California State Teachers Retirement System Grows Stock Position in Credit Acceptance Corporation $CACC

California State Teachers Retirement System boosted its holdings in Credit Acceptance Corporation (NASDAQ:CACC) by 62,332.4% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 3,938,237 shares of the credit services provider’s stock after buying an additional 3,931,929 shares during the period. California State Teachers Retirement System owned 0.38% of Credit Acceptance worth $2,507,633,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. BlackRock Inc. purchased a new position in shares of Credit Acceptance during the 2nd quarter worth about $408,849,000. Boston Partners grew its holdings in Credit Acceptance by 3.4% in the fourth quarter. Boston Partners now owns 456,253 shares of the credit services provider’s stock valued at $202,373,000 after purchasing an additional 14,877 shares during the period. Wellington Management Group LLP grew its holdings in Credit Acceptance by 0.5% in the second quarter. Wellington Management Group LLP now owns 260,084 shares of the credit services provider’s stock valued at $165,606,000 after purchasing an additional 1,186 shares during the period. Dimensional Fund Advisors LP increased its position in Credit Acceptance by 3.1% during the first quarter. Dimensional Fund Advisors LP now owns 230,715 shares of the credit services provider’s stock worth $97,701,000 after purchasing an additional 6,843 shares during the last quarter. Finally, Smead Capital Management Inc. increased its position in Credit Acceptance by 17.0% during the second quarter. Smead Capital Management Inc. now owns 216,811 shares of the credit services provider’s stock worth $110,450,000 after purchasing an additional 31,438 shares during the last quarter. Institutional investors and hedge funds own 81.71% of the company’s stock.

Credit Acceptance Stock Performance

Shares of NASDAQ:CACC opened at $605.46 on Friday. The business has a 50-day moving average of $598.41 and a two-hundred day moving average of $546.18. The firm has a market capitalization of $6.33 billion, a PE ratio of 13.31 and a beta of 1.35. 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 Corporation has a 12 month low of $401.90 and a 12 month high of $668.86.

Credit Acceptance (NASDAQ:CACC) last released its quarterly earnings data on Tuesday, August 4th. The credit services provider reported $12.12 earnings per share for the quarter, missing the consensus estimate of $12.20 by ($0.08). Credit Acceptance had a net margin of 21.54% and a return on equity of 31.67%. The firm had revenue of $415.00 million during the quarter, compared to analyst estimates of $588.07 million. During the same period in the prior year, the firm earned $10.05 earnings per share. The business’s revenue for the quarter was up .6% on a year-over-year basis. As a group, research analysts forecast that Credit Acceptance Corporation will post 47.8 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the stock. Weiss Ratings raised shares of Credit Acceptance from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday, July 16th. TD Cowen boosted their price objective on shares of Credit Acceptance from $575.00 to $600.00 and gave the company a “hold” rating in a research note on Wednesday, August 5th. One investment analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $570.00.

Insider Transactions at Credit Acceptance

In other Credit Acceptance news, COO Jonathan Lum sold 6,000 shares of the business’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 transaction of $3,600,000.00. Following the completion of the sale, the chief operating officer directly owned 31,609 shares in the company, valued at $18,965,400. The trade was a 15.95% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, major shareholder Jill Watson sold 11,000 shares of the stock in a transaction on Thursday, July 2nd. The stock was sold at an average price of $653.24, for a total transaction of $7,185,640.00. Following the completion of the sale, the insider directly owned 49,346 shares of the company’s stock, valued at $32,234,781.04. The trade was a 18.23% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 44,289 shares of company stock valued at $27,525,241 in the last three months. 6.10% of the stock is owned by company insiders.

Credit Acceptance Company Profile

Credit Acceptance Corporation is a specialty finance company that provides automobile financing to consumers with limited or damaged credit histories. The company primarily operates through an indirect lending model, partnering with automobile dealers that offer financing to their customers at the point of sale.

Credit Acceptance purchases or services retail installment contracts originated by participating dealers and provides loan programs designed to help consumers obtain vehicles when they may not qualify for traditional prime lending.