Mizuho Markets Americas LLC Has $47.80 Million Stock Position in Avis Budget Group, Inc. $CAR

Key Points

• Mizuho Markets Americas LLC boosted its stake in Avis Budget Group by 49% in the fourth quarter, ending with 372,500 shares valued at about $47.8 million.
• Two Avis Budget Group executives recently sold shares, including EVP Ravi Simhambhatla and EVP Edward P. Linnen, with insiders selling a total of 16,299 shares worth about $3.84 million over the last three months.
• Analysts remain cautious on CAR: the stock has a “Reduce” consensus rating with a $125.25 average price target, while the company reported Q1 EPS of -$8.01, missing expectations even as revenue beat estimates.

Mizuho Markets Americas LLC increased its stake in Avis Budget Group, Inc. (NASDAQ:CAR - Free Report) by 49.0% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 372,500 shares of the business services provider's stock after purchasing an additional 122,500 shares during the quarter. Avis Budget Group makes up 0.9% of Mizuho Markets Americas LLC's investment portfolio, making the stock its 24th largest holding. Mizuho Markets Americas LLC owned about 1.06% of Avis Budget Group worth $47,799,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. EverSource Wealth Advisors LLC boosted its holdings in shares of Avis Budget Group by 19.6% in the second quarter. EverSource Wealth Advisors LLC now owns 427 shares of the business services provider's stock worth $72,000 after buying an additional 70 shares during the period. Northwestern Mutual Wealth Management Co. increased its position in shares of Avis Budget Group by 26.5% in the third quarter. Northwestern Mutual Wealth Management Co. now owns 363 shares of the business services provider's stock worth $58,000 after acquiring an additional 76 shares in the last quarter. Deseret Mutual Benefit Administrators raised its holdings in shares of Avis Budget Group by 102.3% during the third quarter. Deseret Mutual Benefit Administrators now owns 174 shares of the business services provider's stock valued at $28,000 after acquiring an additional 88 shares during the period. PNC Financial Services Group Inc. lifted its position in shares of Avis Budget Group by 7.8% in the 3rd quarter. PNC Financial Services Group Inc. now owns 1,460 shares of the business services provider's stock valued at $234,000 after acquiring an additional 106 shares in the last quarter. Finally, Wedmont Private Capital lifted its position in shares of Avis Budget Group by 7.8% in the 4th quarter. Wedmont Private Capital now owns 1,750 shares of the business services provider's stock valued at $222,000 after acquiring an additional 126 shares in the last quarter. Institutional investors and hedge funds own 96.35% of the company's stock.

Insider Activity

In other news, EVP Ravi Simhambhatla sold 3,469 shares of Avis Budget Group stock in a transaction dated Thursday, April 30th. The stock was sold at an average price of $184.09, for a total transaction of $638,608.21. Following the completion of the sale, the executive vice president directly owned 13,876 shares in the company, valued at $2,554,432.84. The trade was a 20.00% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Edward P. Linnen sold 9,483 shares of the business's stock in a transaction that occurred on Thursday, April 30th. The shares were sold at an average price of $182.32, for a total value of $1,728,940.56. Following the completion of the sale, the executive vice president directly owned 37,932 shares of the company's stock, valued at approximately $6,915,762.24. The trade was a 20.00% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 16,299 shares of company stock worth $3,836,012 in the last three months. 50.48% of the stock is owned by insiders.

Analysts Set New Price Targets

Several equities analysts have weighed in on CAR shares. Zacks Research upgraded shares of Avis Budget Group from a "strong sell" rating to a "hold" rating in a research report on Wednesday, May 6th. Wall Street Zen upgraded Avis Budget Group from a "sell" rating to a "hold" rating in a report on Saturday, May 2nd. Barclays decreased their target price on Avis Budget Group from $150.00 to $140.00 and set an "underweight" rating for the company in a research report on Tuesday, May 5th. Jefferies Financial Group downgraded Avis Budget Group from a "buy" rating to a "hold" rating and lifted their price target for the company from $112.00 to $160.00 in a report on Friday, May 1st. Finally, JPMorgan Chase & Co. dropped their price target on Avis Budget Group from $165.00 to $140.00 and set an "underweight" rating on the stock in a research report on Friday, May 1st. Five analysts have rated the stock with a Hold rating and five have assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Reduce" and a consensus price target of $125.25.

Avis Budget Group Stock Performance

Avis Budget Group stock opened at $167.05 on Friday. The firm has a market cap of $5.90 billion, a PE ratio of -8.77 and a beta of 1.91. The firm's 50 day moving average price is $213.94 and its two-hundred day moving average price is $154.86. Avis Budget Group, Inc. has a twelve month low of $85.96 and a twelve month high of $847.70.

Avis Budget Group (NASDAQ:CAR - Get Free Report) last issued its earnings results on Wednesday, April 29th. The business services provider reported ($8.01) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($6.82) by ($1.19). The business had revenue of $2.53 billion for the quarter, compared to the consensus estimate of $2.43 billion. During the same period in the prior year, the business earned ($14.35) earnings per share. The firm's revenue for the quarter was up 4.1% on a year-over-year basis. Equities analysts anticipate that Avis Budget Group, Inc. will post 3.17 EPS for the current fiscal year.

Avis Budget Group Company Profile

Avis Budget Group, Inc operates as a leading global provider of vehicle rental and mobility solutions. Through its two core brands, Avis® and Budget®, the company offers a broad range of rental options including daily, weekly and monthly car rentals for leisure and business travelers. In addition to traditional airport and off-airport car rental services, Avis Budget Group delivers innovative mobility platforms such as car-sharing programs and connected fleet solutions designed to meet the evolving needs of corporate, government and individual customers.

The company's roots trace back to Avis Rent a Car, founded in 1946, and Budget Rent a Car, established in 1958.

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