Intech Investment Management LLC Purchases 49,187 Shares of Avis Budget Group, Inc. $CAR

Key Points

• Intech Investment Management LLC increased its stake in Avis Budget Group by 81.4% in Q1, owning approximately $8.32 million worth of shares.
• Avis Budget Group reported a loss in earnings per share of $0.10 for the last quarter, significantly missing the analysts' estimates of $2.02.
• Multiple hedge funds, including UMB Bank, Caitong International, and Quarry LP, also significantly boosted their positions in Avis Budget Group during the same period of Q1.

Intech Investment Management LLC grew its stake in shares of Avis Budget Group, Inc. (NASDAQ:CAR - Free Report) by 81.4% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 109,646 shares of the business services provider's stock after purchasing an additional 49,187 shares during the quarter. Intech Investment Management LLC owned 0.31% of Avis Budget Group worth $8,322,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. UMB Bank n.a. lifted its stake in shares of Avis Budget Group by 106.9% during 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 in the last quarter. Caitong International Asset Management Co. Ltd increased its position in shares of Avis Budget Group by 421.1% during the first quarter. Caitong International Asset Management Co. Ltd now owns 839 shares of the business services provider's stock worth $64,000 after acquiring an additional 678 shares during the last quarter. Quarry LP increased its position in shares of Avis Budget Group by 399.5% during the first quarter. Quarry LP now owns 909 shares of the business services provider's stock worth $69,000 after acquiring an additional 727 shares during the last quarter. New Age Alpha Advisors LLC purchased a new stake in shares of Avis Budget Group during the first quarter worth about $104,000. Finally, Summit Securities Group LLC purchased a new stake in shares of Avis Budget Group during the first quarter worth about $112,000. Institutional investors and hedge funds own 96.35% of the company's stock.

Insider Transactions at Avis Budget Group

In other news, Director Bernardo Hees sold 402,200 shares of Avis Budget Group 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 in the company, valued at approximately $18,246,023.39. The trade was a 77.54% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Edward P. Linnen sold 10,000 shares of Avis Budget Group stock in a transaction that occurred on Friday, August 15th. The shares were sold at an average price of $156.83, for a total transaction of $1,568,300.00. Following the completion of the transaction, the executive vice president owned 40,915 shares of the company's stock, valued at $6,416,699.45. This trade represents a 19.64% decrease in their position. The disclosure for this sale can be found here. 52.80% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on CAR shares. Deutsche Bank Aktiengesellschaft reissued a "buy" rating and issued a $196.00 price objective (up from $130.00) on shares of Avis Budget Group in a report on Thursday, July 10th. JPMorgan Chase & Co. reaffirmed a "neutral" rating and issued a $155.00 price target on shares of Avis Budget Group in a report on Thursday, July 31st. The Goldman Sachs Group reissued 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. Barclays upped their price target on shares of Avis Budget Group from $105.00 to $150.00 and gave the stock an "equal weight" rating in a research note on Monday, August 4th. Finally, Zacks Research raised shares of Avis Budget Group from a "strong sell" rating to a "hold" rating in a research note on Thursday, August 21st. One equities research analyst has rated the stock with a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Reduce" and a consensus target price of $143.80.

Avis Budget Group Price Performance

Shares of NASDAQ CAR traded up $0.18 during mid-day trading on Tuesday, hitting $152.53. The company had a trading volume of 408,735 shares, compared to its average volume of 1,237,259. The business's 50-day simple moving average is $169.67 and its 200-day simple moving average is $125.33. Avis Budget Group, Inc. has a 12 month low of $54.03 and a 12 month high of $212.81. The firm has a market cap of $5.37 billion, a P/E ratio of -2.41 and a beta of 2.12.

Avis Budget Group (NASDAQ:CAR - Get Free Report) last released its earnings results on Tuesday, July 29th. The business services provider reported $0.10 earnings per share for the quarter, missing the consensus estimate 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 company had revenue of $3.04 billion during the quarter, compared to the consensus estimate of $3.02 billion. During the same quarter in the previous year, the business posted $0.41 EPS. The firm's quarterly revenue was down .3% on a year-over-year basis. As a group, sell-side analysts predict that Avis Budget Group, Inc. will post 8.91 EPS for the current year.

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.