Great West Life Assurance Co. Can Takes $3.31 Million Position in Avis Budget Group, Inc. (NASDAQ:CAR)

Great West Life Assurance Co. Can bought a new stake in shares of Avis Budget Group, Inc. (NASDAQ:CARGet Rating) in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 22,311 shares of the business services provider’s stock, valued at approximately $3,307,000.

Several other hedge funds have also modified their holdings of CAR. State Street Corp raised its position in Avis Budget Group by 1.2% during the first quarter. State Street Corp now owns 1,458,488 shares of the business services provider’s stock valued at $384,020,000 after buying an additional 16,655 shares during the period. National Bank of Canada FI raised its position in Avis Budget Group by 616,533.8% during the second quarter. National Bank of Canada FI now owns 857,121 shares of the business services provider’s stock valued at $126,066,000 after buying an additional 856,982 shares during the period. Northern Trust Corp raised its position in Avis Budget Group by 0.6% during the first quarter. Northern Trust Corp now owns 622,685 shares of the business services provider’s stock valued at $163,952,000 after buying an additional 3,626 shares during the period. Bank of Montreal Can increased its position in Avis Budget Group by 4.6% in the 2nd quarter. Bank of Montreal Can now owns 622,559 shares of the business services provider’s stock worth $101,508,000 after purchasing an additional 27,214 shares during the last quarter. Finally, Wedge Capital Management L L P NC acquired a new position in Avis Budget Group in the 3rd quarter worth about $27,354,000. 98.31% of the stock is owned by hedge funds and other institutional investors.

Avis Budget Group Stock Performance

Shares of NASDAQ CAR opened at $188.15 on Wednesday. The business’s 50-day simple moving average is $189.95 and its 200-day simple moving average is $183.15. Avis Budget Group, Inc. has a 52 week low of $131.83 and a 52 week high of $327.80. The firm has a market cap of $7.80 billion, a price-to-earnings ratio of 3.50 and a beta of 2.29.

Avis Budget Group (NASDAQ:CARGet Rating) last announced its earnings results on Monday, October 31st. The business services provider reported $21.70 earnings per share for the quarter, beating 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 firm had revenue of $3.55 billion during the quarter, compared to the consensus estimate of $3.54 billion. During the same quarter in the prior year, the company earned $10.74 EPS. The firm’s revenue for the quarter was up 18.2% compared to the same quarter last year. As a group, equities research analysts forecast that Avis Budget Group, Inc. will post 52.99 earnings per share for the current year.

Insider Activity at Avis Budget Group

In related news, SVP Jean M. Sera sold 4,172 shares of the stock in a transaction that occurred on 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 owns 18,535 shares in the company, valued at approximately $4,351,091.25. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other Avis Budget Group news, CEO Joseph A. Ferraro sold 16,000 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, the chief executive officer now owns 170,309 shares in the company, valued at approximately $31,500,352.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Jean M. Sera sold 4,172 shares of the firm’s stock in a transaction that occurred on Thursday, November 3rd. The stock was sold at an average price of $234.75, for a total value of $979,377.00. Following the completion of the sale, the senior vice president now owns 18,535 shares of the company’s stock, valued at approximately $4,351,091.25. The disclosure for this sale can be found here. Insiders sold a total of 63,322 shares of company stock worth $12,782,429 in the last 90 days. 37.30% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several brokerages have weighed in on CAR. Susquehanna Bancshares began coverage on Avis Budget Group in a research report on Tuesday, December 6th. They issued a “neutral” rating and a $225.00 target price on the stock. Susquehanna began coverage on Avis Budget Group in a research report on Tuesday, December 6th. They issued a “neutral” rating and a $225.00 target price on the stock. StockNews.com began coverage on Avis Budget Group in a research report on Wednesday, October 12th. They issued a “hold” rating on the stock. Deutsche Bank Aktiengesellschaft upped their target price on Avis Budget Group from $218.00 to $233.00 in a research report on Wednesday, November 2nd. Finally, Morgan Stanley increased their price objective on Avis Budget Group from $150.00 to $160.00 and gave the company an “underweight” rating in a report on Thursday, November 3rd. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $217.75.

Avis Budget Group Company Profile

(Get Rating)

Avis Budget Group, Inc engages in the provision of vehicle sharing and rental services. It operates through the Americas and International segments. The Americas segment licenses the company’s brands to third parties for vehicle rentals and ancillary products and services in North America, South America, Central America, and the Caribbean.

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

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