Avis Budget Group, Inc. $CAR Stock Holdings Trimmed by Intech Investment Management LLC

Key Points

• Intech Investment Management LLC cut its Avis Budget Group stake by 52% in the fourth quarter, selling 19,466 shares and ending with 18,001 shares worth about $2.31 million.
• Analysts remain cautious on CAR: the stock has five Hold ratings and five Sell ratings, with a consensus Reduce rating and average price target of $125.25.
• Avis Budget Group reported Q1 earnings of -$8.01 per share, missing estimates, though revenue of $2.53 billion beat expectations and rose 4.1% year over year.

Intech Investment Management LLC reduced its position in Avis Budget Group, Inc. (NASDAQ:CAR - Free Report) by 52.0% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 18,001 shares of the business services provider's stock after selling 19,466 shares during the quarter. Intech Investment Management LLC owned approximately 0.05% of Avis Budget Group worth $2,310,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Hantz Financial Services Inc. increased its holdings in Avis Budget Group by 136.4% in the third quarter. Hantz Financial Services Inc. now owns 253 shares of the business services provider's stock valued at $41,000 after buying an additional 146 shares during the last quarter. American Wealth Advisors LLC bought a new stake in Avis Budget Group in the third quarter valued at about $41,000. Northwestern Mutual Wealth Management Co. increased its holdings in Avis Budget Group by 26.5% in the third quarter. Northwestern Mutual Wealth Management Co. now owns 363 shares of the business services provider's stock valued at $58,000 after buying an additional 76 shares during the last quarter. EverSource Wealth Advisors LLC increased its holdings in Avis Budget Group by 19.6% in the second quarter. EverSource Wealth Advisors LLC now owns 427 shares of the business services provider's stock valued at $72,000 after buying an additional 70 shares during the last quarter. Finally, New Age Alpha Advisors LLC bought a new stake in Avis Budget Group in the fourth quarter valued at about $99,000. 96.35% of the stock is owned by institutional investors.

Analysts Set New Price Targets

CAR has been the subject of several research analyst reports. JPMorgan Chase & Co. lowered their price objective on Avis Budget Group from $165.00 to $140.00 and set an "underweight" rating for the company in a report on Friday, May 1st. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Avis Budget Group in a report on Wednesday, May 20th. Wall Street Zen raised Avis Budget Group from a "sell" rating to a "hold" rating in a report on Saturday, May 2nd. Zacks Research raised Avis Budget Group from a "strong sell" rating to a "hold" rating in a report on Wednesday, May 6th. Finally, Susquehanna upped their target price on Avis Budget Group from $105.00 to $140.00 and gave the company a "neutral" rating in a report on Friday, May 8th. Five investment analysts have rated the stock with a Hold rating and five have issued a Sell rating to the company. According to MarketBeat.com, Avis Budget Group has an average rating of "Reduce" and a consensus price target of $125.25.

Avis Budget Group Trading Up 0.9%

NASDAQ:CAR opened at $173.86 on Thursday. Avis Budget Group, Inc. has a 52 week low of $85.96 and a 52 week high of $847.70. The firm has a market capitalization of $6.14 billion, a PE ratio of -9.13 and a beta of 1.87. The stock has a 50 day moving average of $225.05 and a 200-day moving average of $156.70.

Avis Budget Group (NASDAQ:CAR - Get Free Report) last issued its quarterly earnings data on Wednesday, April 29th. The business services provider reported ($8.01) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($6.82) by ($1.19). The company had revenue of $2.53 billion during the quarter, compared to analyst estimates of $2.43 billion. During the same period last year, the business earned ($14.35) earnings per share. Avis Budget Group's quarterly revenue was up 4.1% on a year-over-year basis. As a group, analysts predict that Avis Budget Group, Inc. will post 2.93 EPS for the current fiscal year.

Insider Buying and Selling

In related news, major shareholder Pentwater Capital Management L sold 3,347 shares of the stock in a transaction that occurred on Wednesday, April 22nd. The stock was sold at an average price of $438.74, for a total value of $1,468,462.78. Following the completion of the transaction, the insider directly owned 6,177,100 shares of the company's stock, valued at $2,710,140,854. This represents a 0.05% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Edward P. Linnen sold 9,483 shares of the stock in a transaction that occurred on Thursday, April 30th. The stock was sold at an average price of $182.32, for a total value of $1,728,940.56. Following the completion of the transaction, the executive vice president directly owned 37,932 shares of the company's stock, valued at $6,915,762.24. This trade represents a 20.00% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 16,299 shares of company stock valued at $3,836,012 in the last three months. 50.48% of the stock is currently owned by corporate insiders.

Avis Budget Group Profile

Avis Budget Group, Inc operates as a leading global provider of vehicle rental and mobility solutions. Through its two core brands, Avis® and Budget®, the company offers a broad range of rental options including daily, weekly and monthly car rentals for leisure and business travelers. In addition to traditional airport and off-airport car rental services, Avis Budget Group delivers innovative mobility platforms such as car-sharing programs and connected fleet solutions designed to meet the evolving needs of corporate, government and individual customers.

The company's roots trace back to Avis Rent a Car, founded in 1946, and Budget Rent a Car, established in 1958.

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