Northern Trust Corp increased its position in shares of Avis Budget Group, Inc. (NASDAQ:CAR) by 73.9% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 1,325,555 shares of the business services provider’s stock after buying an additional 563,438 shares during the quarter. Northern Trust Corp owned about 1.57% of Avis Budget Group worth $36,148,000 at the end of the most recent reporting period.
Several other hedge funds have also recently added to or reduced their stakes in the company. FNY Managed Accounts LLC purchased a new stake in Avis Budget Group in the first quarter valued at approximately $102,000. Harel Insurance Investments & Financial Services Ltd. purchased a new stake in Avis Budget Group in the second quarter valued at approximately $191,000. Cambridge Investment Research Advisors Inc. purchased a new stake in Avis Budget Group in the second quarter valued at approximately $225,000. LS Investment Advisors LLC raised its position in Avis Budget Group by 13.0% in the second quarter. LS Investment Advisors LLC now owns 8,881 shares of the business services provider’s stock valued at $242,000 after purchasing an additional 1,024 shares during the period. Finally, Pacer Advisors Inc. raised its position in Avis Budget Group by 4.0% in the second quarter. Pacer Advisors Inc. now owns 9,261 shares of the business services provider’s stock valued at $253,000 after purchasing an additional 356 shares during the period.
A number of brokerages have issued reports on CAR. MKM Partners boosted their target price on Avis Budget Group from $36.00 to $49.00 and gave the company a “buy” rating in a research report on Thursday. Zacks Investment Research raised Avis Budget Group from a “strong sell” rating to a “hold” rating in a research report on Tuesday, October 10th. Deutsche Bank AG reissued a “buy” rating and issued a $49.00 target price (up previously from $44.00) on shares of Avis Budget Group in a research report on Friday, October 6th. ValuEngine raised Avis Budget Group from a “hold” rating to a “buy” rating in a research report on Thursday, October 5th. Finally, B. Riley began coverage on Avis Budget Group in a research report on Friday, September 22nd. They issued a “buy” rating and a $36.00 target price on the stock. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. Avis Budget Group has an average rating of “Buy” and an average target price of $37.33.
In other news, insider Ronald L. Nelson sold 150,000 shares of the firm’s stock in a transaction on Tuesday, September 12th. The shares were sold at an average price of $37.30, for a total value of $5,595,000.00. Following the transaction, the insider now owns 510,714 shares of the company’s stock, valued at approximately $19,049,632.20. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director John D. Jr. Hardy sold 908 shares of the firm’s stock in a transaction on Friday, August 11th. The shares were sold at an average price of $32.78, for a total transaction of $29,764.24. Following the completion of the transaction, the director now directly owns 908 shares in the company, valued at approximately $29,764.24. The disclosure for this sale can be found here. In the last three months, insiders sold 185,708 shares of company stock worth $6,878,212. Insiders own 2.80% of the company’s stock.
Shares of Avis Budget Group, Inc. (NASDAQ CAR) opened at 41.26 on Friday. The stock has a market cap of $3.41 billion, a price-to-earnings ratio of 48.60 and a beta of 2.48. The stock’s 50 day moving average price is $37.57 and its 200-day moving average price is $30.41. Avis Budget Group, Inc. has a 52-week low of $20.71 and a 52-week high of $41.53.
Avis Budget Group (NASDAQ:CAR) last issued its earnings results on Monday, August 7th. The business services provider reported $0.30 EPS for the quarter, missing the Zacks’ consensus estimate of $0.62 by ($0.32). Avis Budget Group had a net margin of 0.86% and a return on equity of 74.80%. The business had revenue of $2.24 billion during the quarter, compared to analysts’ expectations of $2.27 billion. During the same period in the prior year, the business posted $0.63 EPS. The business’s revenue was down .2% on a year-over-year basis. On average, analysts predict that Avis Budget Group, Inc. will post $2.61 earnings per share for the current fiscal year.
Avis Budget Group Company Profile
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 and Budget are a rental car supplier. It also owns Payless, which a car rental brand; Apex, which is a car rental brand in New Zealand and Australia; Maggiore, a vehicle rental brand in Italy, and France Cars, which operates light commercial vehicle fleets in France.
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