Nuveen LLC Takes $2.84 Million Position in Avis Budget Group, Inc. $CAR

Key Points

• Nuveen LLC acquired 37,393 shares of Avis Budget Group, valued at approximately $2.84 million, increasing its ownership to about 0.11% of the company.
• Significant institutional interest is present, with 96.35% of Avis Budget Group's stock held by institutional investors and hedge funds.
• Avis Budget Group's stock is currently rated with a mix of "Buy," "Hold," and "Sell" ratings, resulting in a consensus target price of $143.80.

Nuveen LLC bought a new position in shares of Avis Budget Group, Inc. (NASDAQ:CAR - Free Report) in the 1st quarter, according to its most recent 13F filing with the SEC. The fund bought 37,393 shares of the business services provider's stock, valued at approximately $2,838,000. Nuveen LLC owned 0.11% of Avis Budget Group at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of the business. Steadfast Capital Management LP bought a new stake in Avis Budget Group in the 4th quarter valued at approximately $25,747,000. Mizuho Markets Americas LLC bought a new stake in Avis Budget Group in the 1st quarter valued at $18,975,000. Nomura Holdings Inc. raised its stake in Avis Budget Group by 93.2% in the 4th quarter. Nomura Holdings Inc. now owns 490,473 shares of the business services provider's stock valued at $39,537,000 after acquiring an additional 236,576 shares during the period. Jefferies Financial Group Inc. grew its holdings in Avis Budget Group by 1,391.0% in the 4th quarter. Jefferies Financial Group Inc. now owns 253,200 shares of the business services provider's stock valued at $20,410,000 after buying an additional 236,218 shares in the last quarter. Finally, SG Americas Securities LLC grew its holdings in Avis Budget Group by 281.1% in the 1st quarter. SG Americas Securities LLC now owns 123,176 shares of the business services provider's stock valued at $9,349,000 after buying an additional 90,851 shares in the last quarter. 96.35% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, EVP Edward P. Linnen sold 10,000 shares of Avis Budget Group stock in a transaction on 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 sale, the executive vice president directly owned 40,915 shares in the company, valued at approximately $6,416,699.45. This trade represents a 19.64% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Bernardo Hees sold 402,200 shares of Avis Budget Group stock in a transaction on Monday, August 4th. The stock was 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 disclosure for this sale can be found here. Company insiders own 52.80% of the company's stock.

Avis Budget Group Stock Performance

Avis Budget Group stock traded up $2.89 during mid-day trading on Tuesday, reaching $161.12. The stock had a trading volume of 267,102 shares, compared to its average volume of 1,271,164. The firm has a market capitalization of $5.67 billion, a PE ratio of -2.55 and a beta of 2.12. Avis Budget Group, Inc. has a fifty-two week low of $54.03 and a fifty-two week high of $212.81. The stock's 50-day simple moving average is $173.58 and its 200-day simple moving average is $120.46.

Avis Budget Group (NASDAQ:CAR - Get Free Report) last announced its earnings results on Tuesday, July 29th. The business services provider reported $0.10 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.02 by ($1.92). The company 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 quarterly revenue was down .3% on a year-over-year basis. During the same period in the previous year, the firm earned $0.41 EPS. On average, research analysts forecast that Avis Budget Group, Inc. will post 8.91 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several analysts recently weighed in on the company. JPMorgan Chase & Co. restated a "neutral" rating and set a $155.00 price objective on shares of Avis Budget Group in a research report on Thursday, July 31st. Deutsche Bank Aktiengesellschaft reiterated a "buy" rating and issued a $196.00 target price (up from $130.00) on shares of Avis Budget Group in a research report on Thursday, July 10th. The Goldman Sachs Group restated a "sell" rating and set a $105.00 price objective (up from $87.00) on shares of Avis Budget Group in a research report on Friday, August 1st. Zacks Research upgraded Avis Budget Group from a "strong sell" rating to a "hold" rating in a research report on Thursday, August 21st. Finally, Bank of America restated an "underperform" rating and set a $113.00 price objective (down from $120.00) on shares of Avis Budget Group in a research report on Wednesday, August 20th. One analyst has rated the stock with a Buy rating, four have issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, Avis Budget Group presently has a consensus rating of "Reduce" and an average price target of $143.80.

Avis Budget Group Company 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.