Avis Budget Group, Inc. $CAR Shares Sold by Swiss National Bank

Swiss National Bank reduced its position in Avis Budget Group, Inc. (NASDAQ:CAR) by 3.1% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 34,000 shares of the business services provider’s stock after selling 1,100 shares during the period. Swiss National Bank owned about 0.10% of Avis Budget Group worth $2,581,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the business. MetLife Investment Management LLC grew its position in shares of Avis Budget Group by 7.2% in the fourth quarter. MetLife Investment Management LLC now owns 9,810 shares of the business services provider’s stock valued at $791,000 after purchasing an additional 656 shares during the period. Tower Research Capital LLC TRC boosted its stake in Avis Budget Group by 258.1% in the 4th quarter. Tower Research Capital LLC TRC now owns 4,412 shares of the business services provider’s stock worth $356,000 after buying an additional 3,180 shares during the last quarter. Price T Rowe Associates Inc. MD grew its holdings in Avis Budget Group by 17.5% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 14,180 shares of the business services provider’s stock valued at $1,144,000 after buying an additional 2,111 shares during the period. Two Sigma Securities LLC grew its holdings in Avis Budget Group by 17.7% in the 4th quarter. Two Sigma Securities LLC now owns 6,003 shares of the business services provider’s stock valued at $484,000 after buying an additional 903 shares during the period. Finally, Susquehanna Fundamental Investments LLC acquired a new position in shares of Avis Budget Group during the 4th quarter valued at about $4,075,000. 96.35% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, Director Bernardo Hees sold 402,200 shares of the firm’s stock in a transaction on Monday, August 4th. The shares were sold at an average price of $156.59, for a total transaction of $62,980,498.00. Following the completion of the sale, the director directly owned 116,521 shares of the company’s stock, valued at approximately $18,246,023.39. This trade represents a 77.54% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Edward P. Linnen sold 10,000 shares of Avis Budget Group stock in a transaction dated Friday, August 15th. The stock was sold at an average price of $156.83, for a total value of $1,568,300.00. Following the sale, the executive vice president directly owned 40,915 shares in the company, valued at approximately $6,416,699.45. The trade was a 19.64% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 52.80% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on CAR shares. The Goldman Sachs Group reissued a “sell” rating and issued a $105.00 target price (up from $87.00) on shares of Avis Budget Group in a research report on Friday, August 1st. Barclays lifted their price target on shares of Avis Budget Group from $105.00 to $150.00 and gave the company an “equal weight” rating in a report on Monday, August 4th. Wall Street Zen upgraded Avis Budget Group from a “sell” rating to a “hold” rating in a report on Saturday, May 3rd. JPMorgan Chase & Co. reaffirmed a “neutral” rating and issued a $155.00 target price on shares of Avis Budget Group in a research report on Thursday, July 31st. Finally, Bank of America reissued an “underperform” rating and set a $113.00 price target (down previously from $120.00) on shares of Avis Budget Group in a research report on Wednesday. One equities research analyst has rated the stock with a Buy rating, three have issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, Avis Budget Group currently has an average rating of “Reduce” and a consensus target price of $143.80.

Avis Budget Group Price Performance

Shares of CAR opened at $155.49 on Friday. Avis Budget Group, Inc. has a 12 month low of $54.03 and a 12 month high of $212.81. The stock’s 50-day moving average is $170.75 and its two-hundred day moving average is $117.21. The stock has a market cap of $5.47 billion, a PE ratio of -2.46 and a beta of 2.19.

Avis Budget Group (NASDAQ:CAR) last announced its earnings results on Tuesday, July 29th. The business services provider reported $0.10 EPS for the quarter, missing the consensus estimate of $2.02 by ($1.92). The company had revenue of $3.04 billion for the quarter, compared to analysts’ expectations of $3.02 billion. Avis Budget Group had a negative net margin of 19.06% and a negative return on equity of 14.74%. The business’s quarterly revenue was down .3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.41 earnings per share. On average, research analysts anticipate that Avis Budget Group, Inc. will post 8.91 earnings per share for the current year.

About Avis Budget Group

Avis Budget Group, Inc engages in the provision of vehicle sharing and rental services. It operates through the following segments: Americas, International, and Corporate and Other. The Americas segment includes the vehicle rental and car sharing operations in North America, South America, Central America, and the Caribbean.