California Public Employees Retirement System lessened its stake in Avis Budget Group, Inc. (NASDAQ:CAR) by 1.2% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 389,133 shares of the business services provider’s stock after selling 4,600 shares during the period. California Public Employees Retirement System owned about 0.46% of Avis Budget Group worth $10,612,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in CAR. FNY Managed Accounts LLC acquired a new position in shares of Avis Budget Group in the 1st quarter valued at about $102,000. Harel Insurance Investments & Financial Services Ltd. acquired a new position in shares of Avis Budget Group in the 2nd quarter valued at about $191,000. Cambridge Investment Research Advisors Inc. acquired a new position in shares of Avis Budget Group in the 2nd quarter valued at about $225,000. LS Investment Advisors LLC raised its stake in Avis Budget Group by 13.0% during the 2nd quarter. LS Investment Advisors LLC now owns 8,881 shares of the business services provider’s stock worth $242,000 after buying an additional 1,024 shares during the period. Finally, Pacer Advisors Inc. raised its stake in Avis Budget Group by 4.0% during the 2nd quarter. Pacer Advisors Inc. now owns 9,261 shares of the business services provider’s stock worth $253,000 after buying an additional 356 shares during the period.
In related news, insider Ronald L. Nelson sold 150,000 shares of Avis Budget Group stock in a transaction that occurred on Tuesday, September 12th. The shares were sold at an average price of $37.30, for a total value of $5,595,000.00. Following the completion of the transaction, the insider now owns 510,714 shares in the company, valued at $19,049,632.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director John D. Jr. Hardy sold 908 shares of the business’s stock in a transaction that occurred on Friday, August 11th. The stock was sold at an average price of $32.78, for a total transaction of $29,764.24. Following the transaction, the director now owns 908 shares of the company’s stock, valued at approximately $29,764.24. The disclosure for this sale can be found here. Insiders have sold 185,708 shares of company stock worth $6,878,212 over the last ninety days. 2.80% of the stock is owned by insiders.
A number of research analysts recently weighed in on the company. MKM Partners upped their price target on Avis Budget Group from $36.00 to $49.00 and gave the stock a “buy” rating in a research note on Thursday, October 12th. Zacks Investment Research raised Avis Budget Group from a “strong sell” rating to a “hold” rating in a research note on Tuesday, October 10th. ValuEngine raised Avis Budget Group from a “hold” rating to a “buy” rating in a research note on Thursday, October 5th. Deutsche Bank AG reissued a “buy” rating and issued a $49.00 price objective (up from $44.00) on shares of Avis Budget Group in a research note on Friday, October 6th. Finally, B. Riley initiated coverage on Avis Budget Group in a report on Friday, September 22nd. They issued a “buy” rating and a $36.00 target price for the company. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, six have given a buy rating and one has given a strong buy rating to the company. Avis Budget Group currently has an average rating of “Buy” and a consensus price target of $37.33.
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Shares of Avis Budget Group, Inc. (CAR) opened at 41.25 on Tuesday. Avis Budget Group, Inc. has a 52-week low of $20.71 and a 52-week high of $41.53. The firm’s 50 day moving average price is $37.57 and its 200 day moving average price is $30.42. The stock has a market cap of $3.41 billion, a P/E ratio of 48.59 and a beta of 2.48.
Avis Budget Group (NASDAQ:CAR) last issued its earnings results on Monday, August 7th. The business services provider reported $0.30 EPS for the quarter, missing analysts’ consensus estimates of $0.62 by ($0.32). Avis Budget Group had a return on equity of 74.80% and a net margin of 0.86%. The firm had revenue of $2.24 billion for the quarter, compared to analysts’ expectations of $2.27 billion. During the same period last year, the firm earned $0.63 earnings per share. Avis Budget Group’s revenue for the quarter was down .2% on a year-over-year basis. On average, analysts expect that Avis Budget Group, Inc. will post $2.61 EPS for the current year.
Avis Budget Group Company Profile
Avis Budget Group Inc is a provider of vehicle rental and car sharing services. The Company operates three brands, which include Avis, Budget and Zipcar. Avis and Budget are a rental car supplier. It also owns Payless, which a car rental brand; Apex, which is a car rental brand in New Zealand and Australia; Maggiore, a vehicle rental brand in Italy, and France Cars, which operates light commercial vehicle fleets in France.
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