Northern Trust Corp Increases Stake in Avis Budget Group, Inc. $CAR

Key Points

• Northern Trust Corp increased its stake in Avis Budget Group by 5.1%, now holding approximately 164,090 shares valued at $12.45 million.
• Insider Director Bernardo Hees sold 402,200 shares at an average price of $156.59, reducing his position by 77.54% and retaining approximately $18.25 million in shares.
• Avis Budget Group reported a loss of $0.10 per share in its latest earnings, missing analyst expectations and revealing a negative net margin of 19.06%.

Northern Trust Corp lifted its stake in Avis Budget Group, Inc. (NASDAQ:CAR - Free Report) by 5.1% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 164,090 shares of the business services provider's stock after purchasing an additional 7,914 shares during the period. Northern Trust Corp owned about 0.47% of Avis Budget Group worth $12,454,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. UMB Bank n.a. increased its position in 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 valued at $36,000 after acquiring an additional 247 shares during the period. Caitong International Asset Management Co. Ltd grew its holdings in shares of 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 acquiring an additional 678 shares during the period. New Age Alpha Advisors LLC purchased a new stake in Avis Budget Group in the 1st quarter valued at approximately $104,000. Summit Securities Group LLC purchased a new position in shares of Avis Budget Group during the 1st quarter worth $112,000. Finally, Russell Investments Group Ltd. lifted its stake in shares of Avis Budget Group by 2,228.9% during the 1st quarter. Russell Investments Group Ltd. now owns 1,770 shares of the business services provider's stock worth $134,000 after purchasing an additional 1,694 shares during the period. 96.35% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages recently issued reports on CAR. The Goldman Sachs Group reiterated a "sell" rating and issued a $105.00 price target (up from $87.00) on shares of Avis Budget Group in a report on Friday, August 1st. Bank of America reissued an "underperform" rating and issued a $113.00 target price (down previously from $120.00) on shares of Avis Budget Group in a report on Wednesday, August 20th. JPMorgan Chase & Co. reiterated a "neutral" rating and set a $155.00 price objective on shares of Avis Budget Group in a research note on Thursday, July 31st. Deutsche Bank Aktiengesellschaft restated a "buy" rating and issued a $196.00 price target (up previously from $130.00) on shares of Avis Budget Group in a research report on Thursday, July 10th. Finally, Zacks Research upgraded Avis Budget Group from a "strong sell" rating to a "hold" rating in a report on Thursday, August 21st. One equities research analyst has rated the stock with a Buy rating, four have given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of "Reduce" and a consensus target price of $143.80.

Avis Budget Group Trading Down 1.3%

Shares of CAR stock traded down $2.13 on Wednesday, hitting $155.78. The stock had a trading volume of 513,310 shares, compared to its average volume of 838,578. The firm has a market cap of $5.48 billion, a P/E ratio of -2.46 and a beta of 2.11. Avis Budget Group, Inc. has a twelve month low of $54.03 and a twelve month high of $212.81. The company has a fifty day moving average price of $171.26 and a two-hundred day moving average price of $123.22.

Avis Budget Group (NASDAQ:CAR - Get Free Report) last issued 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 the consensus estimate of $3.02 billion. During the same period in the previous year, the company posted $0.41 earnings per share. The firm's revenue for the quarter was down .3% compared to the same quarter last year. On average, analysts expect that Avis Budget Group, Inc. will post 8.91 earnings per share for the current year.

Insider Buying and Selling

In other Avis Budget Group news, 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 value of $1,568,300.00. Following 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 ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Bernardo Hees sold 402,200 shares of the firm's stock in a transaction on 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 transaction, the director directly 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 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.