Vanguard Group Inc. Cuts Stake in Avis Budget Group, Inc. $CAR

Vanguard Group Inc. lowered its stake in shares of Avis Budget Group, Inc. (NASDAQ:CAR) by 1.0% in the fourth quarter, Holdings Channel reports. The firm owned 1,525,988 shares of the business services provider’s stock after selling 16,107 shares during the period. Vanguard Group Inc.’s holdings in Avis Budget Group were worth $195,815,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of CAR. M&T Bank Corp boosted its position in Avis Budget Group by 287.5% during the fourth quarter. M&T Bank Corp now owns 11,192 shares of the business services provider’s stock worth $1,436,000 after acquiring an additional 8,304 shares during the last quarter. Bayforest Capital Ltd acquired a new position in Avis Budget Group during the fourth quarter worth about $252,000. SG Americas Securities LLC boosted its position in Avis Budget Group by 5,264.9% during the fourth quarter. SG Americas Securities LLC now owns 100,968 shares of the business services provider’s stock worth $12,956,000 after acquiring an additional 99,086 shares during the last quarter. Assenagon Asset Management S.A. boosted its position in Avis Budget Group by 40.3% during the fourth quarter. Assenagon Asset Management S.A. now owns 539,395 shares of the business services provider’s stock worth $69,215,000 after acquiring an additional 154,994 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC boosted its position in Avis Budget Group by 37.5% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 1,905 shares of the business services provider’s stock worth $248,000 after acquiring an additional 520 shares during the last quarter. Hedge funds and other institutional investors own 96.35% of the company’s stock.

Avis Budget Group Price Performance

NASDAQ:CAR opened at $145.75 on Monday. The firm has a market capitalization of $5.15 billion, a price-to-earnings ratio of -7.65 and a beta of 1.91. The company’s 50-day moving average is $201.79 and its two-hundred day moving average is $154.59. Avis Budget Group, Inc. has a 1-year low of $85.96 and a 1-year high of $847.70.

Avis Budget Group (NASDAQ:CAR) last posted its earnings results on Wednesday, April 29th. The business services provider reported ($8.01) earnings per share for the quarter, missing the consensus estimate of ($6.82) by ($1.19). The business had revenue of $2.53 billion for the quarter, compared to the consensus estimate of $2.43 billion. Avis Budget Group’s revenue was up 4.1% compared to the same quarter last year. During the same quarter last year, the firm earned ($14.35) EPS. As a group, equities analysts anticipate that Avis Budget Group, Inc. will post 3.72 earnings per share for the current fiscal year.

Insider Activity

In other Avis Budget Group news, Director Lynn Krominga sold 1,950 shares of the business’s stock in a transaction dated Friday, February 20th. The shares were sold at an average price of $91.54, for a total value of $178,503.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Edward P. Linnen sold 9,483 shares of the business’s stock in a transaction dated Thursday, April 30th. The shares were sold at an average price of $182.32, for a total transaction of $1,728,940.56. Following the completion of the transaction, the executive vice president owned 37,932 shares in the company, valued at $6,915,762.24. The trade was a 20.00% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 18,249 shares of company stock valued at $4,014,515. Company insiders own 50.48% of the company’s stock.

Wall Street Analysts Forecast Growth

CAR has been the topic of a number of recent research reports. Zacks Research upgraded shares of Avis Budget Group from a “strong sell” rating to a “hold” rating in a research report on Wednesday, May 6th. Morgan Stanley lowered their price target on shares of Avis Budget Group from $142.00 to $97.00 and set an “equal weight” rating on the stock in a research report on Friday, March 6th. Wall Street Zen upgraded shares of Avis Budget Group from a “sell” rating to a “hold” rating in a research report on Saturday, May 2nd. The Goldman Sachs Group set a $85.00 price target on shares of Avis Budget Group in a research report on Monday, February 23rd. Finally, Weiss Ratings restated a “sell (d)” rating on shares of Avis Budget Group in a research report on Wednesday, January 21st. Five equities research analysts have rated the stock with a Hold rating and five have issued a Sell rating to the company. According to MarketBeat.com, Avis Budget Group presently has an average rating of “Reduce” and an average target price of $125.00.

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.