III Capital Management Acquires New Holdings in Avis Budget Group, Inc. (NASDAQ:CAR)

III Capital Management purchased a new position in shares of Avis Budget Group, Inc. (NASDAQ:CAR - Free Report) in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 26,000 shares of the business services provider's stock, valued at approximately $2,096,000. Avis Budget Group makes up about 0.3% of III Capital Management's holdings, making the stock its 27th biggest holding. III Capital Management owned approximately 0.07% of Avis Budget Group at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Aster Capital Management DIFC Ltd purchased a new stake in Avis Budget Group during the fourth quarter valued at about $25,000. GAMMA Investing LLC grew its holdings in shares of Avis Budget Group by 118.8% during the 4th quarter. GAMMA Investing LLC now owns 337 shares of the business services provider's stock worth $27,000 after purchasing an additional 183 shares during the period. Quadrant Capital Group LLC increased its position in Avis Budget Group by 41.0% during the 4th quarter. Quadrant Capital Group LLC now owns 681 shares of the business services provider's stock worth $55,000 after purchasing an additional 198 shares in the last quarter. Sterling Capital Management LLC raised its holdings in Avis Budget Group by 41.3% in the fourth quarter. Sterling Capital Management LLC now owns 736 shares of the business services provider's stock valued at $59,000 after buying an additional 215 shares during the period. Finally, Signaturefd LLC lifted its position in Avis Budget Group by 31.8% during the fourth quarter. Signaturefd LLC now owns 936 shares of the business services provider's stock valued at $75,000 after buying an additional 226 shares in the last quarter. Institutional investors and hedge funds own 96.35% of the company's stock.

Insiders Place Their Bets

In other news, Director Lynn Krominga sold 1,405 shares of the business's stock in a transaction on Thursday, February 20th. The shares were sold at an average price of $95.00, for a total transaction of $133,475.00. Following the completion of the transaction, the director now owns 1,950 shares of the company's stock, valued at approximately $185,250. The trade was a 41.88 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 52.80% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Separately, StockNews.com upgraded Avis Budget Group from a "sell" rating to a "hold" rating in a report on Saturday. Five investment analysts have rated the stock with a hold rating and two have given a buy rating to the company's stock. According to MarketBeat, Avis Budget Group currently has a consensus rating of "Hold" and a consensus target price of $117.60.

Avis Budget Group Stock Up 3.4 %

Shares of CAR traded up $3.20 during midday trading on Friday, hitting $96.17. The company had a trading volume of 999,940 shares, compared to its average volume of 844,214. The stock has a market cap of $3.38 billion, a price-to-earnings ratio of -1.86 and a beta of 2.10. The company's 50 day moving average price is $73.99 and its 200 day moving average price is $85.01. Avis Budget Group, Inc. has a 52 week low of $54.03 and a 52 week high of $132.25.

Avis Budget Group (NASDAQ:CAR - Get Free Report) last posted its quarterly earnings results on Tuesday, February 11th. The business services provider reported ($0.23) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.50) by $0.27. Avis Budget Group had a negative return on equity of 14.74% and a negative net margin of 15.45%. Equities analysts anticipate that Avis Budget Group, Inc. will post 8.91 EPS for the current fiscal year.

About Avis Budget Group

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.