Canada Pension Plan Investment Board Reduces Stock Position in Avis Budget Group, Inc. (NASDAQ:CAR)

Canada Pension Plan Investment Board trimmed its position in Avis Budget Group, Inc. (NASDAQ:CAR) by 3.0% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 76,300 shares of the business services provider’s stock after selling 2,400 shares during the quarter. Canada Pension Plan Investment Board owned about 0.22% of Avis Budget Group worth $6,151,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Assenagon Asset Management S.A. lifted its stake in Avis Budget Group by 139.9% during the 4th quarter. Assenagon Asset Management S.A. now owns 379,805 shares of the business services provider’s stock valued at $30,616,000 after acquiring an additional 221,456 shares during the period. National Bank of Canada FI boosted its holdings in Avis Budget Group by 266.7% in the fourth quarter. National Bank of Canada FI now owns 330,000 shares of the business services provider’s stock valued at $26,601,000 after purchasing an additional 240,000 shares during the last quarter. ING Groep NV grew its position in Avis Budget Group by 310.4% during the 4th quarter. ING Groep NV now owns 325,000 shares of the business services provider’s stock worth $26,198,000 after purchasing an additional 245,800 shares during the period. Charles Schwab Investment Management Inc. raised its stake in shares of Avis Budget Group by 9.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 203,274 shares of the business services provider’s stock valued at $16,386,000 after buying an additional 17,473 shares during the last quarter. Finally, Barclays PLC lifted its holdings in shares of Avis Budget Group by 30.5% in the 3rd quarter. Barclays PLC now owns 200,576 shares of the business services provider’s stock valued at $17,571,000 after buying an additional 46,922 shares during the period. Institutional investors and hedge funds own 96.35% of the company’s stock.

Avis Budget Group Price Performance

Shares of NASDAQ CAR opened at $80.66 on Tuesday. The firm’s 50 day simple moving average is $73.71 and its 200-day simple moving average is $84.56. Avis Budget Group, Inc. has a 12 month low of $54.03 and a 12 month high of $132.25. The stock has a market capitalization of $2.84 billion, a price-to-earnings ratio of -1.56 and a beta of 2.05.

Avis Budget Group (NASDAQ:CAR) last issued its quarterly earnings results on Tuesday, February 11th. The business services provider reported ($0.23) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.50) by $0.27. Avis Budget Group had a negative return on equity of 14.74% and a negative net margin of 15.45%. Analysts anticipate that Avis Budget Group, Inc. will post 8.91 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Lynn Krominga sold 661 shares of the firm’s stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $95.00, for a total transaction of $62,795.00. Following the completion of the sale, the director now owns 3,355 shares in the company, valued at $318,725. This trade represents a 16.46 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 52.80% of the company’s stock.

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.