Wolverine Asset Management LLC Reduces Stock Holdings in Avis Budget Group, Inc. (NASDAQ:CAR)

Key Points

• Wolverine Asset Management LLC significantly reduced its holdings in Avis Budget Group by 85.4%, selling 139,000 shares and now owns 0.07% of the company worth $1.8 million.
• Avis Budget Group reported $0.10 EPS in its latest quarterly earnings, missing estimates of $2.02, while revenue slightly increased to $3.04 billion.
• An insider transaction was noted as Director Bernardo Hees sold 402,200 shares at an average price of $156.59, reducing their stake in the company by 77.54%.

Wolverine Asset Management LLC decreased its holdings in Avis Budget Group, Inc. (NASDAQ:CAR - Free Report) by 85.4% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 23,771 shares of the business services provider's stock after selling 139,000 shares during the quarter. Wolverine Asset Management LLC owned about 0.07% of Avis Budget Group worth $1,804,000 as of its most recent filing with the SEC.

Other large investors have also recently bought and sold shares of the company. Aster Capital Management DIFC Ltd purchased a new stake in shares of Avis Budget Group in the 4th quarter worth about $25,000. UMB Bank n.a. boosted its position in shares of 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 buying an additional 247 shares in the last quarter. Quadrant Capital Group LLC boosted its position in shares of Avis Budget Group by 41.0% in the 4th quarter. Quadrant Capital Group LLC now owns 681 shares of the business services provider's stock worth $55,000 after buying an additional 198 shares in the last quarter. Sterling Capital Management LLC boosted its position in shares of Avis Budget Group by 41.3% in the 4th quarter. Sterling Capital Management LLC now owns 736 shares of the business services provider's stock worth $59,000 after buying an additional 215 shares in the last quarter. Finally, New Age Alpha Advisors LLC purchased a new stake in Avis Budget Group in the 1st quarter valued at approximately $104,000. Hedge funds and other institutional investors own 96.35% of the company's stock.

Avis Budget Group Stock Down 0.4%

CAR traded down $0.63 during midday trading on Monday, hitting $153.08. The company's stock had a trading volume of 1,081,915 shares, compared to its average volume of 1,245,757. The firm has a 50-day moving average price of $164.55 and a two-hundred day moving average price of $113.46. Avis Budget Group, Inc. has a 52-week low of $54.03 and a 52-week high of $212.81.

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 EPS for the quarter, missing the consensus estimate of $2.02 by ($1.92). The business 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 firm's quarterly revenue was down .3% compared to the same quarter last year. During the same quarter last year, the firm earned $0.41 EPS. On average, research analysts expect that Avis Budget Group, Inc. will post 8.91 earnings per share for the current year.

Insider Activity

In other news, Director Bernardo Hees sold 402,200 shares of the business's stock in a transaction dated Monday, August 4th. The stock was 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. The trade was a 77.54% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 52.80% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have weighed in on CAR. Wall Street Zen raised Avis Budget Group from a "sell" rating to a "hold" rating in a research report on Saturday, May 3rd. JPMorgan Chase & Co. reissued a "neutral" rating and issued a $155.00 target price on shares of Avis Budget Group in a research note on Thursday, July 31st. The Goldman Sachs Group reaffirmed a "sell" rating and set a $105.00 price target (up from $87.00) on shares of Avis Budget Group in a research note on Friday, August 1st. Deutsche Bank Aktiengesellschaft reissued 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. Finally, Barclays raised their target price on shares of Avis Budget Group from $105.00 to $150.00 and gave the stock an "equal weight" rating in a research report on Monday, August 4th. One analyst has rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $151.50.

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.