Artemis Investment Management LLP acquired a new position in shares of Avis Budget Group Inc. (NASDAQ:CAR) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 31,650 shares of the company’s stock, valued at approximately $1,020,000.
Several other institutional investors have also recently made changes to their positions in CAR. Invictus RG purchased a new position in shares of Avis Budget Group during the first quarter worth $262,000. OMERS ADMINISTRATION Corp purchased a new position in shares of Avis Budget Group during the first quarter worth $312,000. Seven Eight Capital LLC purchased a new position in shares of Avis Budget Group during the first quarter worth $359,000. Prudential Financial Inc. boosted its position in shares of Avis Budget Group by 3.7% in the first quarter. Prudential Financial Inc. now owns 15,759 shares of the company’s stock worth $432,000 after buying an additional 563 shares in the last quarter. Finally, Aperio Group LLC boosted its position in shares of Avis Budget Group by 59.1% in the first quarter. Aperio Group LLC now owns 18,253 shares of the company’s stock worth $499,000 after buying an additional 6,783 shares in the last quarter.
Shares of Avis Budget Group Inc. (NASDAQ:CAR) traded up 1.42% during midday trading on Friday, hitting $34.21. The stock had a trading volume of 2,219,221 shares. The company’s 50 day moving average is $36.38 and its 200 day moving average is $31.55. Avis Budget Group Inc. has a 52-week low of $21.73 and a 52-week high of $53.04. The company has a market cap of $3.11 billion, a PE ratio of 20.67 and a beta of 2.63.
Avis Budget Group (NASDAQ:CAR) last posted its earnings results on Tuesday, August 2nd. The company reported $0.63 EPS for the quarter, missing analysts’ consensus estimates of $0.69 by $0.06. The firm earned $2.24 billion during the quarter, compared to analysts’ expectations of $2.21 billion. Avis Budget Group had a return on equity of 58.78% and a net margin of 1.91%. Avis Budget Group’s quarterly revenue was up 3.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.84 earnings per share. On average, analysts anticipate that Avis Budget Group Inc. will post $3.04 earnings per share for the current year.
A number of brokerages recently weighed in on CAR. Zacks Investment Research cut Avis Budget Group from a “hold” rating to a “sell” rating in a report on Monday, July 11th. Morgan Stanley reissued a “sell” rating and set a $20.00 price objective on shares of Avis Budget Group in a report on Wednesday, August 3rd. Deutsche Bank AG raised their price objective on Avis Budget Group from $44.00 to $45.00 and gave the company a “buy” rating in a report on Thursday, August 4th. MKM Partners set a $47.00 price objective on Avis Budget Group and gave the company a “buy” rating in a report on Wednesday. Finally, Macquarie assumed coverage on Avis Budget Group in a research report on Thursday, August 25th. They set an “outperform” rating and a $44.00 price target on the stock. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have issued a buy rating to the stock. The company presently has an average rating of “Buy” and an average price target of $35.58.
In related news, insider Ronald L. Nelson sold 50,000 shares of the business’s stock in a transaction dated Monday, September 19th. The stock was sold at an average price of $38.00, for a total value of $1,900,000.00. Following the sale, the insider now directly owns 893,949 shares in the company, valued at $33,970,062. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Edward P. Linnen sold 4,000 shares of the business’s stock in a transaction dated Wednesday, August 24th. The stock was sold at an average price of $36.69, for a total value of $146,760.00. Following the completion of the sale, the executive vice president now owns 13,589 shares in the company, valued at $498,580.41. The disclosure for this sale can be found here. 2.80% of the stock is owned by corporate insiders.
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 is a rental car supplier and Budget is a rental vehicle supplier. It also owns Payless, which a car rental brand, and Apex, which is a car rental brand in New Zealand and Australia.
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