Avis Budget Group, Inc. $CAR Shares Bought by Assenagon Asset Management S.A.

Assenagon Asset Management S.A. grew its position in shares of Avis Budget Group, Inc. (NASDAQ:CAR) by 40.3% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 539,395 shares of the business services provider’s stock after buying an additional 154,994 shares during the quarter. Assenagon Asset Management S.A. owned 1.53% of Avis Budget Group worth $69,215,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in the company. Deseret Mutual Benefit Administrators boosted its holdings in shares of Avis Budget Group by 102.3% in the third quarter. Deseret Mutual Benefit Administrators now owns 174 shares of the business services provider’s stock valued at $28,000 after acquiring an additional 88 shares in the last quarter. Hantz Financial Services Inc. raised its holdings in Avis Budget Group by 136.4% during the third quarter. Hantz Financial Services Inc. now owns 253 shares of the business services provider’s stock worth $41,000 after purchasing an additional 146 shares in the last quarter. American Wealth Advisors LLC purchased a new position in Avis Budget Group during the third quarter worth about $41,000. Northwestern Mutual Wealth Management Co. lifted its position in Avis Budget Group by 26.5% in the third quarter. Northwestern Mutual Wealth Management Co. now owns 363 shares of the business services provider’s stock valued at $58,000 after purchasing an additional 76 shares during the period. Finally, EverSource Wealth Advisors LLC boosted its holdings in Avis Budget Group by 19.6% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 427 shares of the business services provider’s stock valued at $72,000 after purchasing an additional 70 shares in the last quarter. Institutional investors and hedge funds own 96.35% of the company’s stock.

Insider Buying and Selling

In related news, Director Lynn Krominga sold 1,950 shares of Avis Budget Group stock in a transaction on Friday, February 20th. The stock was sold at an average price of $91.54, for a total transaction of $178,503.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Pentwater Capital Management L bought 425,000 shares of the firm’s stock in a transaction on Friday, February 20th. The shares were purchased at an average price of $94.26 per share, for a total transaction of $40,060,500.00. Following the completion of the transaction, the insider owned 3,987,100 shares of the company’s stock, valued at $375,824,046. This represents a 11.93% increase in their position. The SEC filing for this purchase provides additional information. Corporate insiders own 52.80% of the company’s stock.

Analyst Ratings Changes

CAR has been the topic of several recent analyst reports. Weiss Ratings reiterated a “sell (d)” rating on shares of Avis Budget Group in a research report on Wednesday, January 21st. Morgan Stanley reduced their price target on Avis Budget Group from $142.00 to $97.00 and set an “equal weight” rating for the company in a report on Friday, March 6th. Barclays decreased their price target on Avis Budget Group from $120.00 to $95.00 and set an “equal weight” rating on the stock in a research note on Thursday, February 26th. The Goldman Sachs Group set a $85.00 price objective on Avis Budget Group in a research report on Monday, February 23rd. Finally, Zacks Research downgraded Avis Budget Group from a “hold” rating to a “strong sell” rating in a report on Thursday, February 19th. One research analyst has rated the stock with a Buy rating, four have assigned a Hold rating and four have given a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Reduce” and a consensus target price of $124.71.

Avis Budget Group Trading Up 9.5%

Shares of Avis Budget Group stock opened at $117.49 on Wednesday. Avis Budget Group, Inc. has a 12-month low of $58.88 and a 12-month high of $212.81. The stock has a market cap of $4.14 billion, a PE ratio of -4.63 and a beta of 2.32. The company has a 50-day moving average of $109.66 and a two-hundred day moving average of $130.32.

About Avis Budget Group

Avis Budget Group, Inc operates as a leading global provider of vehicle rental and mobility solutions. Through its two core brands, Avis® and Budget®, the company offers a broad range of rental options including daily, weekly and monthly car rentals for leisure and business travelers. In addition to traditional airport and off-airport car rental services, Avis Budget Group delivers innovative mobility platforms such as car-sharing programs and connected fleet solutions designed to meet the evolving needs of corporate, government and individual customers.

The company’s roots trace back to Avis Rent a Car, founded in 1946, and Budget Rent a Car, established in 1958.