Deutsche Bank AG Sells 7,175 Shares of Avis Budget Group, Inc. $CAR

Deutsche Bank AG reduced its position in shares of Avis Budget Group, Inc. (NASDAQ:CAR) by 41.4% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 10,158 shares of the business services provider’s stock after selling 7,175 shares during the period. Deutsche Bank AG’s holdings in Avis Budget Group were worth $771,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in CAR. Steadfast Capital Management LP acquired a new position in Avis Budget Group in the 4th quarter valued at $25,747,000. Nomura Holdings Inc. grew its position in Avis Budget Group by 93.2% during the 4th quarter. Nomura Holdings Inc. now owns 490,473 shares of the business services provider’s stock worth $39,537,000 after acquiring an additional 236,576 shares during the last quarter. Jefferies Financial Group Inc. grew its position in Avis Budget Group by 1,391.0% during the 4th quarter. Jefferies Financial Group Inc. now owns 253,200 shares of the business services provider’s stock worth $20,410,000 after acquiring an additional 236,218 shares during the last quarter. SG Americas Securities LLC grew its position in Avis Budget Group by 281.1% during the 1st quarter. SG Americas Securities LLC now owns 123,176 shares of the business services provider’s stock worth $9,349,000 after acquiring an additional 90,851 shares during the last quarter. Finally, Neo Ivy Capital Management bought a new stake in shares of Avis Budget Group in the 4th quarter valued at about $5,005,000. 96.35% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, Director Bernardo Hees sold 402,200 shares of the stock in a transaction on Monday, August 4th. The stock was sold at an average price of $156.59, for a total value of $62,980,498.00. Following the sale, the director owned 116,521 shares in the company, valued at approximately $18,246,023.39. This trade represents a 77.54% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Edward P. Linnen sold 10,000 shares of the stock in a transaction on 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 completion of 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 position. The disclosure for this sale can be found here. Company insiders own 52.80% of the company’s stock.

Avis Budget Group Stock Performance

Shares of CAR stock opened at $153.17 on Tuesday. Avis Budget Group, Inc. has a 52-week low of $54.03 and a 52-week high of $212.81. The company has a market capitalization of $5.39 billion, a PE ratio of -2.42 and a beta of 2.19. The business’s fifty day moving average is $171.26 and its 200 day moving average is $118.06.

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

Wall Street Analysts Forecast Growth

CAR has been the topic of a number of analyst reports. The Goldman Sachs Group reiterated a “sell” rating and issued a $105.00 price target (up previously from $87.00) on shares of Avis Budget Group in a research report on Friday, August 1st. Zacks Research raised Avis Budget Group from a “strong sell” rating to a “hold” rating in a research note on Thursday, August 21st. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and set a $196.00 price target (up from $130.00) on shares of Avis Budget Group in a research note on Thursday, July 10th. Wall Street Zen raised Avis Budget Group from a “sell” rating to a “hold” rating in a report on Saturday, May 3rd. Finally, Barclays increased their price target on Avis Budget Group from $105.00 to $150.00 and gave the company an “equal weight” rating in a research report on Monday, August 4th. One research analyst has rated the stock with a Buy rating, four have issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Reduce” and a consensus target price of $143.80.

Avis Budget Group 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.