Corton Capital Inc. Invests $323,000 in Credit Acceptance Co. (NASDAQ:CACC)

Corton Capital Inc. acquired a new stake in shares of Credit Acceptance Co. (NASDAQ:CACC) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 689 shares of the credit services provider’s stock, valued at approximately $323,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in CACC. Eagle Bay Advisors LLC acquired a new position in shares of Credit Acceptance during the 4th quarter valued at $28,000. First Horizon Advisors Inc. acquired a new stake in Credit Acceptance during the fourth quarter valued at approximately $34,000. TD Private Client Wealth LLC bought a new stake in Credit Acceptance during the fourth quarter worth approximately $37,000. Farther Finance Advisors LLC acquired a new position in Credit Acceptance in the fourth quarter worth approximately $38,000. Finally, US Bancorp DE increased its holdings in shares of Credit Acceptance by 50.4% in the fourth quarter. US Bancorp DE now owns 179 shares of the credit services provider’s stock valued at $84,000 after buying an additional 60 shares in the last quarter. Institutional investors own 81.71% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the company. StockNews.com upgraded Credit Acceptance from a “hold” rating to a “buy” rating in a report on Friday, January 31st. Stephens boosted their price objective on Credit Acceptance from $452.00 to $500.00 and gave the stock an “equal weight” rating in a report on Friday, January 31st.

Credit Acceptance Trading Up 0.4 %

Credit Acceptance stock opened at $498.03 on Wednesday. The company has a 50 day moving average price of $487.25 and a 200 day moving average price of $482.28. The company has a debt-to-equity ratio of 3.63, a quick ratio of 20.33 and a current ratio of 20.33. Credit Acceptance Co. has a 52 week low of $409.22 and a 52 week high of $614.96. The firm has a market capitalization of $5.78 billion, a price-to-earnings ratio of 25.08 and a beta of 1.23.

Credit Acceptance (NASDAQ:CACC) last issued its quarterly earnings results on Wednesday, April 30th. The credit services provider reported $9.35 earnings per share for the quarter, missing analysts’ consensus estimates of $10.31 by ($0.96). The business had revenue of $571.10 million for the quarter, compared to analysts’ expectations of $570.25 million. Credit Acceptance had a net margin of 11.46% and a return on equity of 29.01%. The business’s quarterly revenue was up 12.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $9.28 EPS. Research analysts forecast that Credit Acceptance Co. will post 53.24 EPS for the current year.

Insider Activity

In other Credit Acceptance news, insider Douglas W. Busk sold 3,000 shares of the company’s stock in a transaction dated Tuesday, March 25th. The stock was sold at an average price of $515.97, for a total value of $1,547,910.00. Following the transaction, the insider now directly owns 3,112 shares of the company’s stock, valued at $1,605,698.64. This represents a 49.08 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Nicholas J. Elliott sold 300 shares of the firm’s stock in a transaction dated Thursday, March 20th. The stock was sold at an average price of $502.00, for a total value of $150,600.00. Following the sale, the insider now directly owns 19,385 shares of the company’s stock, valued at $9,731,270. This trade represents a 1.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 5.30% of the stock is owned by corporate insiders.

Credit Acceptance Profile

Credit Acceptance Corporation engages in the provision of financing programs, and related products and services in the United States. The company advances money to automobile dealers in exchange for the right to service the underlying consumer loans; and buys the consumer loans from the dealers and keeps the amount collected from the consumers.