Healthcare of Ontario Pension Plan Trust Fund Has $22.93 Million Position in Avis Budget Group, Inc. $CAR

Key Points

• Healthcare of Ontario Pension Plan Trust Fund reduced its Avis Budget Group stake by 26.5% in the fourth quarter, but still held 178,700 shares worth about $22.93 million.
• Wall Street sentiment remains cautious: analysts currently have a “Reduce” consensus rating on CAR, with an average price target of $129.63.
• Avis Budget Group reported Q1 EPS of -$8.01, missing estimates, though revenue of $2.53 billion came in above expectations and rose 4.1% year over year.

Healthcare of Ontario Pension Plan Trust Fund cut its holdings in shares of Avis Budget Group, Inc. (NASDAQ:CAR - Free Report) by 26.5% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 178,700 shares of the business services provider's stock after selling 64,300 shares during the quarter. Healthcare of Ontario Pension Plan Trust Fund owned about 0.51% of Avis Budget Group worth $22,931,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the business. Quarry LP bought a new stake in Avis Budget Group in the 4th quarter valued at $27,000. Basepoint Wealth LLC bought a new position in Avis Budget Group during the 4th quarter worth $32,000. American Wealth Advisors LLC bought a new position in Avis Budget Group during the 3rd quarter worth $41,000. Hantz Financial Services Inc. increased its position in Avis Budget Group by 70.4% during the 4th quarter. Hantz Financial Services Inc. now owns 431 shares of the business services provider's stock worth $55,000 after buying an additional 178 shares during the period. Finally, Northwestern Mutual Wealth Management Co. increased its position in Avis Budget Group by 26.5% during the 3rd quarter. Northwestern Mutual Wealth Management Co. now owns 363 shares of the business services provider's stock worth $58,000 after buying an additional 76 shares during the period. 96.35% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts have weighed in on the company. Barclays set a $160.00 price objective on Avis Budget Group and gave the stock an "equal weight" rating in a research report on Monday, June 8th. Morgan Stanley increased their price objective on Avis Budget Group from $97.00 to $99.00 and gave the stock an "equal weight" rating in a research report on Wednesday, May 20th. Deutsche Bank Aktiengesellschaft reiterated a "hold" rating and set a $125.00 price objective on shares of Avis Budget Group in a research report on Friday, May 1st. The Goldman Sachs Group set a $85.00 price objective on Avis Budget Group in a research report on Monday, February 23rd. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of Avis Budget Group in a research report on Wednesday, May 20th. Six research analysts have rated the stock with a Hold rating and four have given a Sell rating to the stock. According to data from MarketBeat.com, Avis Budget Group presently has a consensus rating of "Reduce" and an average target price of $129.63.

Insider Transactions at Avis Budget Group

In other news, EVP Ravi Simhambhatla sold 3,469 shares of the stock in a transaction on Thursday, April 30th. The stock was sold at an average price of $184.09, for a total transaction of $638,608.21. Following the sale, the executive vice president directly owned 13,876 shares of the company's stock, valued at approximately $2,554,432.84. This represents a 20.00% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Edward P. Linnen sold 9,483 shares of the stock in a transaction 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 sale, the executive vice president directly owned 37,932 shares in the company, valued at approximately $6,915,762.24. This trade represents a 20.00% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 16,299 shares of company stock valued at $3,836,012. 50.48% of the stock is owned by corporate insiders.

Avis Budget Group Stock Performance

CAR opened at $190.07 on Tuesday. The firm has a market cap of $6.72 billion, a P/E ratio of -9.98 and a beta of 1.87. Avis Budget Group, Inc. has a 52-week low of $85.96 and a 52-week high of $847.70. The business's fifty day moving average is $230.99 and its 200-day moving average is $159.62.

Avis Budget Group (NASDAQ:CAR - Get Free Report) last released its earnings results on Wednesday, April 29th. The business services provider reported ($8.01) earnings per share (EPS) for the quarter, missing the consensus estimate of ($6.82) by ($1.19). The firm had revenue of $2.53 billion during the quarter, compared to the consensus estimate of $2.43 billion. The business's quarterly revenue was up 4.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($14.35) earnings per share. On average, research analysts predict that Avis Budget Group, Inc. will post 2.93 earnings per share for the current fiscal year.

About Avis Budget Group

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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