Avis Budget Group, Inc. (NASDAQ:CAR) Shares Bought by Geode Capital Management LLC
Geode Capital Management LLC increased its stake in Avis Budget Group, Inc. (NASDAQ:CAR) by 8.5% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 693,951 shares of the business services provider’s stock after buying an additional 54,259 shares during the period. Geode Capital Management LLC owned approximately 0.82% of Avis Budget Group worth $20,526,000 as of its most recent filing with the SEC.
Several other hedge funds also recently added to or reduced their stakes in the company. James Investment Research Inc. purchased a new stake in shares of Avis Budget Group during the first quarter worth approximately $113,000. World Asset Management Inc increased its position in shares of Avis Budget Group by 8.9% in the first quarter. World Asset Management Inc now owns 7,474 shares of the business services provider’s stock worth $221,000 after buying an additional 610 shares during the period. LS Investment Advisors LLC increased its position in shares of Avis Budget Group by 27.6% in the first quarter. LS Investment Advisors LLC now owns 7,857 shares of the business services provider’s stock worth $232,000 after buying an additional 1,699 shares during the period. ZWJ Investment Counsel Inc. bought a new position in shares of Avis Budget Group during the first quarter worth about $254,000. Finally, Parkwood LLC increased its position in shares of Avis Budget Group by 36.4% in the first quarter. Parkwood LLC now owns 9,241 shares of the business services provider’s stock worth $273,000 after buying an additional 2,467 shares during the period.
Shares of Avis Budget Group, Inc. (CAR) traded up 3.66% on Monday, hitting $33.39. The company had a trading volume of 5,981,626 shares. Avis Budget Group, Inc. has a 52 week low of $20.71 and a 52 week high of $41.53. The stock has a market capitalization of $2.81 billion, a PE ratio of 28.25 and a beta of 2.49. The firm’s 50 day moving average price is $28.18 and its 200-day moving average price is $29.89.
Avis Budget Group (NASDAQ:CAR) last posted its quarterly earnings results on Monday, July 31st. The business services provider reported $0.30 EPS for the quarter, missing the consensus estimate of $0.62 by $0.32. Avis Budget Group had a net margin of 1.24% and a return on equity of 74.55%. The business had revenue of $2.24 billion during the quarter, compared to analysts’ expectations of $2.27 billion. During the same period in the previous year, the company posted $0.63 earnings per share. Avis Budget Group’s revenue for the quarter was down .2% compared to the same quarter last year. Analysts forecast that Avis Budget Group, Inc. will post $2.84 earnings per share for the current fiscal year.
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A number of equities analysts have recently issued reports on the company. Zacks Investment Research downgraded Avis Budget Group from a “hold” rating to a “sell” rating in a research report on Wednesday, August 2nd. BidaskClub upgraded Avis Budget Group from a “hold” rating to a “buy” rating in a research report on Wednesday, July 19th. J P Morgan Chase & Co assumed coverage on Avis Budget Group in a research report on Friday. They set an “overweight” rating and a $39.00 price objective for the company. Morgan Stanley lowered their target price on Avis Budget Group from $23.00 to $19.00 and set an “underweight” rating for the company in a report on Monday, May 8th. Finally, Credit Suisse Group lowered their target price on Avis Budget Group from $38.00 to $27.00 and set a “neutral” rating for the company in a report on Friday, May 5th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and seven have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $36.40.
In other news, Director John D. Jr. Hardy sold 992 shares of the stock in a transaction dated Tuesday, May 9th. The shares were sold at an average price of $27.20, for a total transaction of $26,982.40. Following the sale, the director now directly owns 992 shares of the company’s stock, valued at approximately $26,982.40. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Corporate insiders own 2.80% of the company’s stock.
About Avis Budget Group
Avis Budget Group Inc is a provider of vehicle rental and car sharing services. The Company operates three brands, which include Avis, Budget and Zipcar. Avis and Budget are a rental car supplier. It also owns Payless, which a car rental brand; Apex, which is a car rental brand in New Zealand and Australia; Maggiore, a vehicle rental brand in Italy, and France Cars, which operates light commercial vehicle fleets in France.
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