Zacks: Analysts Expect Credit Acceptance Co. (NASDAQ:CACC) Will Announce Quarterly Sales of $458.23 Million

Wall Street brokerages expect that Credit Acceptance Co. (NASDAQ:CACC) will report sales of $458.23 million for the current quarter, Zacks reports. Two analysts have made estimates for Credit Acceptance’s earnings, with the highest sales estimate coming in at $458.30 million and the lowest estimate coming in at $458.16 million. Credit Acceptance reported sales of $447.40 million in the same quarter last year, which would suggest a positive year over year growth rate of 2.4%. The company is expected to report its next earnings results on Monday, February 7th.

On average, analysts expect that Credit Acceptance will report full year sales of $1.85 billion for the current year. For the next financial year, analysts forecast that the company will report sales of $1.71 billion, with estimates ranging from $1.70 billion to $1.73 billion. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side analysts that that provide coverage for Credit Acceptance.

Credit Acceptance (NASDAQ:CACC) last issued its quarterly earnings results on Monday, November 1st. The credit services provider reported $15.79 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $13.45 by $2.34. The firm had revenue of $470.10 million during the quarter, compared to the consensus estimate of $461.37 million. Credit Acceptance had a return on equity of 35.64% and a net margin of 49.29%. The company’s revenue for the quarter was up 10.2% on a year-over-year basis. During the same quarter last year, the company posted $9.36 EPS.

A number of equities analysts recently weighed in on CACC shares. Stephens raised their price objective on Credit Acceptance from $470.00 to $519.00 and gave the company an “equal weight” rating in a report on Tuesday, November 2nd. Zacks Investment Research cut Credit Acceptance from a “strong-buy” rating to a “hold” rating and set a $611.00 price objective on the stock. in a report on Monday, October 4th. Credit Suisse Group raised their price objective on Credit Acceptance from $380.00 to $420.00 and gave the company an “underperform” rating in a report on Tuesday, November 2nd. Finally, JMP Securities raised their price objective on Credit Acceptance from $295.00 to $355.00 and gave the company a “market underperform” rating in a report on Tuesday, November 2nd. Two analysts have rated the stock with a sell rating and three have issued a hold rating to the company. According to data from MarketBeat.com, Credit Acceptance has an average rating of “Hold” and a consensus price target of $460.80.

Shares of NASDAQ CACC traded down $2.57 during trading hours on Friday, reaching $648.88. 85,650 shares of the stock traded hands, compared to its average volume of 129,218. The company has a market capitalization of $9.43 billion, a P/E ratio of 11.97 and a beta of 1.17. The company has a quick ratio of 21.99, a current ratio of 21.99 and a debt-to-equity ratio of 2.32. Credit Acceptance has a 52-week low of $292.46 and a 52-week high of $703.27. The company’s 50-day simple moving average is $625.68 and its two-hundred day simple moving average is $539.26.

In related news, insider Prescott General Partners Llc sold 32,301 shares of Credit Acceptance stock in a transaction dated Wednesday, September 8th. The shares were sold at an average price of $650.46, for a total transaction of $21,010,508.46. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Kenneth Booth sold 2,000 shares of Credit Acceptance stock in a transaction dated Friday, November 5th. The stock was sold at an average price of $700.00, for a total transaction of $1,400,000.00. The disclosure for this sale can be found here. Insiders sold a total of 71,476 shares of company stock worth $47,864,847 over the last ninety days. Insiders own 4.50% of the company’s stock.

A number of hedge funds and other institutional investors have recently made changes to their positions in CACC. Captrust Financial Advisors purchased a new position in shares of Credit Acceptance in the first quarter worth $101,000. Price T Rowe Associates Inc. MD grew its position in Credit Acceptance by 25.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 5,076 shares of the credit services provider’s stock worth $1,829,000 after acquiring an additional 1,042 shares in the last quarter. Eaton Vance Management purchased a new position in Credit Acceptance in the first quarter worth about $64,000. Virtu Financial LLC purchased a new position in Credit Acceptance in the first quarter worth about $398,000. Finally, Teachers Retirement System of The State of Kentucky grew its position in Credit Acceptance by 7.0% in the first quarter. Teachers Retirement System of The State of Kentucky now owns 16,679 shares of the credit services provider’s stock worth $6,008,000 after acquiring an additional 1,089 shares in the last quarter. Institutional investors own 95.02% of the company’s stock.

Credit Acceptance Company Profile

Credit Acceptance Corp. engages in the provision of dealer financing programs that enables automobile dealers to sell vehicles to consumers, regardless of its credit history. Its financing programs are offered through a nationwide network of automobile dealers who benefit from sales of vehicles to consumers.

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Earnings History and Estimates for Credit Acceptance (NASDAQ:CACC)

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