CIBC Bancorp USA Inc. Takes $97.95 Million Position in Avis Budget Group, Inc. $CAR

CIBC Bancorp USA Inc. bought a new position in shares of Avis Budget Group, Inc. (NASDAQ:CAR) in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 610,000 shares of the business services provider’s stock, valued at approximately $97,951,000. CIBC Bancorp USA Inc. owned 1.73% of Avis Budget Group at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Deseret Mutual Benefit Administrators lifted its stake in Avis Budget Group by 102.3% in the third quarter. Deseret Mutual Benefit Administrators now owns 174 shares of the business services provider’s stock worth $28,000 after acquiring an additional 88 shares during the period. Hantz Financial Services Inc. increased its position in Avis Budget Group by 136.4% during the 3rd quarter. Hantz Financial Services Inc. now owns 253 shares of the business services provider’s stock valued at $41,000 after purchasing an additional 146 shares during the period. American Wealth Advisors LLC purchased a new position in Avis Budget Group during the 3rd quarter valued at $41,000. Northwestern Mutual Wealth Management Co. raised its holdings in Avis Budget Group by 26.5% in the 3rd quarter. Northwestern Mutual Wealth Management Co. now owns 363 shares of the business services provider’s stock worth $58,000 after purchasing an additional 76 shares in the last quarter. Finally, EverSource Wealth Advisors LLC raised its holdings in Avis Budget Group by 19.6% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 427 shares of the business services provider’s stock worth $72,000 after purchasing an additional 70 shares in the last quarter. Hedge funds and other institutional investors own 96.35% of the company’s stock.

Analyst Ratings Changes

CAR has been the topic of a number of research reports. Wall Street Zen lowered shares of Avis Budget Group from a “hold” rating to a “sell” rating in a research note on Saturday, February 21st. Weiss Ratings restated a “sell (d)” rating on shares of Avis Budget Group in a report on Wednesday, January 21st. The Goldman Sachs Group set a $85.00 target price on Avis Budget Group in a report on Monday, February 23rd. Zacks Research cut Avis Budget Group from a “hold” rating to a “strong sell” rating in a research note on Thursday, February 19th. Finally, Barclays reduced their price target on Avis Budget Group from $120.00 to $95.00 and set an “equal weight” rating on the stock in a research note on Thursday, February 26th. One analyst has rated the stock with a Buy rating, four have issued a Hold rating and four have assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Reduce” and a consensus price target of $124.71.

Avis Budget Group Trading Up 4.0%

Avis Budget Group stock opened at $101.88 on Wednesday. The business’s fifty day simple moving average is $111.84 and its two-hundred day simple moving average is $132.17. Avis Budget Group, Inc. has a 12 month low of $55.61 and a 12 month high of $212.81. The company has a market capitalization of $3.59 billion, a price-to-earnings ratio of -4.01 and a beta of 2.32.

Insider Transactions at Avis Budget Group

In other Avis Budget Group news, Director Lynn Krominga sold 1,950 shares of the firm’s stock in a transaction dated Friday, February 20th. The shares were sold at an average price of $91.54, for a total transaction of $178,503.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Pentwater Capital Management L bought 425,000 shares of the firm’s stock in a transaction on Friday, February 20th. The stock was purchased at an average cost of $94.26 per share, with a total value of $40,060,500.00. Following the completion of the acquisition, the insider directly owned 3,987,100 shares of the company’s stock, valued at approximately $375,824,046. The trade was a 11.93% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders own 52.80% of the company’s stock.

Avis Budget Group Profile

Avis Budget Group, Inc operates as a leading global provider of vehicle rental and mobility solutions. Through its two core brands, Avis® and Budget®, the company offers a broad range of rental options including daily, weekly and monthly car rentals for leisure and business travelers. In addition to traditional airport and off-airport car rental services, Avis Budget Group delivers innovative mobility platforms such as car-sharing programs and connected fleet solutions designed to meet the evolving needs of corporate, government and individual customers.

The company’s roots trace back to Avis Rent a Car, founded in 1946, and Budget Rent a Car, established in 1958.