Wellington Management Group LLP Acquires 1,186 Shares of Credit Acceptance Corporation $CACC

Wellington Management Group LLP increased its holdings in Credit Acceptance Corporation (NASDAQ:CACC) by 0.5% in the 2nd quarter, Holdings Channel reports. The fund owned 260,084 shares of the credit services provider’s stock after buying an additional 1,186 shares during the quarter. Wellington Management Group LLP’s holdings in Credit Acceptance were worth $165,606,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Altshuler Shaham Ltd increased its stake in shares of Credit Acceptance by 37.3% during the first 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 in the last quarter. Pictet Asset Management Holding SA grew its stake in shares of Credit Acceptance by 2.1% in the 1st quarter. Pictet Asset Management Holding SA now owns 990 shares of the credit services provider’s stock worth $419,000 after buying an additional 20 shares during the last quarter. Rockefeller Capital Management L.P. increased its position in Credit Acceptance by 53.3% during the 4th quarter. Rockefeller Capital Management L.P. now owns 69 shares of the credit services provider’s stock valued at $31,000 after buying an additional 24 shares in the last quarter. Janney Montgomery Scott LLC raised its stake in Credit Acceptance by 4.6% during the fourth quarter. Janney Montgomery Scott LLC now owns 571 shares of the credit services provider’s stock valued at $253,000 after buying an additional 25 shares during the last quarter. Finally, Cetera Investment Advisers boosted its holdings in Credit Acceptance by 6.3% in the fourth quarter. Cetera Investment Advisers now owns 508 shares of the credit services provider’s stock worth $225,000 after acquiring an additional 30 shares in the last quarter. Institutional investors own 81.71% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the company. Weiss Ratings upgraded Credit Acceptance from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday, July 16th. Zacks Research downgraded shares of Credit Acceptance from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, May 13th. Finally, TD Cowen lifted their target price on shares of Credit Acceptance from $575.00 to $600.00 and gave the stock a “hold” rating in a report on Wednesday, August 5th. One equities research analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $570.00.

Insider Activity

In related news, COO Jonathan Lum sold 6,000 shares of the firm’s stock in a transaction that occurred on Wednesday, June 24th. The shares were sold at an average price of $600.00, for a total value of $3,600,000.00. Following the sale, the chief operating officer owned 31,609 shares in the company, valued at approximately $18,965,400. This trade represents a 15.95% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Erin J. Kerber sold 8,656 shares of the business’s stock in a transaction on Wednesday, June 24th. The shares were sold at an average price of $600.94, for a total transaction of $5,201,736.64. Following the sale, the insider owned 25,711 shares of the company’s stock, valued at approximately $15,450,768.34. This represents a 25.19% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 44,289 shares of company stock valued at $27,525,241 over the last three months. Corporate insiders own 6.10% of the company’s stock.

Credit Acceptance Trading Up 0.8%

Credit Acceptance stock opened at $599.74 on Tuesday. Credit Acceptance Corporation has a one year low of $401.90 and a one year high of $668.86. The business’s fifty day moving average is $602.89 and its 200 day moving average is $540.07. The stock has a market capitalization of $6.27 billion, a PE ratio of 13.19 and a beta of 1.37. The company has a debt-to-equity ratio of 3.84, a current ratio of 14.89 and a quick ratio of 14.89.

Credit Acceptance (NASDAQ:CACC) last issued its earnings results on Tuesday, August 4th. The credit services provider reported $12.12 earnings per share for the quarter, missing analysts’ consensus estimates of $12.20 by ($0.08). The business had revenue of $415.00 million during the quarter, compared to analysts’ expectations of $588.07 million. Credit Acceptance had a return on equity of 31.67% and a net margin of 21.54%.Credit Acceptance’s quarterly revenue was up .6% compared to the same quarter last year. During the same period last year, the firm posted $10.05 EPS. On average, sell-side analysts predict that Credit Acceptance Corporation will post 47.8 EPS for the current year.

Credit Acceptance Profile

Credit Acceptance Corporation, founded in 1972 and headquartered in Southfield, Michigan, is a specialty finance company focused on the indirect automotive lending market. The company partners with independent and franchised auto dealers to facilitate purchase financing for consumers who may not qualify for traditional prime auto loans. By purchasing retail installment contracts originated by these dealers, Credit Acceptance provides capital and credit insurance to support vehicle sales, enabling dealers to broaden their customer base and reduce credit risk.

Through its proprietary underwriting platform and risk management strategies, Credit Acceptance evaluates borrower applications, structures credit plans, and retains servicing rights on the acquired contracts.