Charles Schwab Investment Management Inc. Has $16.49 Million Stock Position in Avis Budget Group, Inc. $CAR

Charles Schwab Investment Management Inc. lifted its holdings in shares of Avis Budget Group, Inc. (NASDAQ:CAR) by 6.9% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 217,262 shares of the business services provider’s stock after purchasing an additional 13,988 shares during the quarter. Charles Schwab Investment Management Inc. owned 0.62% of Avis Budget Group worth $16,490,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in CAR. UMB Bank n.a. increased its holdings in shares of Avis Budget Group by 106.9% during the first quarter. UMB Bank n.a. now owns 478 shares of the business services provider’s stock worth $36,000 after purchasing an additional 247 shares during the period. New Age Alpha Advisors LLC bought a new position in shares of Avis Budget Group during the first quarter worth approximately $104,000. Schonfeld Strategic Advisors LLC bought a new position in shares of Avis Budget Group during the fourth quarter worth approximately $207,000. Ethic Inc. bought a new position in shares of Avis Budget Group during the fourth quarter worth approximately $207,000. Finally, Envestnet Portfolio Solutions Inc. bought a new position in shares of Avis Budget Group during the first quarter worth approximately $221,000. 96.35% of the stock is owned by institutional investors.

Insider Buying and Selling

In other Avis Budget Group news, EVP Edward P. Linnen sold 10,000 shares of the firm’s stock in a transaction that occurred on Friday, August 15th. The shares were sold at an average price of $156.83, for a total value of $1,568,300.00. Following the sale, the executive vice president owned 40,915 shares in the company, valued at $6,416,699.45. This trade represents a 19.64% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Bernardo Hees sold 402,200 shares of the firm’s stock in a transaction that occurred 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 owned 116,521 shares in the company, valued at $18,246,023.39. This represents a 77.54% decrease in their position. The disclosure for this sale can be found here. Company insiders own 52.80% of the company’s stock.

Avis Budget Group Trading Up 3.5%

NASDAQ CAR opened at $155.49 on Friday. The firm has a market capitalization of $5.47 billion, a price-to-earnings ratio of -2.46 and a beta of 2.19. The firm’s 50 day simple moving average is $170.75 and its 200 day simple moving average is $117.21. Avis Budget Group, Inc. has a 1 year low of $54.03 and a 1 year high of $212.81.

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

Analysts Set New Price Targets

Several research analysts have recently commented on CAR shares. JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $155.00 target price on shares of Avis Budget Group in a report on Thursday, July 31st. Barclays raised their target price on shares of Avis Budget Group from $105.00 to $150.00 and gave the stock an “equal weight” rating in a report on Monday, August 4th. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and set a $196.00 target price (up from $130.00) on shares of Avis Budget Group in a report on Thursday, July 10th. The Goldman Sachs Group reiterated a “sell” rating and set a $105.00 price target (up previously from $87.00) on shares of Avis Budget Group in a research report on Friday, August 1st. Finally, Wall Street Zen upgraded shares of Avis Budget Group from a “sell” rating to a “hold” rating in a research report on Saturday, May 3rd. One research analyst has rated the stock with a Buy rating, three have assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Reduce” and a consensus price target of $143.80.

Avis Budget Group Company Profile

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.