Ethic Inc. Acquires New Position in Avis Budget Group, Inc. $CAR

Ethic Inc. acquired a new stake in shares of Avis Budget Group, Inc. (NASDAQ:CAR) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 1,894 shares of the business services provider’s stock, valued at approximately $330,000.

Several other hedge funds also recently made changes to their positions in the company. Mizuho Markets Americas LLC bought a new stake in shares of Avis Budget Group in the 1st quarter valued at approximately $18,975,000. Jump Financial LLC acquired a new position in Avis Budget Group in the first quarter worth $10,414,000. Allianz Asset Management GmbH increased its stake in Avis Budget Group by 291.3% during the second quarter. Allianz Asset Management GmbH now owns 168,143 shares of the business services provider’s stock valued at $28,425,000 after purchasing an additional 125,169 shares during the last quarter. Assenagon Asset Management S.A. increased its stake in Avis Budget Group by 92.1% during the second quarter. Assenagon Asset Management S.A. now owns 236,308 shares of the business services provider’s stock valued at $39,948,000 after purchasing an additional 113,278 shares during the last quarter. Finally, Shellback Capital LP acquired a new stake in shares of Avis Budget Group during the first quarter worth $3,795,000. Institutional investors and hedge funds own 96.35% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the stock. 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. JPMorgan Chase & Co. lifted their target price on Avis Budget Group from $155.00 to $157.00 and gave the company a “neutral” rating in a research note on Monday, October 20th. Susquehanna lowered their target price on Avis Budget Group from $145.00 to $130.00 and set a “neutral” rating for the company in a report on Wednesday. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and issued a $196.00 price target (up previously from $130.00) on shares of Avis Budget Group in a report on Thursday, July 10th. Finally, Weiss Ratings restated a “sell (d)” rating on shares of Avis Budget Group in a research report on Wednesday, October 8th. One research analyst has rated the stock with a Buy rating, four have assigned a Hold rating and four have assigned a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Reduce” and a consensus target price of $141.83.

Avis Budget Group Trading Down 4.6%

Shares of NASDAQ:CAR opened at $139.05 on Thursday. The firm’s 50 day moving average is $154.68 and its two-hundred day moving average is $144.56. Avis Budget Group, Inc. has a 52 week low of $54.03 and a 52 week high of $212.81. The firm has a market capitalization of $4.89 billion, a P/E ratio of -2.33 and a beta of 2.03.

Avis Budget Group (NASDAQ:CAR) last issued its quarterly earnings data on Monday, October 27th. The business services provider reported $10.11 earnings per share (EPS) for the quarter, topping the consensus estimate of $8.11 by $2.00. The business had revenue of $3.52 billion for the quarter, compared to analyst estimates of $3.47 billion. During the same quarter in the prior year, the firm posted $6.65 earnings per share. The business’s quarterly revenue was up 1.1% on a year-over-year basis. Analysts predict that Avis Budget Group, Inc. will post 8.91 EPS for the current year.

Insider Buying and Selling at Avis Budget Group

In other news, EVP Edward P. Linnen sold 10,000 shares of the firm’s stock in a transaction on Friday, August 15th. The stock was sold at an average price of $156.83, for a total transaction of $1,568,300.00. Following the transaction, the executive vice president directly owned 40,915 shares of the company’s stock, valued at approximately $6,416,699.45. This trade represents a 19.64% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Bernardo Hees sold 402,200 shares of Avis Budget Group stock in a transaction dated 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 sale, the director owned 116,521 shares in the company, valued at approximately $18,246,023.39. This represents a 77.54% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 52.80% of the stock is owned by insiders.

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.