Victory Capital Management Inc. trimmed its holdings in shares of Avis Budget Group, Inc. (NASDAQ:CAR) by 53.5% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 564,874 shares of the business services provider’s stock after selling 649,760 shares during the period. Victory Capital Management Inc. owned about 0.68% of Avis Budget Group worth $21,499,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Crow Point Partners LLC bought a new stake in Avis Budget Group in the 3rd quarter valued at about $107,000. Harel Insurance Investments & Financial Services Ltd. bought a new stake in Avis Budget Group in the 2nd quarter valued at about $191,000. Cambridge Investment Research Advisors Inc. bought a new stake in Avis Budget Group in the 2nd quarter valued at about $225,000. Strs Ohio bought a new stake in Avis Budget Group in the 3rd quarter valued at about $232,000. Finally, LS Investment Advisors LLC raised its stake in Avis Budget Group by 13.0% in the 2nd quarter. LS Investment Advisors LLC now owns 8,881 shares of the business services provider’s stock valued at $242,000 after acquiring an additional 1,024 shares during the period.
A number of equities research analysts recently issued reports on CAR shares. BidaskClub upgraded Avis Budget Group from a “hold” rating to a “buy” rating in a research note on Wednesday, July 19th. Zacks Investment Research cut Avis Budget Group from a “hold” rating to a “sell” rating in a research note on Wednesday, August 2nd. J P Morgan Chase & Co began coverage on Avis Budget Group in a report on Friday, August 4th. They set an “overweight” rating and a $39.00 target price for the company. ValuEngine lowered Avis Budget Group from a “buy” rating to a “hold” rating in a report on Monday, August 7th. Finally, Morgan Stanley reduced their target price on Avis Budget Group from $19.00 to $18.00 and set an “underweight” rating for the company in a report on Friday, August 25th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and seven have assigned a buy rating to the company. Avis Budget Group has a consensus rating of “Hold” and an average price target of $37.70.
In other news, CEO Shon Larry D. De sold 25,000 shares of the business’s stock in a transaction dated Monday, October 30th. The stock was sold at an average price of $42.00, for a total transaction of $1,050,000.00. Following the completion of the transaction, the chief executive officer now owns 222,365 shares of the company’s stock, valued at $9,339,330. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Mark J. Servodidio sold 29,000 shares of the business’s stock in a transaction dated Thursday, August 31st. The stock was sold at an average price of $36.07, for a total value of $1,046,030.00. Following the transaction, the insider now directly owns 72,431 shares of the company’s stock, valued at approximately $2,612,586.17. The disclosure for this sale can be found here. Insiders have sold 459,800 shares of company stock valued at $18,153,448 in the last three months. 2.80% of the stock is owned by insiders.
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Avis Budget Group, Inc. (NASDAQ:CAR) opened at $33.46 on Friday. Avis Budget Group, Inc. has a twelve month low of $20.71 and a twelve month high of $42.40. The company has a current ratio of 1.28, a quick ratio of 1.27 and a debt-to-equity ratio of 35.24. The company has a market capitalization of $2,724.38, a PE ratio of 12.82 and a beta of 2.57.
Avis Budget Group (NASDAQ:CAR) last issued its quarterly earnings data on Monday, November 6th. The business services provider reported $3.10 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $2.99 by $0.11. Avis Budget Group had a return on equity of 95.28% and a net margin of 1.26%. The company had revenue of $2.75 billion during the quarter, compared to analyst estimates of $2.78 billion. During the same quarter in the previous year, the firm earned $2.47 earnings per share. Avis Budget Group’s revenue was up 3.6% on a year-over-year basis. research analysts forecast that Avis Budget Group, Inc. will post 2.6 EPS for the current fiscal year.
About Avis Budget Group
Avis Budget Group Inc is a provider of vehicle rental and car sharing services. The Company operates three brands, which include Avis, Budget and Zipcar. Avis and Budget are a rental car supplier. It also owns Payless, which a car rental brand; Apex, which is a car rental brand in New Zealand and Australia; Maggiore, a vehicle rental brand in Italy, and France Cars, which operates light commercial vehicle fleets in France.
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