Strs Ohio lessened its position in shares of Avis Budget Group Inc. (NASDAQ:CAR) by 85.8% in the first quarter, Holdings Channel reports. The fund owned 1,600 shares of the business services provider’s stock after selling 9,700 shares during the quarter. Strs Ohio’s holdings in Avis Budget Group were worth $55,000 as of its most recent filing with the SEC.
A number of other institutional investors have also recently bought and sold shares of CAR. Morgan Stanley increased its position in Avis Budget Group by 17.6% in the 3rd quarter. Morgan Stanley now owns 459,721 shares of the business services provider’s stock valued at $14,775,000 after acquiring an additional 68,696 shares in the last quarter. First Hawaiian Bank boosted its stake in shares of Avis Budget Group by 12.3% in the 4th quarter. First Hawaiian Bank now owns 15,878 shares of the business services provider’s stock valued at $357,000 after purchasing an additional 1,744 shares during the last quarter. Oppenheimer Asset Management Inc. bought a new position in shares of Avis Budget Group in the 4th quarter valued at about $59,000. Crossmark Global Holdings Inc. boosted its stake in shares of Avis Budget Group by 30.9% in the 4th quarter. Crossmark Global Holdings Inc. now owns 12,705 shares of the business services provider’s stock valued at $286,000 after purchasing an additional 3,000 shares during the last quarter. Finally, Rhumbline Advisers boosted its stake in shares of Avis Budget Group by 66.7% in the 4th quarter. Rhumbline Advisers now owns 193,258 shares of the business services provider’s stock valued at $4,344,000 after purchasing an additional 77,314 shares during the last quarter.
In other news, major shareholder Srs Investment Management, Llc acquired 4,189,300 shares of Avis Budget Group stock in a transaction that occurred on Friday, February 22nd. The shares were acquired at an average price of $35.33 per share, with a total value of $148,007,969.00. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Michael K. Tucker sold 4,796 shares of Avis Budget Group stock in a transaction that occurred on Tuesday, February 26th. The stock was sold at an average price of $35.50, for a total transaction of $170,258.00. Following the transaction, the executive vice president now directly owns 66,906 shares in the company, valued at approximately $2,375,163. The disclosure for this sale can be found here. 1.20% of the stock is owned by company insiders.
Several research analysts have recently issued reports on CAR shares. BidaskClub raised shares of Avis Budget Group from a “hold” rating to a “buy” rating in a research note on Friday, March 29th. Zacks Investment Research lowered shares of Avis Budget Group from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, April 30th. Goldman Sachs Group raised shares of Avis Budget Group from a “sell” rating to a “buy” rating and raised their target price for the company from $30.00 to $35.00 in a research note on Monday, February 11th. ValuEngine raised shares of Avis Budget Group from a “strong sell” rating to a “sell” rating in a research note on Friday, February 22nd. Finally, Deutsche Bank reaffirmed a “buy” rating and issued a $48.00 target price on shares of Avis Budget Group in a research note on Monday, February 25th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $39.67.
Shares of NASDAQ CAR opened at $32.95 on Thursday. Avis Budget Group Inc. has a 1 year low of $21.63 and a 1 year high of $45.15. The stock has a market capitalization of $2.51 billion, a PE ratio of 9.03 and a beta of 1.93. The company has a debt-to-equity ratio of 51.70, a quick ratio of 0.95 and a current ratio of 0.95.
Avis Budget Group (NASDAQ:CAR) last released its quarterly earnings data on Wednesday, May 1st. The business services provider reported ($0.78) earnings per share for the quarter, topping the consensus estimate of ($1.02) by $0.24. Avis Budget Group had a net margin of 1.77% and a return on equity of 71.86%. The business had revenue of $1.92 billion for the quarter, compared to analyst estimates of $1.95 billion. During the same quarter last year, the firm earned ($0.74) EPS. Avis Budget Group’s quarterly revenue was down 2.4% compared to the same quarter last year. Analysts expect that Avis Budget Group Inc. will post 3.99 EPS for the current year.
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Avis Budget Group Company Profile
Avis Budget Group, Inc, together with its subsidiaries, provides car and truck rentals, car sharing, and ancillary services to businesses and consumers worldwide. It operates the Avis brand, a vehicle rental system with approximately 5,500 locations that supply rental cars to the premium commercial and leisure segments of the travel industry; the Budget brand, a vehicle rental and other mobility solutions primarily focuses on the value-conscious segments of the industry; the Zipcar brand, a membership-based car sharing network; and the Budget Truck brand, a local and one-way truck rental businesses with a fleet of approximately 18,000 vehicles, which are rented through a network of approximately 640 dealer-operated and 430 company-operated locations that serve the consumer and light commercial sectors in the continental United States.
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