MUFG Securities EMEA plc Invests $25.66 Million in Avis Budget Group, Inc. $CAR

MUFG Securities EMEA plc acquired a new position in Avis Budget Group, Inc. (NASDAQ:CAR) during the fourth quarter, Holdings Channel reports. The institutional investor acquired 200,000 shares of the business services provider’s stock, valued at approximately $25,664,000.

Other institutional investors have also made changes to their positions in the company. UBS Group AG increased its stake in shares of Avis Budget Group by 37.3% in the fourth quarter. UBS Group AG now owns 2,964,807 shares of the business services provider’s stock worth $380,444,000 after purchasing an additional 804,814 shares during the period. Assenagon Asset Management S.A. increased its stake in shares of Avis Budget Group by 40.3% in 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 purchasing an additional 154,994 shares during the period. Mitsubishi UFJ Trust & Banking Corp increased its stake in shares of Avis Budget Group by 1,443.0% in the third quarter. Mitsubishi UFJ Trust & Banking Corp now owns 15,955 shares of the business services provider’s stock worth $2,562,000 after purchasing an additional 14,921 shares during the period. M&T Bank Corp increased its stake in shares of Avis Budget Group by 287.5% in the fourth quarter. M&T Bank Corp now owns 11,192 shares of the business services provider’s stock worth $1,436,000 after purchasing an additional 8,304 shares during the period. Finally, Intech Investment Management LLC grew its position in Avis Budget Group by 203.8% during the third quarter. Intech Investment Management LLC now owns 37,467 shares of the business services provider’s stock worth $6,016,000 after buying an additional 25,135 shares in the last quarter. 96.35% of the stock is currently owned by institutional investors.

Avis Budget Group Stock Up 0.5%

CAR stock opened at $175.84 on Friday. The business’s 50-day simple moving average is $220.90 and its 200 day simple moving average is $155.96. The company has a market cap of $6.21 billion, a PE ratio of -9.23 and a beta of 1.91. Avis Budget Group, Inc. has a twelve month low of $85.96 and a twelve month high of $847.70.

Avis Budget Group (NASDAQ:CAR) last released its quarterly earnings data on Wednesday, April 29th. The business services provider reported ($8.01) earnings per share for the quarter, missing analysts’ consensus estimates of ($6.82) by ($1.19). The business had revenue of $2.53 billion during the quarter, compared to the consensus estimate of $2.43 billion. The company’s quarterly revenue was up 4.1% on a year-over-year basis. During the same quarter last year, the firm earned ($14.35) earnings per share. On average, equities research analysts anticipate that Avis Budget Group, Inc. will post 2.93 EPS for the current year.

Analyst Ratings Changes

CAR has been the topic of a number of recent research reports. Wall Street Zen raised Avis Budget Group from a “sell” rating to a “hold” rating in a research report on Saturday, May 2nd. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and set a $125.00 target price on shares of Avis Budget Group in a research report on Friday, May 1st. Morgan Stanley lifted their target price on Avis Budget Group from $97.00 to $99.00 and gave the stock an “equal weight” rating in a research report on Wednesday, May 20th. JPMorgan Chase & Co. decreased their target price on Avis Budget Group from $165.00 to $140.00 and set an “underweight” rating on the stock in a research report on Friday, May 1st. Finally, Susquehanna lifted their target price on Avis Budget Group from $105.00 to $140.00 and gave the stock a “neutral” rating in a research report on Friday, May 8th. Five equities research analysts have rated the stock with a Hold rating and five have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Reduce” and a consensus price target of $125.25.

Insider Buying and Selling at Avis Budget Group

In other Avis Budget Group news, EVP Ravi Simhambhatla sold 3,469 shares of Avis Budget Group stock in a transaction that occurred on Thursday, April 30th. The stock was sold at an average price of $184.09, for a total transaction of $638,608.21. Following the sale, the executive vice president directly owned 13,876 shares of the company’s stock, valued at approximately $2,554,432.84. The trade was a 20.00% decrease in their ownership of the stock. 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 sold 3,347 shares of Avis Budget Group stock in a transaction that occurred on Wednesday, April 22nd. The shares were sold at an average price of $438.74, for a total value of $1,468,462.78. Following the sale, the insider directly owned 6,177,100 shares in the company, valued at $2,710,140,854. The trade was a 0.05% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 16,299 shares of company stock valued at $3,836,012. 50.48% of the stock is currently owned by corporate insiders.

Avis Budget Group Company 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.