Invesco Ltd. Increases Holdings in Avis Budget Group, Inc. $CAR

Key Points

• Invesco Ltd. increased its stake in Avis Budget Group, Inc. by 12.1% during the 1st quarter, owning approximately 0.47% of the company with shares valued at $12.67 million.
• Avis Budget Group reported earnings per share of $0.10 for the last quarter, falling short of analysts' expectations of $2.02, while revenue reached $3.04 billion.
• The company is facing mixed analyst ratings, with one Buy, four Hold, and two Sell ratings, and a consensus target price of $143.80.

Invesco Ltd. increased its stake in shares of Avis Budget Group, Inc. (NASDAQ:CAR - Free Report) by 12.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 166,978 shares of the business services provider's stock after buying an additional 18,006 shares during the quarter. Invesco Ltd. owned 0.47% of Avis Budget Group worth $12,674,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of CAR. UMB Bank n.a. grew 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 valued at $36,000 after acquiring an additional 247 shares in the last quarter. New Age Alpha Advisors LLC purchased a new position in Avis Budget Group in the first quarter worth $104,000. Schonfeld Strategic Advisors LLC bought a new position in Avis Budget Group in the 4th quarter valued at $207,000. Ethic Inc. bought a new position in Avis Budget Group in the 4th quarter valued at $207,000. Finally, Envestnet Portfolio Solutions Inc. purchased a new stake in shares of Avis Budget Group during the 1st quarter valued at $221,000. 96.35% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on CAR. 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 report on Thursday, July 10th. JPMorgan Chase & Co. reissued a "neutral" rating and issued a $155.00 target price on shares of Avis Budget Group in a research report on Thursday, July 31st. Wall Street Zen raised Avis Budget Group from a "sell" rating to a "hold" rating in a research report on Saturday, May 3rd. Barclays increased their price target on 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, Bank of America reissued an "underperform" rating and issued a $113.00 price objective (down previously from $120.00) on shares of Avis Budget Group in a report on Wednesday, August 20th. One investment 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 currently has a consensus rating of "Reduce" and an average price target of $143.80.

Insider Transactions at Avis Budget Group

In related news, Director Bernardo Hees sold 402,200 shares of the firm'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 sale, the director directly owned 116,521 shares of the company's stock, 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 SEC, which is available through the SEC website. 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 sale, the executive vice president owned 40,915 shares of the company's stock, valued at approximately $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. 52.80% of the stock is owned by corporate insiders.

Avis Budget Group Trading Down 0.2%

Shares of Avis Budget Group stock traded down $0.31 on Friday, reaching $158.23. The stock had a trading volume of 521,759 shares, compared to its average volume of 1,096,766. The business's 50 day moving average is $173.36 and its two-hundred day moving average is $119.51. Avis Budget Group, Inc. has a 1 year low of $54.03 and a 1 year high of $212.81. The company has a market cap of $5.57 billion, a P/E ratio of -2.50 and a beta of 2.19.

Avis Budget Group (NASDAQ:CAR - Get Free Report) last released its quarterly earnings results on Tuesday, July 29th. The business services provider reported $0.10 EPS for the quarter, missing analysts' consensus estimates 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 net margin of 19.06% and a negative return on equity of 14.74%. The firm's revenue for the quarter was down .3% on a year-over-year basis. During the same quarter last year, the firm earned $0.41 earnings per share. On average, equities analysts anticipate that Avis Budget Group, Inc. will post 8.91 EPS for the current fiscal 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.