New York State Teachers Retirement System Sells 400 Shares of Avis Budget Group, Inc. $CAR

New York State Teachers Retirement System lowered its holdings in Avis Budget Group, Inc. (NASDAQ:CAR) by 2.0% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 19,534 shares of the business services provider’s stock after selling 400 shares during the period. New York State Teachers Retirement System’s holdings in Avis Budget Group were worth $3,302,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Vanguard Group Inc. raised its position in shares of Avis Budget Group by 2.9% in the first quarter. Vanguard Group Inc. now owns 1,610,186 shares of the business services provider’s stock valued at $122,213,000 after purchasing an additional 46,038 shares during the period. Mizuho Markets Americas LLC bought a new stake in shares of Avis Budget Group in the first quarter valued at approximately $18,975,000. Assenagon Asset Management S.A. grew its stake in Avis Budget Group by 92.1% during the second quarter. Assenagon Asset Management S.A. now owns 236,308 shares of the business services provider’s stock valued at $39,948,000 after acquiring an additional 113,278 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in Avis Budget Group by 6.9% during the first quarter. Charles Schwab Investment Management Inc. now owns 217,262 shares of the business services provider’s stock valued at $16,490,000 after acquiring an additional 13,988 shares in the last quarter. Finally, Invesco Ltd. grew its stake in Avis Budget Group by 12.1% during the first quarter. Invesco Ltd. now owns 166,978 shares of the business services provider’s stock valued at $12,674,000 after acquiring an additional 18,006 shares in the last quarter. Institutional investors own 96.35% of the company’s stock.

Insider Activity at Avis Budget Group

In other Avis Budget Group news, Director Bernardo Hees sold 402,200 shares of Avis Budget Group stock in a transaction that occurred on Monday, August 4th. The shares were sold at an average price of $156.59, for a total transaction of $62,980,498.00. Following the completion of the sale, the director directly owned 116,521 shares in the company, valued at $18,246,023.39. The trade was a 77.54% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Edward P. Linnen sold 10,000 shares of the company’s stock in a transaction on Friday, August 15th. The shares were sold at an average price of $156.83, for a total transaction of $1,568,300.00. Following the completion of the sale, the executive vice president directly owned 40,915 shares of the company’s stock, valued at $6,416,699.45. This trade represents a 19.64% decrease in their position. The disclosure for this sale can be found here. Insiders own 52.80% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently commented on CAR. Susquehanna reduced their price objective on shares of Avis Budget Group from $150.00 to $145.00 and set a “neutral” rating for the company in a research note on Thursday, October 9th. JPMorgan Chase & Co. boosted their price objective on shares of Avis Budget Group from $155.00 to $157.00 and gave the company a “neutral” rating in a research note on Monday. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Avis Budget Group in a research note on Wednesday, October 8th. Bank of America reaffirmed an “underperform” rating and set a $113.00 price objective (down previously from $120.00) on shares of Avis Budget Group in a research note on Wednesday, August 20th. Finally, The Goldman Sachs Group reaffirmed a “sell” rating and set a $105.00 price objective (up previously from $87.00) on shares of Avis Budget Group in a research note on Friday, August 1st. One research analyst has rated the stock with a Buy rating, five have assigned a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Reduce” and a consensus price target of $144.33.

Avis Budget Group Price Performance

Shares of Avis Budget Group stock opened at $149.11 on Tuesday. Avis Budget Group, Inc. has a 1 year low of $54.03 and a 1 year high of $212.81. The firm has a market cap of $5.25 billion, a PE ratio of -2.36 and a beta of 2.03. The company has a 50 day simple moving average of $155.54 and a two-hundred day simple moving average of $140.56.

Avis Budget Group (NASDAQ:CAR) last announced its earnings results on Tuesday, July 29th. The business services provider reported $0.10 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.02 by ($1.92). The business had revenue of $3.04 billion for the quarter, compared to analyst estimates of $3.02 billion. During the same period in the previous year, the firm posted $0.41 EPS. Avis Budget Group’s revenue was down .3% compared to the same quarter last year. As a group, research analysts anticipate that Avis Budget Group, Inc. will post 8.91 earnings per share for the current year.

Avis Budget Group Profile

Avis Budget Group, Inc engages in the provision of vehicle sharing and rental services. It operates through the following segments: Americas, International, and Corporate and Other. The Americas segment includes the vehicle rental and car sharing operations in North America, South America, Central America, and the Caribbean.