MUFG Securities EMEA plc Invests $25.66 Million in Avis Budget Group, Inc. $CAR

Key Points

• MUFG Securities EMEA plc bought 200,000 shares of Avis Budget Group in the fourth quarter, a stake worth about $25.66 million and equal to 0.57% of the company.
• Avis Budget Group reported a Q1 EPS loss of $8.01, worse than analyst expectations, though revenue came in at $2.53 billion and rose 4.1% year over year.
• Analyst sentiment remains cautious, with the stock carrying an average "Reduce" rating and a consensus price target of about $125.25, while insiders have also been selling shares recently.

MUFG Securities EMEA plc purchased a new position in shares of Avis Budget Group, Inc. (NASDAQ:CAR - Free Report) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 200,000 shares of the business services provider's stock, valued at approximately $25,664,000. MUFG Securities EMEA plc owned 0.57% of Avis Budget Group at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in CAR. Basepoint Wealth LLC bought a new position in Avis Budget Group in the 4th quarter worth approximately $32,000. Hantz Financial Services Inc. grew its holdings in Avis Budget Group by 136.4% in the 3rd quarter. Hantz Financial Services Inc. now owns 253 shares of the business services provider's stock worth $41,000 after buying an additional 146 shares in the last quarter. American Wealth Advisors LLC bought a new position in Avis Budget Group in the 3rd quarter worth approximately $41,000. Northwestern Mutual Wealth Management Co. boosted its stake in Avis Budget Group by 26.5% during the 3rd quarter. Northwestern Mutual Wealth Management Co. now owns 363 shares of the business services provider's stock valued at $58,000 after purchasing an additional 76 shares in the last quarter. Finally, EverSource Wealth Advisors LLC boosted its stake in Avis Budget Group by 19.6% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 427 shares of the business services provider's stock valued at $72,000 after purchasing an additional 70 shares in the last quarter. 96.35% of the stock is owned by institutional investors.

Avis Budget Group Stock Up 0.5%

CAR opened at $175.84 on Friday. The firm has a market cap of $6.21 billion, a PE ratio of -9.23 and a beta of 1.91. The business has a fifty day simple moving average of $220.90 and a 200-day simple moving average of $155.96. Avis Budget Group, Inc. has a fifty-two week low of $85.96 and a fifty-two week high of $847.70.

Avis Budget Group (NASDAQ:CAR - Get Free Report) last released its quarterly earnings data on Wednesday, April 29th. The business services provider reported ($8.01) earnings per share for the quarter, missing the consensus estimate of ($6.82) by ($1.19). The firm had revenue of $2.53 billion during the quarter, compared to analyst estimates of $2.43 billion. The firm's quarterly revenue was up 4.1% on a year-over-year basis. During the same period in the previous year, the company posted ($14.35) earnings per share. On average, equities research analysts anticipate that Avis Budget Group, Inc. will post 2.93 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts have issued reports on CAR shares. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Avis Budget Group in a research note on Wednesday, May 20th. Wall Street Zen raised Avis Budget Group from a "sell" rating to a "hold" rating in a research note on Saturday, May 2nd. Deutsche Bank Aktiengesellschaft reaffirmed a "hold" rating and set a $125.00 price target on shares of Avis Budget Group in a research note on Friday, May 1st. Morgan Stanley increased their price target on Avis Budget Group from $97.00 to $99.00 and gave the company an "equal weight" rating in a research note on Wednesday, May 20th. Finally, Zacks Research raised Avis Budget Group from a "strong sell" rating to a "hold" rating in a research note on Wednesday, May 6th. Five analysts have rated the stock with a Hold rating and five have issued a Sell rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Reduce" and an average target price of $125.25.

Insider Transactions at Avis Budget Group

In other Avis Budget Group news, major shareholder Pentwater Capital Management L sold 3,347 shares of the firm's stock in a transaction dated Wednesday, April 22nd. The stock was sold at an average price of $438.74, for a total transaction of $1,468,462.78. Following the transaction, the insider directly owned 6,177,100 shares in the company, valued at $2,710,140,854. This trade represents a 0.05% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Ravi Simhambhatla sold 3,469 shares of the firm's stock in a transaction dated Thursday, April 30th. The shares were sold at an average price of $184.09, for a total value of $638,608.21. Following the transaction, the executive vice president owned 13,876 shares in the company, valued at approximately $2,554,432.84. This trade represents a 20.00% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 16,299 shares of company stock valued at $3,836,012 in the last three months. 50.48% of the stock is currently owned by corporate insiders.

Avis Budget Group 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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