ING Groep NV Decreases Stock Holdings in Avis Budget Group, Inc. (NASDAQ:CAR)

Key Points

• ING Groep NV reduced its stake in Avis Budget Group by 1.5%, now owning approximately 320,000 shares valued at $24.29 million.
• Avis Budget Group reported a net loss of 19.06% and EPS of $0.10, which missed analysts' expectations of $2.02 for the quarter.
• Despite the challenges, several hedge funds, including Nomura Holdings and Jefferies Financial Group, have significantly increased their stakes in Avis Budget Group.

ING Groep NV trimmed its holdings in shares of Avis Budget Group, Inc. (NASDAQ:CAR - Free Report) by 1.5% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 320,000 shares of the business services provider's stock after selling 5,000 shares during the period. ING Groep NV owned about 0.91% of Avis Budget Group worth $24,288,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in CAR. Aster Capital Management DIFC Ltd bought a new position in shares of Avis Budget Group in the fourth quarter valued at approximately $25,000. UMB Bank n.a. increased its holdings in shares of Avis Budget Group by 106.9% in the first quarter. UMB Bank n.a. now owns 478 shares of the business services provider's stock worth $36,000 after purchasing an additional 247 shares during the period. Quadrant Capital Group LLC raised its holdings 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 valued at $55,000 after acquiring an additional 198 shares in the last quarter. Sterling Capital Management LLC lifted its position in Avis Budget Group by 41.3% during the fourth quarter. Sterling Capital Management LLC now owns 736 shares of the business services provider's stock valued at $59,000 after purchasing an additional 215 shares during the last quarter. Finally, Covestor Ltd grew its position in Avis Budget Group by 36.1% in the fourth quarter. Covestor Ltd now owns 1,353 shares of the business services provider's stock worth $109,000 after acquiring an additional 359 shares in the last quarter. 96.35% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Avis Budget Group

In related news, Director Bernardo Hees sold 402,200 shares of the business's stock in a transaction that occurred 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 completion of the transaction, the director owned 116,521 shares of the company's stock, valued at $18,246,023.39. The trade was a 77.54% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 52.80% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on CAR shares. Wall Street Zen upgraded Avis Budget Group from a "sell" rating to a "hold" rating in a research report on Saturday, May 3rd. Barclays upped 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. Deutsche Bank Aktiengesellschaft reaffirmed 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. 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, The Goldman Sachs Group reiterated a "sell" rating and set a $105.00 target price (up from $87.00) on shares of Avis Budget Group in a research note on Friday, August 1st. One research analyst has rated the stock with a sell rating, five have issued a hold rating and one has issued a buy rating to the company. According to MarketBeat, Avis Budget Group has an average rating of "Hold" and an average price target of $140.20.

Avis Budget Group Stock Performance

NASDAQ CAR traded down $1.97 during trading on Friday, hitting $154.79. The stock had a trading volume of 408,967 shares, compared to its average volume of 1,307,523. Avis Budget Group, Inc. has a one year low of $54.03 and a one year high of $212.81. The stock has a 50 day simple moving average of $163.23 and a 200 day simple moving average of $112.28. The stock has a market capitalization of $5.45 billion, a price-to-earnings ratio of -2.45 and a beta of 2.19.

Avis Budget Group (NASDAQ:CAR - Get Free Report) last announced its quarterly earnings results on Tuesday, July 29th. The business services provider reported $0.10 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.02 by ($1.92). Avis Budget Group had a negative net margin of 19.06% and a negative return on equity of 14.74%. The firm had revenue of $3.04 billion during the quarter, compared to analysts' expectations of $3.02 billion. During the same quarter in the previous year, the firm posted $0.41 EPS. The firm's revenue for the quarter was down .3% on a year-over-year basis. On average, sell-side analysts predict that Avis Budget Group, Inc. will post 8.91 EPS for the current year.

Avis Budget Group 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.