Federated Hermes Inc. Purchases 2,728 Shares of Avis Budget Group, Inc. (NASDAQ:CAR)

Key Points

• Federated Hermes Inc. significantly increased its stake in Avis Budget Group by 89.9%, owning 5,762 shares valued at approximately $437,000 as of their latest SEC filing.
• The stock's trading performance saw a recent decline of 1.9%, with shares opening at $153.71 after a one-year high of $212.81.
• Recent quarterly earnings reported a loss of $0.10 EPS, missing the consensus estimate of $2.02, despite revenue of $3.04 billion, slightly above expectations.

Federated Hermes Inc. grew its stake in Avis Budget Group, Inc. (NASDAQ:CAR - Free Report) by 89.9% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 5,762 shares of the business services provider's stock after purchasing an additional 2,728 shares during the quarter. Federated Hermes Inc.'s holdings in Avis Budget Group were worth $437,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in CAR. Mackenzie Financial Corp increased its stake in shares of Avis Budget Group by 28.4% in the 1st quarter. Mackenzie Financial Corp now owns 3,477 shares of the business services provider's stock worth $264,000 after acquiring an additional 770 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of Avis Budget Group by 9.8% in the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,840 shares of the business services provider's stock worth $443,000 after acquiring an additional 519 shares in the last quarter. Allianz Asset Management GmbH bought a new position in shares of Avis Budget Group in the 1st quarter worth about $3,262,000. Victory Capital Management Inc. grew its position in Avis Budget Group by 166.0% during the 1st quarter. Victory Capital Management Inc. now owns 29,527 shares of the business services provider's stock valued at $2,241,000 after purchasing an additional 18,425 shares during the last quarter. Finally, Edgestream Partners L.P. grew its position in Avis Budget Group by 199.5% during the 1st quarter. Edgestream Partners L.P. now owns 39,637 shares of the business services provider's stock valued at $3,008,000 after purchasing an additional 26,402 shares during the last quarter. 96.35% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, Director Bernardo Hees sold 402,200 shares of the business's stock in a transaction on Monday, August 4th. The shares were sold at an average price of $156.59, for a total value of $62,980,498.00. Following the sale, the director owned 116,521 shares in the company, valued at approximately $18,246,023.39. The trade was a 77.54% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 52.80% of the company's stock.

Analyst Ratings Changes

Several brokerages recently commented on CAR. Deutsche Bank Aktiengesellschaft reissued a "buy" rating and set a $196.00 price objective (up from $130.00) on shares of Avis Budget Group in a research report on Thursday, July 10th. Wall Street Zen raised shares of Avis Budget Group from a "sell" rating to a "hold" rating in a report on Saturday, May 3rd. The Goldman Sachs Group reaffirmed a "sell" rating and set a $105.00 price target (up previously from $87.00) on shares of Avis Budget Group in a report 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 report on Thursday, July 31st. Finally, Barclays raised their price objective 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. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $151.50.

Avis Budget Group Trading Down 0.4%

Shares of NASDAQ:CAR traded down $0.63 during midday trading on Monday, reaching $153.08. 1,081,915 shares of the company were exchanged, compared to its average volume of 1,309,490. The stock has a market cap of $5.39 billion, a PE ratio of -2.42 and a beta of 2.19. The business's fifty day moving average is $163.87 and its two-hundred day moving average is $113.02. Avis Budget Group, Inc. has a one year low of $54.03 and a one year high of $212.81.

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 the consensus estimate of $2.02 by ($1.92). Avis Budget Group had a negative return on equity of 14.74% and a negative net margin of 19.06%. The firm had revenue of $3.04 billion during the quarter, compared to the consensus estimate of $3.02 billion. During the same period last year, the firm posted $0.41 earnings per share. The company's revenue for the quarter was down .3% compared to the same quarter last year. As a group, sell-side analysts expect that Avis Budget Group, Inc. will post 8.91 EPS for the current year.

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.