Voya Investment Management LLC Lowers Stake in Avis Budget Group, Inc. $CAR

Key Points

• Voya Investment Management LLC significantly reduced its stake in Avis Budget Group, Inc. by 88.2%, owning only 4,128 shares at the end of the 1st quarter, valued at approximately $313,000.
• Institutional ownership remains high at 96.35%, with several investors adjusting their positions, including an impressive 9,967.4% increase in holdings by GAMMA Investing LLC during the same period.
• Avis Budget's latest earnings report revealed a missed EPS estimate of $0.10, falling short of the consensus forecast of $2.02, and a negative return on equity of 14.74%.

Voya Investment Management LLC lowered its stake in shares of Avis Budget Group, Inc. (NASDAQ:CAR - Free Report) by 88.2% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 4,128 shares of the business services provider's stock after selling 30,948 shares during the quarter. Voya Investment Management LLC's holdings in Avis Budget Group were worth $313,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in CAR. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of Avis Budget Group by 8.3% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 55,777 shares of the business services provider's stock valued at $4,496,000 after purchasing an additional 4,286 shares during the last quarter. GAMMA Investing LLC grew its holdings in Avis Budget Group by 9,967.4% in the 1st quarter. GAMMA Investing LLC now owns 33,927 shares of the business services provider's stock worth $2,575,000 after acquiring an additional 33,590 shares during the last quarter. Rhumbline Advisers grew its holdings in Avis Budget Group by 8.9% in the 1st quarter. Rhumbline Advisers now owns 53,842 shares of the business services provider's stock worth $4,087,000 after acquiring an additional 4,382 shares during the last quarter. UMB Bank n.a. grew its holdings in Avis Budget Group by 106.9% in the 1st quarter. UMB Bank n.a. now owns 478 shares of the business services provider's stock worth $36,000 after acquiring an additional 247 shares during the last quarter. Finally, First Citizens Bank & Trust Co. bought a new stake in Avis Budget Group in the 1st quarter worth $246,000. Institutional investors own 96.35% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the stock. Zacks Research raised shares of Avis Budget Group from a "strong sell" rating to a "hold" rating in a report on Thursday, August 21st. Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating and set a $196.00 target price (up previously from $130.00) on shares of Avis Budget Group in a research note on Thursday, July 10th. The Goldman Sachs Group reissued a "sell" rating and set a $105.00 price objective (up previously from $87.00) on shares of Avis Budget Group in a research note on Friday, August 1st. Barclays lifted their target price on shares of Avis Budget Group from $105.00 to $150.00 and gave the stock an "equal weight" rating in a report on Monday, August 4th. Finally, JPMorgan Chase & Co. reissued a "neutral" rating and set a $155.00 price objective on shares of Avis Budget Group in a report on Thursday, July 31st. One investment analyst has rated the stock with a Buy rating, four have issued a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat, Avis Budget Group currently has a consensus rating of "Reduce" and an average price target of $143.80.

Avis Budget Group Trading Down 1.2%

Shares of CAR opened at $161.27 on Monday. The company has a market cap of $5.68 billion, a P/E ratio of -2.55 and a beta of 2.12. Avis Budget Group, Inc. has a twelve month low of $54.03 and a twelve month high of $212.81. The company's fifty day simple moving average is $164.08 and its 200-day simple moving average is $130.90.

Avis Budget Group (NASDAQ:CAR - Get Free Report) last posted its quarterly earnings results on Tuesday, July 29th. The business services provider reported $0.10 EPS for the quarter, missing the consensus estimate of $2.02 by ($1.92). Avis Budget Group had a negative return on equity of 14.74% and a negative net margin of 19.06%.The company had revenue of $3.04 billion during the quarter, compared to analysts' expectations of $3.02 billion. During the same period in the prior year, the business earned $0.41 EPS. The company's quarterly revenue was down .3% on a year-over-year basis. Analysts predict that Avis Budget Group, Inc. will post 8.91 earnings per share for the current fiscal year.

Insider Transactions at Avis Budget Group

In related news, Director Bernardo Hees sold 402,200 shares of the stock in a transaction that occurred on Monday, August 4th. The shares were sold at an average price of $156.59, for a total value of $62,980,498.00. Following the completion of the transaction, the director directly owned 116,521 shares of the company's stock, valued at $18,246,023.39. This trade represents a 77.54% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Edward P. Linnen sold 10,000 shares of the stock in a transaction that occurred on Friday, August 15th. The shares were 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. The trade was a 19.64% decrease in their ownership of the stock. The disclosure for this sale can be found here. 52.80% of the stock is currently owned by company insiders.

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.

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