Mizuho Markets Americas LLC Purchases New Holdings in Avis Budget Group, Inc. (NASDAQ:CAR)

Key Points

• Mizuho Markets Americas LLC acquired a new stake in Avis Budget Group, purchasing 250,000 shares valued at approximately $18.98 million, representing about 0.71% of the company.
• Director Bernardo Hees sold 402,200 shares in a significant transaction worth nearly $63 million, resulting in a 77.54% decrease in his ownership position.
• Analysts have set a consensus price target of $140.20 for Avis Budget Group, with Barclays raising its price objective to $150.00 while maintaining an "equal weight" rating.

Mizuho Markets Americas LLC purchased a new position in shares of Avis Budget Group, Inc. (NASDAQ:CAR - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 250,000 shares of the business services provider's stock, valued at approximately $18,975,000. Mizuho Markets Americas LLC owned about 0.71% of Avis Budget Group as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in CAR. Aster Capital Management DIFC Ltd purchased a new position in shares of Avis Budget Group during the fourth quarter worth about $25,000. UMB Bank n.a. boosted its holdings in Avis Budget Group by 106.9% in the 1st quarter. UMB Bank n.a. now owns 478 shares of the business services provider's stock valued at $36,000 after purchasing an additional 247 shares in the last quarter. Quadrant Capital Group LLC boosted its holdings in 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 purchasing an additional 198 shares in the last quarter. Sterling Capital Management LLC boosted its holdings in Avis Budget Group by 41.3% in the 4th 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 in the last quarter. Finally, New Age Alpha Advisors LLC purchased a new stake in Avis Budget Group in the 1st quarter valued at approximately $104,000. Hedge funds and other institutional investors own 96.35% of the company's stock.

Avis Budget Group Stock Down 1.6%

Shares of NASDAQ CAR traded down $2.62 during trading on Thursday, hitting $158.63. 312,666 shares of the company traded hands, compared to its average volume of 1,294,152. The company has a 50-day moving average price of $166.39 and a 200-day moving average price of $114.11. Avis Budget Group, Inc. has a 1 year low of $54.03 and a 1 year high of $212.81. The firm has a market capitalization of $5.58 billion, a P/E ratio of -2.51 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 for the quarter, missing analysts' consensus estimates of $2.02 by ($1.92). Avis Budget Group had a negative return on equity of 14.74% and a negative net margin of 19.06%. The business had revenue of $3.04 billion for the quarter, compared to analysts' expectations of $3.02 billion. During the same period last year, the company posted $0.41 earnings per share. The firm's revenue for the quarter was down .3% on a year-over-year basis. Research analysts predict that Avis Budget Group, Inc. will post 8.91 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. JPMorgan Chase & Co. reiterated a "neutral" rating and set a $155.00 price target on shares of Avis Budget Group in a research report on Thursday, July 31st. Deutsche Bank Aktiengesellschaft reiterated a "buy" rating and set a $196.00 price target (up from $130.00) on shares of Avis Budget Group in a research report on Thursday, July 10th. Barclays lifted their price target on shares of Avis Budget Group from $105.00 to $150.00 and gave the company an "equal weight" rating in a research report on Monday, August 4th. Wall Street Zen upgraded shares of Avis Budget Group from a "sell" rating to a "hold" rating in a research report on Saturday, May 3rd. Finally, The Goldman Sachs Group reiterated a "sell" rating and set a $105.00 price target (up from $87.00) on shares of Avis Budget Group in a research report on Friday, August 1st. One analyst has rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the stock. According to MarketBeat.com, Avis Budget Group currently has an average rating of "Hold" and an average price target of $151.50.

Insiders Place Their Bets

In other news, Director Bernardo Hees sold 402,200 shares of the company's 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 approximately $18,246,023.39. This represents a 77.54% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 52.80% of the stock is currently owned by insiders.

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.