Bank of Nova Scotia Acquires Shares of 159,100 Avis Budget Group, Inc. $CAR

Bank of Nova Scotia purchased a new stake in shares of Avis Budget Group, Inc. (NASDAQ:CAR) in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 159,100 shares of the business services provider’s stock, valued at approximately $23,205,000. Bank of Nova Scotia owned about 0.45% of Avis Budget Group at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the stock. Sei Investments Co. raised its stake in Avis Budget Group by 77.7% in the first quarter. Sei Investments Co. now owns 2,945 shares of the business services provider’s stock worth $430,000 after buying an additional 1,288 shares in the last quarter. Lido Advisors LLC bought a new stake in Avis Budget Group in the first quarter worth $374,000. Hollencrest Capital Management bought a new position in Avis Budget Group in the 1st quarter worth about $44,000. Dimensional Fund Advisors LP lifted its stake in shares of Avis Budget Group by 5.0% in the first quarter. Dimensional Fund Advisors LP now owns 356,900 shares of the business services provider’s stock worth $52,036,000 after buying an additional 17,074 shares in the last quarter. Finally, State of Michigan Retirement System boosted its stake in Avis Budget Group by 2.5% during the 1st quarter. State of Michigan Retirement System now owns 4,073 shares of the business services provider’s stock valued at $594,000 after purchasing an additional 100 shares during the last quarter. 96.35% of the stock is currently owned by institutional investors.

Avis Budget Group Trading Up 0.3%

NASDAQ CAR opened at $159.48 on Friday. The stock has a market cap of $5.63 billion, a PE ratio of -8.37 and a beta of 1.91. The company’s 50-day moving average price is $167.86 and its 200-day moving average price is $166.20. Avis Budget Group, Inc. has a 12 month low of $85.96 and a 12 month high of $847.70.

Avis Budget Group (NASDAQ:CAR) last posted its quarterly earnings results on Wednesday, April 29th. The business services provider reported ($8.01) earnings per share for the quarter, missing the consensus estimate of ($6.82) by ($1.19). The firm had revenue of $2.53 billion for the quarter, compared to analysts’ expectations of $2.43 billion. During the same period in the previous year, the company earned ($14.35) earnings per share. The business’s quarterly revenue was up 4.1% on a year-over-year basis. As a group, sell-side analysts forecast that Avis Budget Group, Inc. will post 2.93 earnings per share for the current year.

Analyst Ratings Changes

A number of analysts have recently commented on CAR shares. JPMorgan Chase & Co. lifted their price target on shares of Avis Budget Group from $155.00 to $170.00 and gave the stock an “underweight” rating in a research note on Tuesday, June 23rd. Wall Street Zen raised Avis Budget Group from a “sell” rating to a “hold” rating in a research note on Saturday, May 2nd. Zacks Research upgraded shares of Avis Budget Group from a “strong sell” rating to a “hold” rating in a research report on Wednesday, May 6th. Weiss Ratings reissued a “sell (d-)” rating on shares of Avis Budget Group in a report on Wednesday, May 20th. Finally, The Goldman Sachs Group increased their price objective on shares of Avis Budget Group from $85.00 to $95.00 and gave the company a “sell” rating in a report on Friday. Six analysts have rated the stock with a Hold rating and four have given a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of “Reduce” and a consensus price target of $132.75.

Insider Transactions at Avis Budget Group

In other news, EVP Edward P. Linnen sold 9,483 shares of the business’s stock in a transaction on Thursday, April 30th. The stock was sold at an average price of $182.32, for a total value of $1,728,940.56. Following the completion of the transaction, the executive vice president directly owned 37,932 shares of the company’s stock, valued at approximately $6,915,762.24. The trade was a 20.00% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Ravi Simhambhatla sold 3,469 shares of the business’s stock in a transaction dated Thursday, April 30th. The stock was sold at an average price of $184.09, for a total transaction of $638,608.21. Following the completion of the transaction, the executive vice president owned 13,876 shares of the company’s stock, valued at $2,554,432.84. This represents a 20.00% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Company insiders own 50.48% of the company’s stock.

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.