VIRGINIA RETIREMENT SYSTEMS ET Al Buys Shares of 8,000 Avis Budget Group, Inc. $CAR

VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in Avis Budget Group, Inc. (NASDAQ:CAR) during the second quarter, Holdings Channel.com reports. The firm bought 8,000 shares of the business services provider’s stock, valued at approximately $1,352,000.

A number of other institutional investors have also modified their holdings of the company. Allianz Asset Management GmbH grew its stake in shares of Avis Budget Group by 291.3% in the second quarter. Allianz Asset Management GmbH now owns 168,143 shares of the business services provider’s stock valued at $28,425,000 after buying an additional 125,169 shares in the last quarter. Twin Tree Management LP acquired a new stake in shares of Avis Budget Group in the second quarter valued at $2,473,000. Ritholtz Wealth Management acquired a new stake in shares of Avis Budget Group in the second quarter valued at $599,000. Envestnet Portfolio Solutions Inc. grew its stake in shares of Avis Budget Group by 350.3% in the second quarter. Envestnet Portfolio Solutions Inc. now owns 13,114 shares of the business services provider’s stock valued at $2,217,000 after buying an additional 10,202 shares in the last quarter. Finally, Vanguard Personalized Indexing Management LLC grew its stake in shares of Avis Budget Group by 12.7% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 3,986 shares of the business services provider’s stock valued at $674,000 after buying an additional 449 shares in the last quarter. 96.35% of the stock is owned by institutional investors and hedge funds.

Insider Activity

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

Avis Budget Group Stock Performance

NASDAQ:CAR opened at $151.71 on Thursday. The stock has a 50-day simple moving average of $155.22 and a 200-day simple moving average of $140.72. The stock has a market cap of $5.34 billion, a P/E ratio of -2.40 and a beta of 2.03. Avis Budget Group, Inc. has a 1 year low of $54.03 and a 1 year high of $212.81.

Avis Budget Group (NASDAQ:CAR) last released its quarterly earnings data 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 firm had revenue of $3.04 billion during the quarter, compared to analyst estimates of $3.02 billion. The business’s quarterly revenue was down .3% on a year-over-year basis. During the same period in the prior year, the company posted $0.41 earnings per share. On average, equities research analysts predict that Avis Budget Group, Inc. will post 8.91 EPS for the current year.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on CAR. Barclays lifted their price objective on Avis Budget Group from $105.00 to $150.00 and gave the company an “equal weight” rating in a research note on Monday, August 4th. Bank of America reissued an “underperform” rating and set a $113.00 target price (down from $120.00) on shares of Avis Budget Group in a research note on Wednesday, August 20th. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and set a $196.00 target price (up from $130.00) on shares of Avis Budget Group in a research note on Thursday, July 10th. JPMorgan Chase & Co. boosted their target price on Avis Budget Group from $155.00 to $157.00 and gave the stock a “neutral” rating in a research note on Monday. Finally, Zacks Research cut Avis Budget Group from a “hold” rating to a “strong sell” rating in a research note on Monday. One research analyst has rated the stock with a Buy rating, four have issued a Hold rating and four have issued a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Reduce” and an average price target of $144.33.

Avis Budget Group Company 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.