Victory Capital Management Inc. Boosts Holdings in Avis Budget Group, Inc. (NASDAQ:CAR)

Victory Capital Management Inc. lifted its position in shares of Avis Budget Group, Inc. (NASDAQ:CAR) by 10.1% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,214,634 shares of the business services provider’s stock after acquiring an additional 111,199 shares during the period. Victory Capital Management Inc. owned approximately 1.44% of Avis Budget Group worth $33,123,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Legal & General Group Plc increased its position in Avis Budget Group by 3.4% during the 2nd quarter. Legal & General Group Plc now owns 217,655 shares of the business services provider’s stock worth $5,938,000 after purchasing an additional 7,127 shares in the last quarter. Bank of New York Mellon Corp increased its position in Avis Budget Group by 5.0% in the 2nd quarter. Bank of New York Mellon Corp now owns 4,450,238 shares of the business services provider’s stock valued at $121,357,000 after acquiring an additional 211,618 shares during the period. Harel Insurance Investments & Financial Services Ltd. acquired a new position in Avis Budget Group in the 2nd quarter valued at approximately $191,000. Schwab Charles Investment Management Inc. increased its position in Avis Budget Group by 22.5% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 490,631 shares of the business services provider’s stock valued at $13,380,000 after acquiring an additional 90,203 shares during the period. Finally, Canada Pension Plan Investment Board increased its position in Avis Budget Group by 38.6% in the 2nd quarter. Canada Pension Plan Investment Board now owns 1,310,500 shares of the business services provider’s stock valued at $35,737,000 after acquiring an additional 365,200 shares during the period.

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In other Avis Budget Group news, SVP David T. Calabria sold 1,300 shares of the firm’s stock in a transaction on Wednesday, September 6th. The stock was sold at an average price of $35.86, for a total transaction of $46,618.00. Following the completion of the transaction, the senior vice president now owns 5,662 shares of the company’s stock, valued at $203,039.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Ronald L. Nelson sold 150,000 shares of the firm’s stock in a transaction on Tuesday, September 12th. The stock was sold at an average price of $37.30, for a total value of $5,595,000.00. Following the transaction, the insider now directly owns 510,714 shares of the company’s stock, valued at approximately $19,049,632.20. The disclosure for this sale can be found here. Insiders have sold a total of 185,708 shares of company stock valued at $6,878,212 over the last ninety days. 2.80% of the stock is owned by insiders.

Several research firms have recently weighed in on CAR. BidaskClub raised shares of Avis Budget Group from a “buy” rating to a “strong-buy” rating in a research note on Monday, August 14th. J P Morgan Chase & Co began coverage on shares of Avis Budget Group in a research note on Friday, August 4th. They issued an “overweight” rating and a $39.00 target price for the company. Goldman Sachs Group, Inc. (The) reiterated a “hold” rating and issued a $37.00 target price on shares of Avis Budget Group in a research note on Thursday, September 7th. Zacks Investment Research downgraded shares of Avis Budget Group from a “hold” rating to a “sell” rating in a research note on Wednesday, August 2nd. Finally, Credit Suisse Group reiterated a “hold” rating on shares of Avis Budget Group in a research note on Thursday. Two research analysts have rated the stock with a sell rating, four have given a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $36.56.

Shares of Avis Budget Group, Inc. (NASDAQ CAR) traded down 0.40% during midday trading on Friday, hitting $35.13. 5,531,398 shares of the stock were exchanged. The firm’s 50-day moving average is $33.96 and its 200 day moving average is $29.45. Avis Budget Group, Inc. has a 52-week low of $20.71 and a 52-week high of $41.53. The firm has a market cap of $2.90 billion, a PE ratio of 41.38 and a beta of 2.44.

Avis Budget Group (NASDAQ:CAR) last released its quarterly earnings results on Monday, August 7th. The business services provider reported $0.30 earnings per share (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 quarter in the prior year, the business earned $0.63 EPS. The company’s quarterly revenue was down .2% compared to the same quarter last year. On average, analysts forecast that Avis Budget Group, Inc. will post $2.54 earnings per share for the current year.

Avis Budget Group 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.

Institutional Ownership by Quarter for Avis Budget Group (NASDAQ:CAR)

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