1,821 Shares in Avis Budget Group, Inc. $CAR Purchased by Ballentine Partners LLC

Key Points

• Ballentine Partners LLC purchased 1,821 shares of Avis Budget Group, Inc. valued at approximately $308,000 in the second quarter.
• Director Bernardo Hees sold 402,200 shares at an average price of $156.59, resulting in a significant 77.54% decrease in his ownership of the stock.
• Avis Budget Group's stock has a 52-week low of $54.03 and a high of $212.81, with the current stock price at $161.27.

Ballentine Partners LLC acquired a new stake in shares of Avis Budget Group, Inc. (NASDAQ:CAR - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor acquired 1,821 shares of the business services provider's stock, valued at approximately $308,000.

A number of other institutional investors have also bought and sold shares of the business. Fifth Third Bancorp increased its holdings in shares of Avis Budget Group by 32.6% in the second quarter. Fifth Third Bancorp now owns 228 shares of the business services provider's stock valued at $39,000 after purchasing an additional 56 shares during the last quarter. SummerHaven Investment Management LLC grew its holdings in Avis Budget Group by 2.1% in the 1st quarter. SummerHaven Investment Management LLC now owns 7,623 shares of the business services provider's stock valued at $579,000 after buying an additional 160 shares in the last quarter. Xponance Inc. increased its stake in shares of Avis Budget Group by 7.8% in the 1st quarter. Xponance Inc. now owns 2,922 shares of the business services provider's stock worth $222,000 after acquiring an additional 211 shares during the last quarter. UMB Bank n.a. increased its stake in shares of Avis Budget Group by 106.9% in the 1st quarter. UMB Bank n.a. now owns 478 shares of the business services provider's stock worth $36,000 after acquiring an additional 247 shares during the last quarter. Finally, Principal Financial Group Inc. raised its holdings in shares of Avis Budget Group by 0.8% during the 1st quarter. Principal Financial Group Inc. now owns 39,232 shares of the business services provider's stock worth $2,978,000 after acquiring an additional 293 shares during the period. 96.35% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Avis Budget Group

In other news, Director Bernardo Hees sold 402,200 shares of the 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 of the company's stock, valued at approximately $18,246,023.39. This represents a 77.54% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Edward P. Linnen sold 10,000 shares of the firm's stock in a transaction that occurred on Friday, August 15th. The shares were sold at an average price of $156.83, for a total transaction of $1,568,300.00. Following the completion of the transaction, the executive vice president directly owned 40,915 shares of the company's stock, valued at $6,416,699.45. This represents a 19.64% decrease in their position. The disclosure for this sale can be found here. 52.80% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on CAR shares. Zacks Research raised shares of Avis Budget Group from a "strong sell" rating to a "hold" rating in a report on Thursday, August 21st. JPMorgan Chase & Co. reissued a "neutral" rating and issued a $155.00 price target on shares of Avis Budget Group in a research note on Thursday, July 31st. Deutsche Bank Aktiengesellschaft restated a "buy" rating and set a $196.00 price target (up previously from $130.00) on shares of Avis Budget Group in a report on Thursday, July 10th. 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 research report on Monday, August 4th. Finally, The Goldman Sachs Group reiterated a "sell" rating and issued a $105.00 price objective (up from $87.00) on shares of Avis Budget Group in a research report on Friday, August 1st. One analyst has rated the stock with a Buy rating, four have issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, Avis Budget Group presently has an average rating of "Reduce" and a consensus price target of $143.80.

Avis Budget Group Stock Performance

NASDAQ:CAR opened at $161.27 on Monday. Avis Budget Group, Inc. has a fifty-two week low of $54.03 and a fifty-two week high of $212.81. The company has a 50 day moving average price of $164.08 and a 200 day moving average price of $130.90. The stock has a market capitalization of $5.68 billion, a P/E ratio of -2.55 and a beta of 2.12.

Avis Budget Group (NASDAQ:CAR - Get Free Report) last announced its earnings results 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 net margin of 19.06% and a negative return on equity of 14.74%. The firm had revenue of $3.04 billion during the quarter, compared to analysts' expectations of $3.02 billion. During the same period in the previous year, the firm earned $0.41 EPS. The firm's revenue for the quarter was down .3% compared to the same quarter last year. Research analysts forecast that Avis Budget Group, Inc. will post 8.91 earnings per share for the current fiscal year.

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.

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