Principal Financial Group Inc. Sells 1,164 Shares of Avis Budget Group, Inc. (NASDAQ:CAR)

Principal Financial Group Inc. lowered its stake in Avis Budget Group, Inc. (NASDAQ:CARGet Rating) by 0.9% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 134,521 shares of the business services provider’s stock after selling 1,164 shares during the period. Principal Financial Group Inc. owned 0.28% of Avis Budget Group worth $19,786,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in CAR. CWM LLC lifted its position in Avis Budget Group by 735.0% during the second quarter. CWM LLC now owns 167 shares of the business services provider’s stock valued at $25,000 after buying an additional 147 shares during the period. Ellevest Inc. lifted its position in Avis Budget Group by 130.3% during the second quarter. Ellevest Inc. now owns 205 shares of the business services provider’s stock valued at $30,000 after buying an additional 116 shares during the period. Aaron Wealth Advisors LLC purchased a new position in Avis Budget Group during the first quarter valued at $46,000. Lazard Asset Management LLC purchased a new position in Avis Budget Group during the second quarter valued at $47,000. Finally, SeaCrest Wealth Management LLC purchased a new position in Avis Budget Group during the second quarter valued at $71,000. Institutional investors own 98.69% of the company’s stock.

Wall Street Analysts Forecast Growth

CAR has been the subject of several recent analyst reports. Jefferies Financial Group lowered Avis Budget Group to a “buy” rating and lowered their price target for the stock from $309.00 to $270.00 in a research report on Tuesday, October 25th. JPMorgan Chase & Co. raised Avis Budget Group from a “neutral” rating to an “overweight” rating and lifted their price target for the stock from $230.00 to $231.00 in a research report on Monday, October 24th. Morgan Stanley lifted their price target on Avis Budget Group from $150.00 to $160.00 and gave the stock an “underweight” rating in a research report on Thursday, November 3rd. StockNews.com initiated coverage on Avis Budget Group in a research report on Wednesday, October 12th. They issued a “hold” rating for the company. Finally, Deutsche Bank Aktiengesellschaft lifted their price target on Avis Budget Group from $218.00 to $233.00 in a research report on Wednesday, November 2nd. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $215.33.

Avis Budget Group Stock Performance

NASDAQ CAR opened at $224.75 on Tuesday. Avis Budget Group, Inc. has a one year low of $131.83 and a one year high of $327.80. The stock has a 50-day moving average of $192.32 and a 200 day moving average of $180.90. The company has a market capitalization of $9.32 billion, a price-to-earnings ratio of 4.18 and a beta of 2.26.

Avis Budget Group (NASDAQ:CARGet Rating) last released its quarterly earnings data on Monday, October 31st. The business services provider reported $21.70 EPS for the quarter, topping the consensus estimate of $14.80 by $6.90. Avis Budget Group had a negative return on equity of 473.08% and a net margin of 23.09%. The company had revenue of $3.55 billion during the quarter, compared to the consensus estimate of $3.54 billion. During the same period last year, the company earned $10.74 EPS. Avis Budget Group’s revenue for the quarter was up 18.2% on a year-over-year basis. On average, equities analysts predict that Avis Budget Group, Inc. will post 52.75 earnings per share for the current fiscal year.

Insider Buying and Selling at Avis Budget Group

In other Avis Budget Group news, SVP Jean M. Sera sold 4,172 shares of the business’s stock in a transaction dated Thursday, November 3rd. The stock was sold at an average price of $234.75, for a total transaction of $979,377.00. Following the completion of the sale, the senior vice president now directly owns 18,535 shares in the company, valued at approximately $4,351,091.25. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In related news, EVP Edward P. Linnen sold 9,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 2nd. The stock was sold at an average price of $220.78, for a total transaction of $1,987,020.00. Following the completion of the transaction, the executive vice president now directly owns 36,468 shares in the company, valued at approximately $8,051,405.04. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, SVP Jean M. Sera sold 4,172 shares of the business’s stock in a transaction that occurred on Thursday, November 3rd. The shares were sold at an average price of $234.75, for a total value of $979,377.00. Following the transaction, the senior vice president now owns 18,535 shares of the company’s stock, valued at $4,351,091.25. The disclosure for this sale can be found here. Corporate insiders own 37.30% of the company’s stock.

Avis Budget Group Profile

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Avis Budget Group, Inc, together with its subsidiaries, provides car and truck rentals, car sharing, and ancillary products and services to businesses and consumers. It operates the Avis brand, that offers vehicle rental and other mobility solutions to the premium commercial and leisure segments of the travel industry; the Budget Truck brand, a local, and one-way truck and cargo van rental businesses with a fleet of approximately 20,000 vehicles, which are rented through a network of approximately 465 dealer-operated 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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Institutional Ownership by Quarter for Avis Budget Group (NASDAQ:CAR)

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