Avis Budget Group, Inc. $CAR Shares Sold by Intech Investment Management LLC

Intech Investment Management LLC lessened its stake in shares of Avis Budget Group, Inc. (NASDAQ:CAR) by 52.0% in the fourth quarter, Holdings Channel.com reports. The fund owned 18,001 shares of the business services provider’s stock after selling 19,466 shares during the quarter. Intech Investment Management LLC’s holdings in Avis Budget Group were worth $2,310,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of CAR. ING Groep NV lifted its position in shares of Avis Budget Group by 440.2% during the 3rd quarter. ING Groep NV now owns 1,035,000 shares of the business services provider’s stock valued at $166,195,000 after acquiring an additional 843,400 shares during the last quarter. UBS Group AG lifted its position in shares of Avis Budget Group by 37.3% during the 4th quarter. UBS Group AG now owns 2,964,807 shares of the business services provider’s stock valued at $380,444,000 after acquiring an additional 804,814 shares during the last quarter. CIBC Bancorp USA Inc. acquired a new stake in shares of Avis Budget Group during the 3rd quarter valued at $97,951,000. National Bank of Canada FI lifted its position in shares of Avis Budget Group by 46.6% during the 3rd quarter. National Bank of Canada FI now owns 1,290,000 shares of the business services provider’s stock valued at $207,142,000 after acquiring an additional 409,761 shares during the last quarter. Finally, Cibc World Market Inc. acquired a new stake in shares of Avis Budget Group during the 3rd quarter valued at $64,231,000. Institutional investors and hedge funds own 96.35% of the company’s stock.

Insider Activity

In other news, major shareholder Pentwater Capital Management L sold 3,347 shares of the stock in a transaction on Wednesday, April 22nd. The stock was sold at an average price of $438.74, for a total value of $1,468,462.78. Following the completion of the sale, the insider owned 6,177,100 shares in the company, valued at $2,710,140,854. This represents a 0.05% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Edward P. Linnen sold 9,483 shares of the stock in a transaction on Thursday, April 30th. The shares were sold at an average price of $182.32, for a total value of $1,728,940.56. Following the completion of the sale, the executive vice president owned 37,932 shares of the company’s stock, valued at $6,915,762.24. The trade was a 20.00% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 16,299 shares of company stock worth $3,836,012 over the last quarter. Corporate insiders own 50.48% of the company’s stock.

Avis Budget Group Stock Up 0.9%

CAR opened at $173.86 on Thursday. The stock has a fifty day moving average of $225.05 and a 200-day moving average of $156.70. The firm has a market capitalization of $6.14 billion, a P/E ratio of -9.13 and a beta of 1.87. Avis Budget Group, Inc. has a 12-month low of $85.96 and a 12-month high of $847.70.

Avis Budget Group (NASDAQ:CAR) last released its earnings results on Wednesday, April 29th. The business services provider reported ($8.01) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($6.82) by ($1.19). The firm had revenue of $2.53 billion during the quarter, compared to the consensus estimate of $2.43 billion. The firm’s quarterly revenue was up 4.1% on a year-over-year basis. During the same period in the prior year, the firm earned ($14.35) EPS. On average, analysts expect that Avis Budget Group, Inc. will post 2.93 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on CAR shares. Zacks Research upgraded Avis Budget Group from a “strong sell” rating to a “hold” rating in a research report on Wednesday, May 6th. The Goldman Sachs Group set a $85.00 price objective on Avis Budget Group in a research report on Monday, February 23rd. Susquehanna increased their price objective on Avis Budget Group from $105.00 to $140.00 and gave the company a “neutral” rating in a research report on Friday, May 8th. Barclays cut their price objective on Avis Budget Group from $150.00 to $140.00 and set an “underweight” rating for the company in a research report on Tuesday, May 5th. Finally, Morgan Stanley increased their price objective on Avis Budget Group from $97.00 to $99.00 and gave the company an “equal weight” rating in a research report on Wednesday, May 20th. Five research analysts have rated the stock with a Hold rating and five have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Reduce” and a consensus price target of $125.25.

Avis Budget Group Profile

Avis Budget Group, Inc operates as a leading global provider of vehicle rental and mobility solutions. Through its two core brands, Avis® and Budget®, the company offers a broad range of rental options including daily, weekly and monthly car rentals for leisure and business travelers. In addition to traditional airport and off-airport car rental services, Avis Budget Group delivers innovative mobility platforms such as car-sharing programs and connected fleet solutions designed to meet the evolving needs of corporate, government and individual customers.

The company’s roots trace back to Avis Rent a Car, founded in 1946, and Budget Rent a Car, established in 1958.