Ruane Cunniff & Goldfarb L.P. Has $237.75 Million Stock Holdings in Credit Acceptance Corporation $CACC

Ruane Cunniff & Goldfarb L.P. decreased its position in shares of Credit Acceptance Corporation (NASDAQ:CACC) by 7.3% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 536,132 shares of the credit services provider’s stock after selling 42,327 shares during the period. Credit Acceptance makes up 3.7% of Ruane Cunniff & Goldfarb L.P.’s holdings, making the stock its 14th biggest position. Ruane Cunniff & Goldfarb L.P. owned 4.86% of Credit Acceptance worth $237,753,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Illinois Municipal Retirement Fund bought a new position in Credit Acceptance during the 3rd quarter worth $697,000. State of Alaska Department of Revenue bought a new position in Credit Acceptance during the 4th quarter worth $462,000. M&T Bank Corp bought a new position in Credit Acceptance during the 4th quarter worth $208,294,000. Envestnet Asset Management Inc. increased its position in Credit Acceptance by 8.0% during the 3rd quarter. Envestnet Asset Management Inc. now owns 34,990 shares of the credit services provider’s stock worth $16,338,000 after buying an additional 2,583 shares during the period. Finally, Universal Beteiligungs und Servicegesellschaft mbH increased its position in Credit Acceptance by 764.8% during the 4th quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 203,879 shares of the credit services provider’s stock worth $91,652,000 after buying an additional 180,304 shares during the period. Institutional investors own 81.71% of the company’s stock.

Insider Transactions at Credit Acceptance

In other Credit Acceptance news, major shareholder Jill Foss Watson sold 9,450 shares of Credit Acceptance stock in a transaction dated Tuesday, April 21st. The stock was sold at an average price of $538.52, for a total value of $5,089,014.00. Following the transaction, the insider owned 92,107 shares in the company, valued at $49,601,461.64. The trade was a 9.31% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Jay D. Martin sold 3,000 shares of Credit Acceptance stock in a transaction dated Friday, April 17th. The shares were sold at an average price of $525.63, for a total value of $1,576,890.00. Following the completion of the transaction, the chief financial officer owned 25,963 shares in the company, valued at approximately $13,646,931.69. This represents a 10.36% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 26,527 shares of company stock valued at $14,203,265. Company insiders own 6.10% of the company’s stock.

Credit Acceptance Price Performance

Shares of NASDAQ:CACC opened at $548.15 on Friday. The firm has a 50 day moving average of $522.33 and a 200-day moving average of $486.63. The stock has a market capitalization of $5.73 billion, a PE ratio of 13.62 and a beta of 1.38. The company has a current ratio of 13.62, a quick ratio of 13.62 and a debt-to-equity ratio of 4.09. Credit Acceptance Corporation has a 12 month low of $401.90 and a 12 month high of $579.79.

Credit Acceptance (NASDAQ:CACC) last issued its earnings results on Tuesday, May 5th. The credit services provider reported $10.71 EPS for the quarter, missing the consensus estimate of $10.73 by ($0.02). Credit Acceptance had a net margin of 19.49% and a return on equity of 29.95%. The firm had revenue of $406.00 million during the quarter, compared to analyst estimates of $580.77 million. During the same quarter in the previous year, the firm posted $9.35 earnings per share. Credit Acceptance’s quarterly revenue was up 1.6% compared to the same quarter last year. On average, equities research analysts predict that Credit Acceptance Corporation will post 47.5 EPS for the current fiscal year.

Analyst Ratings Changes

Several research firms have weighed in on CACC. TD Cowen increased their price objective on Credit Acceptance from $450.00 to $500.00 and gave the stock a “hold” rating in a research report on Wednesday, May 6th. Weiss Ratings upgraded Credit Acceptance from a “hold (c)” rating to a “hold (c+)” rating in a research report on Friday, May 8th. Zacks Research cut Credit Acceptance from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, May 13th. Finally, Stephens increased their price objective on Credit Acceptance from $450.00 to $540.00 and gave the stock an “equal weight” rating in a research report on Friday, April 17th. Four analysts have rated the stock with a Hold rating, According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $520.00.

About Credit Acceptance

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.