Russell Investments Group Ltd. Raises Stock 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. grew its holdings in Avis Budget Group, Inc. (NASDAQ:CAR - Free Report) by 2,228.9% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 1,770 shares of the business services provider's stock after buying an additional 1,694 shares during the quarter. Russell Investments Group Ltd.'s holdings in Avis Budget Group were worth $134,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in CAR. UMB Bank n.a. boosted its holdings in Avis Budget Group by 106.9% during the first quarter. UMB Bank n.a. now owns 478 shares of the business services provider's stock worth $36,000 after buying an additional 247 shares during the last quarter. New Age Alpha Advisors LLC bought a new stake in Avis Budget Group in the 1st quarter valued at approximately $104,000. Ethic Inc. bought a new stake in Avis Budget Group in the 4th quarter valued at approximately $207,000. Schonfeld Strategic Advisors LLC acquired a new position in shares of Avis Budget Group during the 4th quarter worth approximately $207,000. Finally, Envestnet Portfolio Solutions Inc. acquired a new position in shares of Avis Budget Group during the 1st quarter worth approximately $221,000. 96.35% of the stock is currently owned by institutional investors and hedge funds.

Avis Budget Group Trading Down 0.2%

NASDAQ CAR traded down $0.25 during trading hours on Friday, hitting $156.28. 494,519 shares of the company's stock were exchanged, compared to its average volume of 873,001. The stock has a 50-day simple moving average of $172.18 and a 200 day simple moving average of $122.25. The firm has a market cap of $5.50 billion, a price-to-earnings ratio of -2.47 and a beta of 2.12. Avis Budget Group, Inc. has a 1-year low of $54.03 and a 1-year high of $212.81.

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 (EPS) for the quarter, missing the consensus estimate of $2.02 by ($1.92). The firm had revenue of $3.04 billion during the quarter, compared to the consensus estimate 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 firm's revenue was down .3% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.41 EPS. On average, sell-side analysts anticipate that Avis Budget Group, Inc. will post 8.91 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

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

Insider Activity at Avis Budget Group

In other news, Director Bernardo Hees sold 402,200 shares of the firm'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 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Edward P. Linnen sold 10,000 shares of the firm's stock in a transaction that occurred on Friday, August 15th. The shares were sold at an average price of $156.83, for a total value of $1,568,300.00. Following the completion of the transaction, the executive vice president owned 40,915 shares in the company, valued at $6,416,699.45. This represents a 19.64% decrease in their position. The disclosure for this sale can be found here. 52.80% of the stock is currently owned by corporate insiders.

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.