Goodnow Investment Group Lowers stake in Credit Acceptance Corp. (CACC)

Credit Acceptance Corp. (CACC) : Goodnow Investment Group reduced its stake in Credit Acceptance Corp. by 1.52% during the most recent quarter end. The investment management company now holds a total of 216,991 shares of Credit Acceptance Corp. which is valued at $43,365,651 after selling 3,340 shares in Credit Acceptance Corp. , the firm said in a disclosure report filed with the SEC on Aug 15, 2016.Credit Acceptance Corp. makes up approximately 9.49% of Goodnow Investment Group’s portfolio.

Other Hedge Funds, Including , Millennium Management sold out all of its stake in CACC during the most recent quarter. The investment firm sold 7,689 shares of CACC which is valued $1,536,647. Clinton Group Inc sold out all of its stake in CACC during the most recent quarter. The investment firm sold 3,914 shares of CACC which is valued $782,213.Ingalls Snyder boosted its stake in CACC in the latest quarter, The investment management firm added 690 additional shares and now holds a total of 92,243 shares of Credit Acceptance Corp. which is valued at $18,434,764. Credit Acceptance Corp. makes up approx 1.04% of Ingalls Snyder’s portfolio.Public Employees Retirement Association Of Colorado reduced its stake in CACC by selling 96 shares or 4.09% in the most recent quarter. The Hedge Fund company now holds 2,252 shares of CACC which is valued at $406,869. Simplex Trading added CACC to its portfolio by purchasing 469 company shares during the most recent quarter which is valued at $91,568. Credit Acceptance Corp. makes up approx 0.01% of Simplex Trading’s portfolio.

Credit Acceptance Corp. opened for trading at $199.52 and hit $203.37 on the upside on Thursday, eventually ending the session at $200.71, with a gain of 0.53% or 1.06 points. The heightened volatility saw the trading volume jump to 1,57,510 shares. Company has a market cap of $4,080 M.

On the company’s financial health, Credit Acceptance Corp. reported $4.38 EPS for the quarter, beating the analyst consensus estimate by $ 0.58 according to the earnings call on Jul 29, 2016. Analyst had a consensus of $3.80. The company had revenue of $238.50 million for the quarter, compared to analysts expectations of $232.37 million. The company’s revenue was up 17.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $3.60 EPS.

Many Wall Street Analysts have commented on Credit Acceptance Corp.. Company shares were Reiterated by Compass Point on Aug 1, 2016 to “Neutral”, Firm has raised the Price Target to $ 170 from a previous price target of $160 .Credit Acceptance Corp. was Downgraded by Credit Suisse to ” Underperform” on Jul 27, 2016.

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. The Company has two programs: the Portfolio Program and the Purchase Program. Under the Portfolio Program it advances money to dealer (Dealer Loan) in exchange for the right to service the underlying consumer loans. Under the Purchase Program the Company buys the consumer loans from the dealer (Purchased Loan) and keeps all amounts collected from the consumer. Its target market is independent and franchised automobile dealers in the United States. It provides dealers the ability to offer vehicle service contracts to consumers through its relationships with third-party providers (TPPs).

Comments (0)

Leave a Reply

Your email address will not be published. Required fields are marked *