Avis Budget Group, Inc. $CAR Shares Purchased by Rhumbline Advisers

Key Points

• Rhumbline Advisers increased its holdings in Avis Budget Group by 8.9%, owning a total of 53,842 shares worth approximately $4.1 million, according to a recent SEC filing.
• Several analysts have issued new price targets for Avis Budget Group, with Goldman Sachs setting a target of $105 and Deutsche Bank increasing its target to $196, reflecting varying outlooks on the company's stock performance.
• Executive VP Edward P. Linnen and Director Bernardo Hees both sold significant amounts of stock in August, with Linnen's sale reflecting a 19.64% decrease in his holdings and Hees selling 402,200 shares, which represents a 77.54% decrease in his position.

Rhumbline Advisers boosted its position in Avis Budget Group, Inc. (NASDAQ:CAR - Free Report) by 8.9% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 53,842 shares of the business services provider's stock after purchasing an additional 4,382 shares during the period. Rhumbline Advisers owned about 0.15% of Avis Budget Group worth $4,087,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. SummerHaven Investment Management LLC lifted its position in shares of Avis Budget Group by 2.1% during the 1st quarter. SummerHaven Investment Management LLC now owns 7,623 shares of the business services provider's stock valued at $579,000 after acquiring an additional 160 shares during the period. Xponance Inc. grew its stake in 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 period. UMB Bank n.a. grew its stake 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 worth $36,000 after acquiring an additional 247 shares during the period. Principal Financial Group Inc. grew its stake 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 valued at $2,978,000 after buying an additional 293 shares during the period. Finally, Algert Global LLC grew its stake in shares of Avis Budget Group by 1.4% during the 1st quarter. Algert Global LLC now owns 23,963 shares of the business services provider's stock valued at $1,819,000 after buying an additional 340 shares during the period. 96.35% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts have recently issued reports on CAR shares. The Goldman Sachs Group reissued a "sell" rating and set a $105.00 price objective (up from $87.00) on shares of Avis Budget Group in a research note on Friday, August 1st. JPMorgan Chase & Co. reaffirmed a "neutral" rating and set a $155.00 price target on shares of Avis Budget Group in a research report on Thursday, July 31st. Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating and set a $196.00 price target (up from $130.00) on shares of Avis Budget Group in a research report on Thursday, July 10th. Zacks Research raised shares of Avis Budget Group from a "strong sell" rating to a "hold" rating in a research report on Thursday, August 21st. Finally, Bank of America reaffirmed an "underperform" rating and set a $113.00 price target (down from $120.00) on shares of Avis Budget Group in a research report on Wednesday, August 20th. One investment 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. Based on data from MarketBeat, the stock presently has a consensus rating of "Reduce" and a consensus target price of $143.80.

Insider Transactions at Avis Budget Group

In other Avis Budget Group news, EVP Edward P. Linnen sold 10,000 shares of the company's stock in a transaction dated 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 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 transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Bernardo Hees sold 402,200 shares of the company's 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 completion of the sale, the director owned 116,521 shares in the company, valued at approximately $18,246,023.39. This trade represents a 77.54% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 52.80% of the company's stock.

Avis Budget Group Price Performance

NASDAQ:CAR opened at $155.53 on Monday. The firm has a 50-day moving average of $170.25 and a two-hundred day moving average of $124.81. The stock has a market cap of $5.47 billion, a P/E ratio of -2.46 and a beta of 2.12. Avis Budget Group, Inc. has a 1-year low of $54.03 and a 1-year high of $212.81.

Avis Budget Group (NASDAQ:CAR - Get Free Report) last posted its quarterly earnings data 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 analysts' expectations of $3.02 billion. Avis Budget Group had a negative net margin of 19.06% and a negative return on equity of 14.74%. The business's quarterly revenue was down .3% on a year-over-year basis. During the same period in the previous year, the company earned $0.41 earnings per share. As a group, equities analysts expect that Avis Budget Group, Inc. will post 8.91 earnings per share 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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