Vanguard Group Inc. Trims Stock Position in Avis Budget Group, Inc. $CAR

Key Points

• Vanguard Group trimmed its Avis Budget Group stake by 1.0% in the fourth quarter, but still held about 4.34% of the company worth roughly $195.8 million.
• Analysts remain cautious on CAR: the stock has a consensus "Reduce" rating, with five Hold ratings and five Sell ratings, and a consensus target price of $125.
• Avis Budget Group reported Q1 revenue of $2.53 billion, above estimates and up 4.1% year over year, but earnings of ($8.01) per share missed expectations; the stock opened at $145.75.

Vanguard Group Inc. lessened its holdings in shares of Avis Budget Group, Inc. (NASDAQ:CAR - Free Report) by 1.0% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,525,988 shares of the business services provider's stock after selling 16,107 shares during the period. Vanguard Group Inc. owned approximately 4.34% of Avis Budget Group worth $195,815,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in CAR. Royal Bank of Canada raised its holdings in shares of Avis Budget Group by 414.0% during the first quarter. Royal Bank of Canada now owns 17,860 shares of the business services provider's stock worth $1,355,000 after purchasing an additional 14,385 shares during the last quarter. Empowered Funds LLC raised its holdings in shares of Avis Budget Group by 10.1% during the first quarter. Empowered Funds LLC now owns 3,749 shares of the business services provider's stock worth $285,000 after purchasing an additional 343 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in shares of Avis Budget Group by 16.6% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 65,023 shares of the business services provider's stock worth $4,935,000 after purchasing an additional 9,246 shares during the last quarter. Prudential Financial Inc. purchased a new position in shares of Avis Budget Group during the second quarter worth $352,000. Finally, EverSource Wealth Advisors LLC increased its holdings in 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 valued at $72,000 after buying an additional 70 shares in the last quarter. Hedge funds and other institutional investors own 96.35% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on CAR shares. Susquehanna lifted their price objective on shares of Avis Budget Group from $105.00 to $140.00 and gave the company a "neutral" rating in a report on Friday. Wall Street Zen raised shares of Avis Budget Group from a "sell" rating to a "hold" rating in a report on Saturday, May 2nd. JPMorgan Chase & Co. cut their price objective on shares of Avis Budget Group from $165.00 to $140.00 and set an "underweight" rating for the company in a report on Friday, May 1st. Barclays cut their price objective on shares of Avis Budget Group from $150.00 to $140.00 and set an "underweight" rating for the company in a report on Tuesday, May 5th. Finally, Weiss Ratings reaffirmed a "sell (d)" rating on shares of Avis Budget Group in a report on Wednesday, January 21st. Five investment analysts have rated the stock with a Hold rating and five have assigned a Sell rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Reduce" and a consensus target price of $125.00.

Avis Budget Group Stock Performance

CAR opened at $145.75 on Monday. Avis Budget Group, Inc. has a fifty-two week low of $85.96 and a fifty-two week high of $847.70. The company has a fifty day moving average of $201.79 and a two-hundred day moving average of $154.59. The stock has a market capitalization of $5.15 billion, a price-to-earnings ratio of -7.65 and a beta of 1.91.

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 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. The business's quarterly revenue was up 4.1% compared to the same quarter last year. During the same period last year, the firm earned ($14.35) earnings per share. On average, equities research analysts forecast that Avis Budget Group, Inc. will post 3.72 earnings per share for the current year.

Insider Activity at Avis Budget Group

In other news, EVP Ravi Simhambhatla sold 3,469 shares of the business's stock in a transaction dated Thursday, April 30th. The shares were 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 owned 13,876 shares of the company's stock, valued at $2,554,432.84. The trade was a 20.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Pentwater Capital Management L sold 3,347 shares of the business'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 sale, the insider directly owned 6,177,100 shares of the company's stock, valued at $2,710,140,854. This represents a 0.05% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 18,249 shares of company stock worth $4,014,515 over the last three months. Company insiders own 50.48% of the company's stock.

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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