Allianz Asset Management GmbH Buys 125,169 Shares of Avis Budget Group, Inc. $CAR

Key Points

• Allianz Asset Management GmbH significantly increased its stake in Avis Budget Group by 291.3% during the second quarter, acquiring an additional 125,169 shares, raising its total holdings to approximately 0.48% of the company valued at $28.4 million.
• Several other hedge funds also boosted their positions in Avis Budget Group, with institutional investors currently owning 96.35% of the stock.
• Analysts have mixed views on Avis Budget Group, with ratings ranging from "underperform" to "buy" and a majority suggesting a cautious outlook with price targets varying significantly.

Allianz Asset Management GmbH lifted its stake in shares of Avis Budget Group, Inc. (NASDAQ:CAR - Free Report) by 291.3% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 168,143 shares of the business services provider's stock after acquiring an additional 125,169 shares during the quarter. Allianz Asset Management GmbH owned approximately 0.48% of Avis Budget Group worth $28,425,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the stock. Fifth Third Bancorp boosted its stake in Avis Budget Group by 32.6% in the 2nd quarter. Fifth Third Bancorp now owns 228 shares of the business services provider's stock worth $39,000 after purchasing an additional 56 shares during the period. Caitong International Asset Management Co. Ltd boosted its stake in Avis Budget Group by 421.1% in the 1st quarter. Caitong International Asset Management Co. Ltd now owns 839 shares of the business services provider's stock worth $64,000 after purchasing an additional 678 shares during the period. Quarry LP boosted its stake in Avis Budget Group by 399.5% in the 1st quarter. Quarry LP now owns 909 shares of the business services provider's stock worth $69,000 after purchasing an additional 727 shares during the period. Parallel Advisors LLC boosted its stake in Avis Budget Group by 233.5% in the 2nd quarter. Parallel Advisors LLC now owns 527 shares of the business services provider's stock worth $89,000 after purchasing an additional 369 shares during the period. Finally, New Age Alpha Advisors LLC bought a new position in Avis Budget Group in the 1st quarter worth approximately $104,000. 96.35% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms have weighed in on CAR. Bank of America restated an "underperform" rating and issued a $113.00 price target (down from $120.00) on shares of Avis Budget Group in a research note on Wednesday, August 20th. Deutsche Bank Aktiengesellschaft restated a "buy" rating and issued a $196.00 price target (up from $130.00) on shares of Avis Budget Group in a research note on Thursday, July 10th. Weiss Ratings restated a "sell (d)" rating on shares of Avis Budget Group in a research note on Wednesday, October 8th. JPMorgan Chase & Co. restated a "neutral" rating and issued a $155.00 price target on shares of Avis Budget Group in a research note on Thursday, July 31st. Finally, Zacks Research raised Avis Budget Group from a "strong sell" rating to a "hold" rating in a report on Thursday, August 21st. One analyst has rated the stock with a Buy rating, five have given a Hold rating and three have issued a Sell rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Reduce" and an average price target of $144.00.

Insider Buying and Selling at Avis Budget Group

In other news, Director Bernardo Hees sold 402,200 shares of Avis Budget Group stock in a transaction on Monday, August 4th. The stock was sold at an average price of $156.59, for a total transaction of $62,980,498.00. Following the completion of the sale, the director directly owned 116,521 shares in the company, valued at approximately $18,246,023.39. This trade represents a 77.54% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Edward P. Linnen sold 10,000 shares of the business's stock in a transaction 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 sale, 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 ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 52.80% of the company's stock.

Avis Budget Group Stock Performance

NASDAQ:CAR opened at $150.39 on Friday. The stock's fifty day moving average is $155.62 and its 200 day moving average is $139.53. Avis Budget Group, Inc. has a fifty-two week low of $54.03 and a fifty-two week high of $212.81. The firm has a market capitalization of $5.29 billion, a PE ratio of -2.38 and a beta of 2.03.

Avis Budget Group (NASDAQ:CAR - Get Free Report) last released its quarterly earnings results on Tuesday, July 29th. The business services provider reported $0.10 earnings per share for the quarter, missing the consensus estimate of $2.02 by ($1.92). The company had revenue of $3.04 billion during the quarter, compared to the consensus estimate of $3.02 billion. During the same quarter in the previous year, the firm earned $0.41 EPS. The business's revenue for the quarter was down .3% compared to the same quarter last year. Equities analysts forecast that Avis Budget Group, Inc. will post 8.91 EPS for the current 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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