SummerHaven Investment Management LLC Has $1.32 Million Position in Avis Budget Group, Inc. $CAR

SummerHaven Investment Management LLC boosted its stake in Avis Budget Group, Inc. (NASDAQ:CAR) by 2.3% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 7,795 shares of the business services provider’s stock after acquiring an additional 172 shares during the period. Avis Budget Group accounts for 0.9% of SummerHaven Investment Management LLC’s investment portfolio, making the stock its 11th largest holding. SummerHaven Investment Management LLC’s holdings in Avis Budget Group were worth $1,318,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also added to or reduced their stakes in the stock. Meridian Investment Counsel Inc. bought a new stake in Avis Budget Group in the second quarter valued at approximately $205,000. Ballentine Partners LLC bought a new stake in Avis Budget Group in the second quarter valued at approximately $308,000. Fifth Third Bancorp boosted its holdings in Avis Budget Group by 32.6% in the second quarter. Fifth Third Bancorp now owns 228 shares of the business services provider’s stock valued at $39,000 after acquiring an additional 56 shares during the last quarter. GAMMA Investing LLC boosted its holdings in Avis Budget Group by 101.6% in the second quarter. GAMMA Investing LLC now owns 901 shares of the business services provider’s stock valued at $152,000 after acquiring an additional 454 shares during the last quarter. Finally, Clear Harbor Asset Management LLC bought a new stake in Avis Budget Group in the second quarter valued at approximately $270,000. 96.35% of the stock is currently owned by institutional investors.

Avis Budget Group Stock Down 1.2%

Shares of NASDAQ:CAR opened at $161.27 on Monday. Avis Budget Group, Inc. has a twelve month low of $54.03 and a twelve month high of $212.81. The stock’s 50 day moving average is $164.08 and its 200-day moving average is $130.90. The firm has a market capitalization of $5.68 billion, a price-to-earnings ratio of -2.55 and a beta of 2.12.

Avis Budget Group (NASDAQ:CAR) last issued its earnings results on Tuesday, July 29th. The business services provider reported $0.10 earnings per share for the quarter, missing analysts’ consensus estimates of $2.02 by ($1.92). Avis Budget Group had a negative return on equity of 14.74% and a negative net margin of 19.06%.The firm 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 company earned $0.41 earnings per share. Avis Budget Group’s revenue for the quarter was down .3% compared to the same quarter last year. Equities research analysts anticipate that Avis Budget Group, Inc. will post 8.91 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, EVP Edward P. Linnen sold 10,000 shares of the company’s stock in a transaction that occurred on 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 transaction, the executive vice president directly owned 40,915 shares of the company’s stock, valued at $6,416,699.45. This represents a 19.64% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Bernardo Hees sold 402,200 shares of the company’s stock in a transaction that occurred on Monday, August 4th. The stock was sold at an average price of $156.59, for a total value of $62,980,498.00. Following the transaction, 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 disclosure for this sale can be found here. 52.80% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several brokerages recently commented on CAR. Barclays upped their target price on Avis Budget Group from $105.00 to $150.00 and gave the company an “equal weight” rating in a report on Monday, August 4th. Zacks Research upgraded Avis Budget Group from a “strong sell” rating to a “hold” rating in a report on Thursday, August 21st. Bank of America reissued an “underperform” rating and issued a $113.00 price target (down from $120.00) on shares of Avis Budget Group in a research note on Wednesday, August 20th. The Goldman Sachs Group reissued a “sell” rating and issued a $105.00 price target (up from $87.00) on shares of Avis Budget Group in a research note on Friday, August 1st. Finally, Deutsche Bank Aktiengesellschaft reissued a “buy” rating and issued a $196.00 price target (up from $130.00) on shares of Avis Budget Group in a research note on Thursday, July 10th. One research analyst has rated the stock with a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Reduce” and an average target price of $143.80.

About Avis Budget Group

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.