Diligent Investors LLC decreased its stake in Avis Budget Group Inc. (NASDAQ:CAR) by 5.9% during the second quarter, Holdings Channel reports. The firm owned 14,894 shares of the company’s stock after selling 940 shares during the period. Diligent Investors LLC’s holdings in Avis Budget Group were worth $480,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in CAR. BlackRock Institutional Trust Company N.A. increased its position in shares of Avis Budget Group by 6.6% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 2,712,205 shares of the company’s stock valued at $74,206,000 after buying an additional 168,969 shares during the last quarter. State Street Corp increased its position in shares of Avis Budget Group by 5.9% in the first quarter. State Street Corp now owns 1,537,922 shares of the company’s stock valued at $42,075,000 after buying an additional 85,962 shares during the last quarter. RS Investment Management Co. LLC purchased a new position in shares of Avis Budget Group during the second quarter valued at $35,980,000. Bank of Montreal Can purchased a new position in shares of Avis Budget Group during the second quarter valued at $24,778,000. Finally, Wellington Management Group LLP purchased a new position in shares of Avis Budget Group during the first quarter valued at $19,241,000.
Avis Budget Group Inc. (NASDAQ:CAR) traded up 2.38% during trading on Wednesday, reaching $33.99. The company’s stock had a trading volume of 1,697,545 shares. The stock’s 50-day moving average is $36.20 and its 200 day moving average is $31.68. Avis Budget Group Inc. has a 52-week low of $21.73 and a 52-week high of $53.04. The firm has a market capitalization of $3.09 billion, a price-to-earnings ratio of 20.54 and a beta of 2.54.
Avis Budget Group (NASDAQ:CAR) last announced its earnings results on Tuesday, August 2nd. The company reported $0.63 EPS for the quarter, missing the consensus estimate of $0.69 by $0.06. Avis Budget Group had a net margin of 1.91% and a return on equity of 58.78%. The company had revenue of $2.24 billion for the quarter, compared to analysts’ expectations of $2.21 billion. During the same period in the prior year, the company earned $0.84 earnings per share. The company’s revenue for the quarter was up 3.2% on a year-over-year basis. On average, analysts predict that Avis Budget Group Inc. will post $3.04 EPS for the current fiscal year.
Several research firms have commented on CAR. Zacks Investment Research cut Avis Budget Group from a “buy” rating to a “hold” rating in a report on Monday, August 1st. Credit Suisse Group AG restated a “buy” rating and issued a $34.00 price target on shares of Avis Budget Group in a report on Wednesday, August 3rd. Macquarie began coverage on Avis Budget Group in a report on Thursday, August 25th. They issued an “outperform” rating and a $44.00 price target for the company. Morgan Stanley restated a “sell” rating and issued a $20.00 price target on shares of Avis Budget Group in a report on Wednesday, August 3rd. Finally, Barclays PLC lifted their price target on Avis Budget Group from $31.00 to $33.00 and gave the company an “equal weight” rating in a report on Wednesday, August 10th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have issued a buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus target price of $35.58.
In related news, Director John D. Jr. Hardy sold 738 shares of the stock in a transaction dated Monday, August 8th. The stock was sold at an average price of $38.39, for a total value of $28,331.82. Following the completion of the sale, the director now directly owns 738 shares of the company’s stock, valued at approximately $28,331.82. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Michael K. Tucker sold 6,656 shares of the stock in a transaction dated Thursday, August 4th. The stock was sold at an average price of $37.65, for a total value of $250,598.40. Following the completion of the sale, the executive vice president now directly owns 60,649 shares of the company’s stock, valued at $2,283,434.85. The disclosure for this sale can be found here. Insiders own 2.80% of the company’s stock.
About Avis Budget Group
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 is a rental car supplier and Budget is a rental vehicle supplier. It also owns Payless, which a car rental brand, and Apex, which is a car rental brand in New Zealand and Australia.
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