SG Americas Securities LLC Sells 6,322 Shares of Avis Budget Group, Inc. (NASDAQ:CAR)

SG Americas Securities LLC lowered its stake in Avis Budget Group, Inc. (NASDAQ:CARGet Rating) by 50.1% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,292 shares of the business services provider’s stock after selling 6,322 shares during the quarter. SG Americas Securities LLC’s holdings in Avis Budget Group were worth $934,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of CAR. National Bank of Canada FI increased its stake in shares of Avis Budget Group by 616,533.8% in the 2nd quarter. National Bank of Canada FI now owns 857,121 shares of the business services provider’s stock valued at $126,066,000 after acquiring an additional 856,982 shares in the last quarter. Bank of America Corp DE increased its stake in shares of Avis Budget Group by 203.5% in the 1st quarter. Bank of America Corp DE now owns 789,094 shares of the business services provider’s stock valued at $207,769,000 after acquiring an additional 529,066 shares in the last quarter. Wedge Capital Management L L P NC bought a new stake in shares of Avis Budget Group in the 3rd quarter valued at $27,354,000. Cubist Systematic Strategies LLC increased its stake in shares of Avis Budget Group by 1,511.7% in the 2nd quarter. Cubist Systematic Strategies LLC now owns 100,778 shares of the business services provider’s stock valued at $14,822,000 after acquiring an additional 94,525 shares in the last quarter. Finally, Assenagon Asset Management S.A. acquired a new stake in Avis Budget Group in the 2nd quarter valued at $12,585,000. Institutional investors own 98.31% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently issued reports on CAR shares. Susquehanna Bancshares started coverage on shares of Avis Budget Group in a research report on Tuesday, December 6th. They issued a “neutral” rating and a $225.00 price target for the company. Jefferies Financial Group downgraded shares of Avis Budget Group to a “buy” rating and reduced their price target for the company from $309.00 to $270.00 in a research report on Tuesday, October 25th. JPMorgan Chase & Co. raised shares of Avis Budget Group from a “neutral” rating to an “overweight” rating and lifted their price target for the company from $230.00 to $231.00 in a research report on Monday, October 24th. Morgan Stanley lifted their price target on shares of Avis Budget Group from $150.00 to $160.00 and gave the company an “underweight” rating in a research report on Thursday, November 3rd. Finally, Susquehanna started coverage on shares of Avis Budget Group in a research report on Tuesday, December 6th. They issued a “neutral” rating and a $225.00 price target for the company. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, Avis Budget Group currently has an average rating of “Hold” and an average price target of $217.75.

Insider Transactions at Avis Budget Group

In other news, CEO Joseph A. Ferraro sold 16,000 shares of Avis Budget Group stock in a transaction on Thursday, December 15th. The stock was sold at an average price of $184.96, for a total transaction of $2,959,360.00. Following the sale, the chief executive officer now directly owns 170,309 shares in the company, valued at approximately $31,500,352.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, EVP Izilda P. Martins sold 4,150 shares of Avis Budget Group stock in a transaction on Thursday, December 15th. The stock was sold at an average price of $186.21, for a total transaction of $772,771.50. Following the sale, the executive vice president now directly owns 16,645 shares in the company, valued at approximately $3,099,465.45. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Joseph A. Ferraro sold 16,000 shares of Avis Budget Group stock in a transaction on Thursday, December 15th. The stock was sold at an average price of $184.96, for a total value of $2,959,360.00. Following the sale, the chief executive officer now owns 170,309 shares in the company, valued at $31,500,352.64. The disclosure for this sale can be found here. Insiders have sold 63,322 shares of company stock worth $12,782,429 in the last ninety days. Company insiders own 37.30% of the company’s stock.

Avis Budget Group Price Performance

CAR opened at $192.49 on Thursday. The company has a market capitalization of $7.98 billion, a price-to-earnings ratio of 3.58 and a beta of 2.29. The firm’s fifty day moving average price is $193.34 and its two-hundred day moving average price is $181.92. Avis Budget Group, Inc. has a 1 year low of $131.83 and a 1 year high of $327.80.

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

About Avis Budget Group

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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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