Intech Investment Management LLC Increases Position in 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 increased its position in Avis Budget Group, Inc. (NASDAQ:CAR - Free Report) by 81.4% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 109,646 shares of the business services provider's stock after acquiring an additional 49,187 shares during the period. Intech Investment Management LLC owned about 0.31% of Avis Budget Group worth $8,322,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in CAR. Northern Trust Corp raised its stake in Avis Budget Group by 21.0% during the 4th quarter. Northern Trust Corp now owns 156,176 shares of the business services provider's stock valued at $12,589,000 after buying an additional 27,127 shares during the last quarter. Schonfeld Strategic Advisors LLC purchased a new stake in Avis Budget Group during the 4th quarter valued at $207,000. Captrust Financial Advisors purchased a new stake in Avis Budget Group during the 4th quarter valued at $460,000. Ethic Inc. purchased a new stake in Avis Budget Group during the 4th quarter valued at $207,000. Finally, Lighthouse Investment Partners LLC raised its stake in Avis Budget Group by 209.1% during the 4th quarter. Lighthouse Investment Partners LLC now owns 9,336 shares of the business services provider's stock valued at $753,000 after buying an additional 6,316 shares during the last quarter. 96.35% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Avis Budget Group

In other news, Director Bernardo Hees sold 402,200 shares of Avis Budget Group stock in a transaction dated 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 sale, the director owned 116,521 shares in the company, valued at $18,246,023.39. This trade represents a 77.54% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Edward P. Linnen sold 10,000 shares of the business's stock in a transaction dated Friday, August 15th. The stock was sold at an average price of $156.83, for a total transaction of $1,568,300.00. Following the transaction, the executive vice president owned 40,915 shares in the company, valued at $6,416,699.45. The trade was a 19.64% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 52.80% of the company's stock.

Avis Budget Group Stock Down 1.0%

Avis Budget Group stock traded down $1.50 during midday trading on Friday, reaching $155.53. The stock had a trading volume of 583,562 shares, compared to its average volume of 826,401. Avis Budget Group, Inc. has a 52-week low of $54.03 and a 52-week high of $212.81. The firm has a market cap of $5.47 billion, a price-to-earnings ratio of -2.46 and a beta of 2.11. The company has a fifty day moving average of $170.25 and a 200 day moving average of $124.50.

Avis Budget Group (NASDAQ:CAR - Get Free Report) last posted its quarterly earnings data on Tuesday, July 29th. The business services provider reported $0.10 earnings per share for the quarter, missing analysts' consensus estimates of $2.02 by ($1.92). The firm had revenue of $3.04 billion during 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%.The business's revenue for the quarter was down .3% compared to the same quarter last year. During the same period last year, the company earned $0.41 earnings per share. Equities research analysts predict that Avis Budget Group, Inc. will post 8.91 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on CAR. Barclays boosted their target price on shares of Avis Budget Group from $105.00 to $150.00 and gave the company an "equal weight" rating in a research note on Monday, August 4th. JPMorgan Chase & Co. restated a "neutral" rating and issued a $155.00 price objective on shares of Avis Budget Group in a research note on Thursday, July 31st. Deutsche Bank Aktiengesellschaft restated a "buy" rating and issued a $196.00 price objective (up from $130.00) on shares of Avis Budget Group in a research note on Thursday, July 10th. Bank of America restated an "underperform" rating and issued a $113.00 price objective (down from $120.00) on shares of Avis Budget Group in a research note on Wednesday, August 20th. Finally, Zacks Research upgraded 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 given a Hold rating and two have given a Sell rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Reduce" and a consensus price target of $143.80.

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.