Corton Capital Inc. Reduces Position in Avis Budget Group, Inc. (NASDAQ:CAR)

Corton Capital Inc. trimmed its stake in shares of Avis Budget Group, Inc. (NASDAQ:CAR - Free Report) by 59.4% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,979 shares of the business services provider's stock after selling 5,810 shares during the period. Corton Capital Inc.'s holdings in Avis Budget Group were worth $321,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in CAR. Aster Capital Management DIFC Ltd purchased a new position in Avis Budget Group in the 4th quarter valued at $25,000. GAMMA Investing LLC raised its position in shares of Avis Budget Group by 118.8% in the fourth quarter. GAMMA Investing LLC now owns 337 shares of the business services provider's stock valued at $27,000 after buying an additional 183 shares during the last quarter. Quadrant Capital Group LLC lifted its stake in shares of Avis Budget Group by 41.0% in the fourth quarter. Quadrant Capital Group LLC now owns 681 shares of the business services provider's stock worth $55,000 after buying an additional 198 shares in the last quarter. Sterling Capital Management LLC boosted its position in Avis Budget Group by 41.3% during the fourth quarter. Sterling Capital Management LLC now owns 736 shares of the business services provider's stock worth $59,000 after acquiring an additional 215 shares during the last quarter. Finally, Signaturefd LLC grew its stake in Avis Budget Group by 31.8% during the 4th quarter. Signaturefd LLC now owns 936 shares of the business services provider's stock valued at $75,000 after acquiring an additional 226 shares in the last quarter. 96.35% of the stock is owned by hedge funds and other institutional investors.

Avis Budget Group Trading Up 2.8 %

CAR stock traded up $2.85 during midday trading on Friday, hitting $103.94. 1,982,627 shares of the company's stock were exchanged, compared to its average volume of 864,149. Avis Budget Group, Inc. has a 1-year low of $54.03 and a 1-year high of $132.25. The business has a 50-day simple moving average of $76.16 and a two-hundred day simple moving average of $85.67. The stock has a market capitalization of $3.66 billion, a PE ratio of -2.01 and a beta of 2.10.

Avis Budget Group (NASDAQ:CAR - Get Free Report) last issued its quarterly earnings data on Wednesday, May 7th. The business services provider reported ($14.35) earnings per share (EPS) for the quarter, missing the consensus estimate of ($5.72) by ($8.63). The company had revenue of $2.43 billion during the quarter, compared to analysts' expectations of $2.49 billion. Avis Budget Group had a negative net margin of 15.45% and a negative return on equity of 14.74%. The firm's quarterly revenue was down 4.7% on a year-over-year basis. During the same quarter last year, the firm posted ($3.21) earnings per share. As a group, research analysts expect that Avis Budget Group, Inc. will post 8.91 EPS for the current fiscal year.

Insider Transactions at Avis Budget Group

In related news, Director Lynn Krominga sold 1,405 shares of the firm's stock in a transaction dated Thursday, February 20th. The stock was sold at an average price of $95.00, for a total transaction of $133,475.00. Following the completion of the transaction, the director now directly owns 1,950 shares in the company, valued at $185,250. This trade represents a 41.88 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 52.80% of the company's stock.

Analyst Ratings Changes

A number of research firms have weighed in on CAR. JPMorgan Chase & Co. raised their target price on shares of Avis Budget Group from $145.00 to $155.00 and gave the stock an "overweight" rating in a research note on Friday. StockNews.com upgraded Avis Budget Group from a "sell" rating to a "hold" rating in a report on Saturday, May 3rd. Finally, The Goldman Sachs Group reduced their price target on Avis Budget Group from $100.00 to $87.00 and set a "neutral" rating on the stock in a report on Friday. Five research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $117.00.

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.