Russell Investments Group Ltd. Raises Holdings in Avis Budget Group, Inc. $CAR

Key Points

• Russell Investments Group Ltd. significantly increased its holdings in Avis Budget Group, Inc., raising their stake by 2,228.9% and owning 1,770 shares worth approximately $134,000.
• Avis Budget Group reported earnings per share of $0.10 for the last quarter, which missed analyst expectations by $1.92, despite revenue slightly exceeding forecasts at $3.04 billion.
• Multiple analysts have issued varying ratings and adjusted price targets for Avis Budget Group, with Goldman Sachs maintaining a "sell" rating and a new target price of $105.00, while Deutsche Bank upgraded their target to $196.00 and reiterated a "buy" rating.

Russell Investments Group Ltd. lifted its holdings in shares of Avis Budget Group, Inc. (NASDAQ:CAR - Free Report) by 2,228.9% during the first quarter, according to its most recent disclosure with the SEC. The fund owned 1,770 shares of the business services provider's stock after acquiring an additional 1,694 shares during the period. Russell Investments Group Ltd.'s holdings in Avis Budget Group were worth $134,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of CAR. Steadfast Capital Management LP purchased a new stake in shares of Avis Budget Group during the fourth quarter worth about $25,747,000. Mizuho Markets Americas LLC purchased a new stake in Avis Budget Group in the first quarter valued at approximately $18,975,000. Nomura Holdings Inc. boosted its position in Avis Budget Group by 93.2% in the fourth quarter. Nomura Holdings Inc. now owns 490,473 shares of the business services provider's stock valued at $39,537,000 after buying an additional 236,576 shares during the last quarter. Jefferies Financial Group Inc. boosted its position in Avis Budget Group by 1,391.0% in the fourth 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 during the last quarter. Finally, SG Americas Securities LLC boosted its position in Avis Budget Group by 281.1% in the first 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 during the last quarter. Hedge funds and other institutional investors own 96.35% of the company's stock.

Avis Budget Group Trading Up 1.9%

Shares of NASDAQ:CAR opened at $161.20 on Wednesday. Avis Budget Group, Inc. has a 12-month low of $54.03 and a 12-month high of $212.81. The company has a market capitalization of $5.67 billion, a PE ratio of -2.55 and a beta of 2.11. The business has a 50 day moving average of $173.37 and a two-hundred day moving average of $120.74.

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 for the quarter, missing the consensus estimate of $2.02 by ($1.92). The business had revenue of $3.04 billion for the quarter, compared to analyst estimates of $3.02 billion. Avis Budget Group had a negative return on equity of 14.74% and a negative net margin of 19.06%.The company's quarterly revenue was down .3% compared to the same quarter last year. During the same period in the previous year, the company earned $0.41 earnings per share. Equities research analysts predict that Avis Budget Group, Inc. will post 8.91 earnings per share for the current fiscal year.

Analysts Set New Price Targets

CAR has been the topic of a number of recent research reports. The Goldman Sachs Group reiterated a "sell" rating and issued a $105.00 target price (up previously 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. JPMorgan Chase & Co. reiterated a "neutral" rating and issued a $155.00 target price on shares of Avis Budget Group in a research report on Thursday, July 31st. Barclays upped their target price on 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. Finally, Deutsche Bank Aktiengesellschaft reiterated a "buy" rating and issued a $196.00 target price (up previously from $130.00) on shares of Avis Budget Group in a research report on Thursday, July 10th. One investment analyst has rated the stock with a Buy rating, four have given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of "Reduce" and a consensus target price of $143.80.

Insider Activity at Avis Budget Group

In other news, EVP Edward P. Linnen sold 10,000 shares of the company's stock in a transaction that occurred 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 completion of the transaction, the executive vice president directly owned 40,915 shares of the company's stock, valued at $6,416,699.45. This represents a 19.64% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Bernardo Hees sold 402,200 shares of the company's stock in a transaction that occurred 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 transaction, the director directly owned 116,521 shares of the company's stock, valued at approximately $18,246,023.39. The trade was a 77.54% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 52.80% of the company's stock.

Avis Budget Group 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.