13.01 EPS for the quarter, topping the consensus estimate of $12.86 by $0.15. The business had revenue of $420.30 million during the quarter, compared to analysts’ expectations of $596.40 million. Credit Acceptance had a net margin of 14.39% and a return on equity of 33.84%. The firm’s revenue was up 2.1% on a year-over-year basis. During the same quarter in the prior year, the company posted $10.28 earnings per share. Equities research analysts expect that Credit Acceptance Corporation will post 47.61 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the company. Zacks Research cut Credit Acceptance from a “hold” rating to a “strong sell” rating in a research report on Tuesday, November 3rd. Weiss Ratings lowered Credit Acceptance from a “buy (b-)” rating to a “hold (c)” rating in a research report on Monday, November 2nd. Finally, TD Cowen dropped their target price on Credit Acceptance from $590.00 to $470.00 and set a “hold” rating on the stock in a research report on Friday, October 30th. Three research analysts have rated the stock with a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Reduce” and an average target price of $505.00.

About Credit Acceptance

Credit Acceptance Corporation is an automotive finance company that helps automobile dealers arrange financing for consumers, including buyers who may have difficulty obtaining credit through traditional lenders. The company works with participating dealers to provide financing options at the point of sale.

Its programs generally involve purchasing or financing retail installment contracts originated by dealers and then servicing those contracts. Credit Acceptance also provides dealers with tools and support related to vehicle financing and loan management.

Founded in 1972 and headquartered in Southfield, Michigan, the company serves participating automobile dealers across the United States.