The Alaska State Department of Revenue reduced its position in Avis Budget Group, Inc. (NASDAQ: CAR – Get Rating) by 2.8% during the 1st quarter, HoldingsChannel.com reports. The fund held 5,643 shares of the business services provider after selling 160 shares during the period. The Alaska State Department of Revenue’s holdings in Avis Budget Group were worth $1,485,000 when it was last filed with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently changed their positions in the company. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main bought a new position in Avis Budget Group in Q4 worth $33,000. AlphaCentric Advisors LLC bought a new position in Avis Budget Group in Q4 worth $51,000. Covestor Ltd bought a new position in Avis Budget Group in Q4 worth $68,000. Concord Wealth Partners increased its stake in Avis Budget Group by 135.9% in the fourth quarter. Concord Wealth Partners now owns 394 shares of the business services provider worth $82,000 after acquiring 227 additional shares during the period. Finally, Quadrant Capital Group LLC increased its stake in Avis Budget Group shares by 19.1% during the 4th quarter. Quadrant Capital Group LLC now owns 468 shares of the business services provider worth $97,000 after purchasing an additional 75 shares during the period.

CAR has been the subject of several research reports. Bank of America downgraded shares of Avis Budget Group from a “neutral” rating to an “underperforming” rating and lowered its price target for the stock from $250.00 to $240.00 in a report of Wednesday 6 April. Deutsche Bank Aktiengesellschaft raised its price target on Avis Budget Group shares from $193.00 to $238.00 in a Wednesday, May 4, report. Morgan Stanley lowered its price target on shares of Avis Budget Group from $168.00 to $156.00 and set an “underweight” rating on the stock in a Tuesday, June 7 report. Barclays upgraded shares of Avis Budget Group from an ‘underweight’ rating to an ‘equally weighted’ rating and raised its price target for the stock from $164.00 to $245.00 in a report Wednesday, April 20. Finally, StockNews.com upgraded shares of Avis Budget Group from a “hold” rating to a “buy” rating in a Tuesday, June 28 research report. Two equity research analysts rated the stock with a sell rating, three gave the company a hold rating and one assigned a buy rating. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $213.80.

In addition, Chairman Bernardo Hees purchased 29,400 shares of Avis Budget Group in a transaction on Friday June 10. The shares were purchased at an average cost of $168.69 per share, for a total transaction of $4,959,486.00. Following completion of the transaction, the President now directly owns 479,876 shares of the company, valued at $80,950,282.44. The purchase was disclosed in a document filed with the SEC, which is available via this hyperlink. Over the past 90 days, insiders have purchased 83,734 shares of the company worth $14,792,435. Insiders of the company hold 37.30% of the shares of the company.

Avis Budget Group shares opened at $150.91 on Friday. The company’s 50-day simple moving average is $200.38 and its 200-day simple moving average is $210.32. Avis Budget Group, Inc. has a 12-month low of $65.87 and a 12-month high of $545.11. The company has a market cap of $7.29 billion, a P/E ratio of 4.65, a price-to-earnings growth ratio of 0.21, and a beta of 2.05.

Avis Budget Group (NASDAQ:CAR – Get Rating) last released its results on Monday, May 2. The business services provider reported earnings per share of $9.99 for the quarter, beating the consensus estimate of $3.54 by $6.45. The company posted revenue of $2.43 billion for the quarter, versus analyst estimates of $2.18 billion. Avis Budget Group achieved a net margin of 19.13% and a negative return on equity of 635.44%. During the same period of the previous year, the company achieved EPS of ($0.46). Sell-side analysts expect Avis Budget Group, Inc. to post earnings per share of 39.29 for the current year.

Avis Budget Group Profile (Get a rating)

Avis Budget Group, Inc, together with its subsidiaries, provides car and truck rental, car sharing, and ancillary products and services to businesses and consumers. It operates the Avis brand, which provides vehicle rental and other mobility solutions to the premium business and leisure segments of the travel industry; the Budget Truck brand, a local one-way truck and van rental company with a fleet of approximately 20,000 vehicles, which are rented through a network of approximately 465 dealer-operated locations and 385 company-operated locations that serve the consumer and light commercial sectors in the continental United States; and the Zipcar brand, a car-sharing network.

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Want to see which other hedge funds hold CARs? Visit HoldingsChannel.com for the latest 13F filings and insider trading for Avis Budget Group, Inc. (NASDAQ:CAR – Get Rating).

Institutional Ownership by Quarter for Avis Budget Group (NASDAQ:CAR)



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