Lecap Asset Management Ltd. Makes New Investment in Avis Budget Group, Inc. $CAR

Lecap Asset Management Ltd. acquired a new position in Avis Budget Group, Inc. (NASDAQ:CAR) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 8,815 shares of the business services provider’s stock, valued at approximately $1,490,000.

Other institutional investors have also recently made changes to their positions in the company. Crossmark Global Holdings Inc. purchased a new position in shares of Avis Budget Group during the 1st quarter valued at $274,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Avis Budget Group by 9.8% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,840 shares of the business services provider’s stock valued at $443,000 after buying an additional 519 shares during the last quarter. Victory Capital Management Inc. lifted its position in shares of Avis Budget Group by 166.0% during the 1st quarter. Victory Capital Management Inc. now owns 29,527 shares of the business services provider’s stock valued at $2,241,000 after buying an additional 18,425 shares during the last quarter. Russell Investments Group Ltd. lifted its holdings in Avis Budget Group by 2,228.9% during the 1st quarter. Russell Investments Group Ltd. now owns 1,770 shares of the business services provider’s stock worth $134,000 after purchasing an additional 1,694 shares in the last quarter. Finally, Envestnet Portfolio Solutions Inc. purchased a new stake in Avis Budget Group during the 1st quarter worth about $221,000. Hedge funds and other institutional investors own 96.35% of the company’s stock.

Avis Budget Group Trading Down 1.0%

Shares of Avis Budget Group stock opened at $159.01 on Thursday. The firm has a market capitalization of $5.60 billion, a PE ratio of -2.51 and a beta of 2.03. The business’s 50-day moving average price is $161.76 and its 200-day moving average price is $131.98. Avis Budget Group, Inc. has a 12 month low of $54.03 and a 12 month high of $212.81.

Avis Budget Group (NASDAQ:CAR) last announced its quarterly earnings data on Tuesday, July 29th. The business services provider reported $0.10 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 analysts’ expectations of $3.02 billion. The company’s revenue was down .3% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.41 EPS. As a group, analysts predict that Avis Budget Group, Inc. will post 8.91 earnings per share for the current fiscal year.

Insider Activity at Avis Budget Group

In related news, EVP Edward P. Linnen sold 10,000 shares of the firm’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 in the company, valued at $6,416,699.45. This trade represents a 19.64% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Bernardo Hees sold 402,200 shares of the firm’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 owned 116,521 shares in the company, valued at approximately $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 company insiders.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on CAR shares. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and set a $196.00 price objective (up previously from $130.00) on shares of Avis Budget Group in a report on Thursday, July 10th. Zacks Research raised Avis Budget Group from a “strong sell” rating to a “hold” rating in a report on Thursday, August 21st. JPMorgan Chase & Co. reissued a “neutral” rating and set a $155.00 price objective on shares of Avis Budget Group in a report on Thursday, July 31st. Bank of America reaffirmed an “underperform” rating and issued a $113.00 price target (down previously from $120.00) on shares of Avis Budget Group in a report on Wednesday, August 20th. Finally, The Goldman Sachs Group reaffirmed a “sell” rating and issued a $105.00 price target (up previously from $87.00) on shares of Avis Budget Group in a report on Friday, August 1st. 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 data from MarketBeat.com, the company currently has an average rating of “Reduce” and an average price target of $143.80.

Avis Budget Group 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.