AQR Capital Management LLC Increases Stake in Avis Budget Group, Inc. $CAR

Key Points

• AQR Capital Management LLC raised its stake in Avis Budget Group by 11.8%, now owning approximately 0.24% of the company, valued at about $6.34 million.
• Avis Budget Group reported a loss of $0.10 earnings per share for the last quarter, significantly missing the consensus estimate of $2.02.
• Institutional investors own 96.35% of Avis Budget Group's stock, indicating strong backing from major financial entities.

AQR Capital Management LLC increased its position in shares of Avis Budget Group, Inc. (NASDAQ:CAR - Free Report) by 11.8% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 83,583 shares of the business services provider's stock after buying an additional 8,837 shares during the period. AQR Capital Management LLC owned about 0.24% of Avis Budget Group worth $6,344,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in CAR. UMB Bank n.a. increased its stake in shares of Avis Budget Group by 106.9% during the first quarter. UMB Bank n.a. now owns 478 shares of the business services provider's stock valued at $36,000 after buying an additional 247 shares during the period. Caitong International Asset Management Co. Ltd increased its stake in shares of Avis Budget Group by 421.1% during the first quarter. Caitong International Asset Management Co. Ltd now owns 839 shares of the business services provider's stock valued at $64,000 after buying an additional 678 shares during the period. Quarry LP grew its stake in Avis Budget Group by 399.5% in the first quarter. Quarry LP now owns 909 shares of the business services provider's stock valued at $69,000 after purchasing an additional 727 shares during the last quarter. New Age Alpha Advisors LLC purchased a new position in Avis Budget Group in the first quarter valued at about $104,000. Finally, Summit Securities Group LLC purchased a new position in Avis Budget Group in the first quarter valued at about $112,000. Hedge funds and other institutional investors own 96.35% of the company's stock.

Avis Budget Group Stock Performance

Shares of NASDAQ CAR opened at $155.53 on Friday. The company has a market cap of $5.47 billion, a PE ratio of -2.46 and a beta of 2.11. The business has a 50-day simple moving average of $170.25 and a two-hundred day simple moving average of $124.20. Avis Budget Group, Inc. has a fifty-two week low of $54.03 and a fifty-two week high of $212.81.

Avis Budget Group (NASDAQ:CAR - Get Free Report) last issued 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 business had revenue of $3.04 billion during the quarter, compared to analyst estimates of $3.02 billion. Avis Budget Group had a negative return on equity of 14.74% and a negative net margin of 19.06%.Avis Budget Group's revenue was down .3% compared to the same quarter last year. During the same period in the prior year, the business posted $0.41 EPS. On average, sell-side analysts predict that Avis Budget Group, Inc. will post 8.91 earnings per share for the current fiscal year.

Insider Activity

In other Avis Budget Group news, Director Bernardo Hees sold 402,200 shares of the firm's stock in a transaction dated Monday, August 4th. The stock was sold at an average price of $156.59, for a total value of $62,980,498.00. Following the completion of the sale, the director owned 116,521 shares of the company's stock, valued at approximately $18,246,023.39. This trade represents a 77.54% decrease in their ownership of the stock. The sale was disclosed in a legal filing 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 dated Friday, August 15th. The stock was sold at an average price of $156.83, for a total value of $1,568,300.00. Following the completion of the sale, the executive vice president directly owned 40,915 shares of the company's stock, valued at approximately $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 currently owned by company insiders.

Analyst Upgrades and Downgrades

CAR has been the topic of several analyst reports. The Goldman Sachs Group reiterated a "sell" rating and issued a $105.00 target price (up previously from $87.00) on shares of Avis Budget Group in a research note on Friday, August 1st. Zacks Research upgraded Avis Budget Group from a "strong sell" rating to a "hold" rating in a research note on Thursday, August 21st. Bank of America reiterated an "underperform" rating and issued a $113.00 target price (down previously from $120.00) on shares of Avis Budget Group in a research note on Wednesday, August 20th. Barclays lifted their target price on Avis Budget Group from $105.00 to $150.00 and gave the company an "equal weight" rating in a research note on Monday, August 4th. Finally, JPMorgan Chase & Co. reiterated a "neutral" rating and issued a $155.00 target price on shares of Avis Budget Group in a research note on Thursday, July 31st. One equities research analyst has rated the stock with a Buy rating, four have issued a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Reduce" and an average target price of $143.80.

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.

Want to see what other hedge funds are holding CAR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Avis Budget Group, Inc. (NASDAQ:CAR - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.