Avis Budget Group, Inc. $CAR Shares Bought by Charles Schwab Investment Management Inc.

Key Points

• Charles Schwab Investment Management Inc. increased its stake in Avis Budget Group by 6.9%, owning 217,262 shares valued at approximately $16.49 million as of the latest SEC filing.
• Several hedge funds have also made significant moves with Avis Budget Group, with UMB Bank n.a. raising its holdings by 106.9% during the first quarter.
• Avis Budget Group's latest earnings report showed a loss, with EPS of $0.10 which fell short of analysts' expectations of $2.02.

Charles Schwab Investment Management Inc. boosted its stake in Avis Budget Group, Inc. (NASDAQ:CAR - Free Report) by 6.9% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 217,262 shares of the business services provider's stock after purchasing an additional 13,988 shares during the period. Charles Schwab Investment Management Inc. owned about 0.62% of Avis Budget Group worth $16,490,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the stock. SummerHaven Investment Management LLC increased its holdings in Avis Budget Group by 2.1% in the 1st quarter. SummerHaven Investment Management LLC now owns 7,623 shares of the business services provider's stock valued at $579,000 after purchasing an additional 160 shares during the last quarter. Xponance Inc. increased its holdings 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 valued at $222,000 after purchasing an additional 211 shares during the last quarter. UMB Bank n.a. increased its holdings 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 purchasing an additional 247 shares during the last quarter. Principal Financial Group Inc. increased its holdings in Avis Budget Group by 0.8% in 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 purchasing an additional 293 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in 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 valued at $443,000 after purchasing an additional 519 shares during the last quarter. Institutional investors and hedge funds own 96.35% of the company's stock.

Avis Budget Group Price Performance

Shares of Avis Budget Group stock traded up $1.59 during trading on Thursday, hitting $158.54. 494,850 shares of the stock were exchanged, compared to its average volume of 1,151,979. The stock has a market cap of $5.58 billion, a price-to-earnings ratio of -2.51 and a beta of 2.19. The firm's 50-day moving average price is $172.88 and its 200 day moving average price is $119.04. Avis Budget Group, Inc. has a 12-month low of $54.03 and a 12-month high of $212.81.

Avis Budget Group (NASDAQ:CAR - Get Free Report) last released its quarterly earnings data 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). The firm had revenue of $3.04 billion for the quarter, compared to analysts' expectations of $3.02 billion. Avis Budget Group had a negative return on equity of 14.74% and a negative net margin of 19.06%.Avis Budget Group's revenue for the quarter was down .3% on a year-over-year basis. During the same period last year, the firm posted $0.41 earnings per share. As a group, research analysts forecast that Avis Budget Group, Inc. will post 8.91 earnings per share for the current year.

Wall Street Analyst Weigh In

Several analysts recently weighed in on CAR shares. Wall Street Zen upgraded shares of Avis Budget Group from a "sell" rating to a "hold" rating in a report on Saturday, May 3rd. JPMorgan Chase & Co. reissued a "neutral" rating and issued a $155.00 price target on shares of Avis Budget Group in a research report on Thursday, July 31st. The Goldman Sachs Group reissued a "sell" rating and issued a $105.00 price target (up previously from $87.00) on shares of Avis Budget Group in a research report on Friday, August 1st. Deutsche Bank Aktiengesellschaft reissued 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 raised shares of Avis Budget Group from a "strong sell" rating to a "hold" rating in a research report on Thursday, August 21st. One 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's stock. According to MarketBeat.com, the company has an average rating of "Reduce" and an average target price of $143.80.

Insiders Place Their Bets

In related news, EVP Edward P. Linnen sold 10,000 shares of the business's stock in a transaction 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 completion of the sale, the executive vice president directly owned 40,915 shares of the company's stock, valued at $6,416,699.45. The trade was a 19.64% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, 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 transaction of $62,980,498.00. Following the completion of the sale, the director directly owned 116,521 shares of the company's stock, valued at approximately $18,246,023.39. This trade represents a 77.54% decrease in their ownership of the stock. The disclosure for this sale can be found here. 52.80% of the stock is owned by insiders.

About Avis Budget Group

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.