AQR Capital Management LLC Increases Stock Position 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 grew its holdings in shares of Avis Budget Group, Inc. (NASDAQ:CAR - Free Report) by 11.8% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 83,583 shares of the business services provider's stock after purchasing 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.

A number of other hedge funds have also added to or reduced their stakes in CAR. Steadfast Capital Management LP acquired a new position in shares of Avis Budget Group during the fourth quarter worth $25,747,000. Mizuho Markets Americas LLC bought a new position in Avis Budget Group during the first quarter worth $18,975,000. Jump Financial LLC acquired a new position in shares of Avis Budget Group during the first quarter valued at about $10,414,000. SG Americas Securities LLC raised its holdings in shares of Avis Budget Group by 281.1% during the first quarter. SG Americas Securities LLC now owns 123,176 shares of the business services provider's stock valued at $9,349,000 after purchasing an additional 90,851 shares during the period. Finally, Neo Ivy Capital Management acquired a new position in shares of Avis Budget Group during the fourth quarter valued at about $5,005,000. 96.35% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research analysts recently weighed in on CAR shares. Barclays boosted their price target on shares of Avis Budget Group from $105.00 to $150.00 and gave the stock an "equal weight" rating in a report on Monday, August 4th. Zacks Research upgraded shares of Avis Budget Group from a "strong sell" rating to a "hold" rating in a research report on Thursday, August 21st. The Goldman Sachs Group reiterated a "sell" rating and issued a $105.00 target price (up from $87.00) on shares of Avis Budget Group in a research note on Friday, August 1st. JPMorgan Chase & Co. restated a "neutral" rating and set a $155.00 price objective on shares of Avis Budget Group in a research report on Thursday, July 31st. Finally, Deutsche Bank Aktiengesellschaft restated a "buy" rating and issued a $196.00 price objective (up previously from $130.00) on shares of Avis Budget Group in a research report on Thursday, July 10th. One research analyst has rated the stock with a Buy rating, four have assigned a Hold rating and two have given a Sell rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Reduce" and a consensus price target of $143.80.

Insiders Place Their Bets

In related news, EVP Edward P. Linnen sold 10,000 shares of Avis Budget Group stock in a transaction dated 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 sale, the executive vice president owned 40,915 shares in the company, valued at $6,416,699.45. This trade represents a 19.64% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Bernardo Hees sold 402,200 shares of Avis Budget Group 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 $18,246,023.39. The trade was a 77.54% decrease in their position. The disclosure for this sale can be found here. Company insiders own 52.80% of the company's stock.

Avis Budget Group Stock Performance

Shares of CAR traded up $2.77 during mid-day trading on Thursday, hitting $155.92. 592,519 shares of the company traded hands, compared to its average volume of 723,399. The stock has a 50-day moving average price of $168.05 and a two-hundred day moving average price of $126.29. Avis Budget Group, Inc. has a 1 year low of $54.03 and a 1 year high of $212.81. The stock has a market cap of $5.49 billion, a price-to-earnings ratio of -2.46 and a beta of 2.11.

Avis Budget Group (NASDAQ:CAR - Get Free Report) last posted its quarterly earnings results on Tuesday, July 29th. The business services provider reported $0.10 earnings per share for the quarter, missing analysts' consensus estimates of $2.02 by ($1.92). The firm had revenue of $3.04 billion during the quarter, compared to the consensus estimate of $3.02 billion. Avis Budget Group had a negative return on equity of 14.74% and a negative net margin of 19.06%.The business's revenue for the quarter was down .3% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.41 earnings per share. On average, 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.