The Credit Acceptance Corporation (CACC) Major Shareholder Donald A. Foss Sells 660,000 Shares, Report finds

The Credit Acceptance Corporation (CACC) Major Shareholder Donald A. Foss Sells 660,000 Shares, Report finds

Credit Acceptance Corporation (NASDAQ:CACC) traded up 1.02% during midday trading on Thursday, reaching $198.80. The company had a trading volume of 245,684 shares. The company has a 50-day moving average price of $207.85 and a 200-day moving average price of $197.52. The stock has a market capitalization of $4.00 billion, a price-to-earnings ratio of 12.19 and a beta of 0.76. Credit Acceptance Corporation has a one year low of $160.63 and a one year high of $223.57.

Credit Acceptance Corporation (NASDAQ:CACC) major shareholder Donald A. Foss sold 660,000 shares of the stock in a transaction dated Tuesday, February 7th. The shares were sold at an average price of $194.00, for a total value of $128,040,000.00. Following the completion of the transaction, the insider now owns 3,254,492 shares of the company’s stock, valued at $631,371,448. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Major shareholders that own more than 10% of a company’s stock are required to disclose their sales and purchases with the SEC.

Credit Acceptance Corporation (NASDAQ:CACC) last posted its quarterly earnings data on Tuesday, January 31st. The company reported $4.79 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.26 by $0.53. Credit Acceptance Corporation had a return on equity of 33.44% and a net margin of 34.34%. The firm earned $236.20 million during the quarter, compared to analysts’ expectations of $250.54 million. During the same period in the prior year, the business earned $4.00 EPS. The company’s revenue for the quarter was up 17.6% compared to the same quarter last year. On average, equities analysts expect that Credit Acceptance Corporation will post $18.26 earnings per share for the current year.

Several equities analysts have commented on CACC shares. Stephens started coverage on Credit Acceptance Corporation in a research report on Tuesday, November 1st. They issued an “underweight” rating and a $170.00 target price for the company. Susquehanna Bancshares Inc assumed coverage on Credit Acceptance Corporation in a research report on Monday, January 23rd. They set a “neutral” rating and a $226.00 price objective for the company. Credit Suisse Group restated a “sell” rating and set a $190.00 price objective on shares of Credit Acceptance Corporation in a research report on Sunday. Zacks Investment Research upgraded Credit Acceptance Corporation from a “hold” rating to a “buy” rating and set a $186.00 price objective for the company in a research report on Thursday, November 3rd. Finally, Jefferies Group LLC restated a “hold” rating and set a $215.00 price objective on shares of Credit Acceptance Corporation in a research report on Wednesday, January 11th. Five equities research analysts have rated the stock with a sell rating and five have given a hold rating to the company. Credit Acceptance Corporation currently has a consensus rating of “Hold” and a consensus price target of $182.22.

Institutional investors have recently bought and sold shares of the company. Schwab Charles Investment Management Inc. raised its stake in shares of Credit Acceptance Corporation by 6.3% in the second quarter. Schwab Charles Investment Management Inc. now owns 39,018 shares of the company’s stock worth $7,222,000 after buying an additional 2,302 shares during the period. Legal & General Group Plc raised its stake in shares of Credit Acceptance Corporation by 4.1% in the second quarter. Legal & General Group Plc now owns 717 shares of the company’s stock worth $133,000 after buying an additional 28 shares during the period. Amalgamated Bank acquired a new stake in shares of Credit Acceptance Corporation during the second quarter worth approximately $264,000. Allen Investment Management LLC acquired a new stake in shares of Credit Acceptance Corporation during the second quarter worth approximately $529,000. Finally, Makaira Partners LLC acquired a new stake in shares of Credit Acceptance Corporation during the second quarter worth approximately $37,941,000. Hedge funds and other institutional investors own 50.74% of the company’s stock.

About Credit Acceptance Corporation

Credit Acceptance Corporation (Credit Acceptance) is a provider of financing programs to automobile dealers that enable them to sell vehicles to consumers. The Company’s financing programs are offered through a nationwide network of automobile dealers; from repeat and referral sales generated by customers, and from sales to customers responding to advertisements for it products.

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