Riverhead Capital Management LLC trimmed its position in shares of Avis Budget Group, Inc. (NASDAQ:CAR) by 48.5% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 32,335 shares of the business services provider’s stock after selling 30,505 shares during the quarter. Riverhead Capital Management LLC’s holdings in Avis Budget Group were worth $882,000 at the end of the most recent reporting period.

Other large investors have also recently modified their holdings of the company. Janney Montgomery Scott LLC grew its holdings in Avis Budget Group by 24.9% during the first quarter. Janney Montgomery Scott LLC now owns 11,866 shares of the business services provider’s stock worth $351,000 after buying an additional 2,366 shares in the last quarter. Point72 Asset Management L.P. bought a new position in Avis Budget Group in the 1st quarter valued at $592,000. Parametric Portfolio Associates LLC grew its stake in Avis Budget Group by 24.7% in the 1st quarter. Parametric Portfolio Associates LLC now owns 483,406 shares of the business services provider’s stock valued at $14,299,000 after purchasing an additional 95,628 shares during the period. Credit Suisse AG grew its stake in Avis Budget Group by 105.4% in the 1st quarter. Credit Suisse AG now owns 471,124 shares of the business services provider’s stock valued at $13,936,000 after purchasing an additional 241,739 shares during the period. Finally, California Public Employees Retirement System grew its stake in Avis Budget Group by 1.2% in the 1st quarter. California Public Employees Retirement System now owns 393,733 shares of the business services provider’s stock valued at $11,647,000 after purchasing an additional 4,500 shares during the period.

In other news, Director John D. Jr. Hardy sold 908 shares of the business’s stock in a transaction dated Friday, August 11th. The stock was sold at an average price of $32.78, for a total value of $29,764.24. Following the transaction, the director now directly owns 908 shares in the company, valued at $29,764.24. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Mark J. Servodidio sold 29,000 shares of the business’s stock in a transaction dated Thursday, August 31st. The shares were sold at an average price of $36.07, for a total value of $1,046,030.00. Following the completion of the transaction, the insider now owns 72,431 shares in the company, valued at $2,612,586.17. The disclosure for this sale can be found here. Insiders sold 185,708 shares of company stock worth $6,878,212 over the last 90 days. Company insiders own 2.80% of the company’s stock.

ILLEGAL ACTIVITY NOTICE: This news story was first posted by The Cerbat Gem and is the sole property of of The Cerbat Gem. If you are viewing this news story on another website, it was copied illegally and reposted in violation of US & international trademark and copyright law. The correct version of this news story can be accessed at https://www.thecerbatgem.com/2017/09/18/riverhead-capital-management-llc-lowers-stake-in-avis-budget-group-inc-car.html.

A number of research analysts have issued reports on CAR shares. ValuEngine downgraded Avis Budget Group from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, May 23rd. MKM Partners restated a “buy” rating and issued a $40.00 price objective on shares of Avis Budget Group in a research note on Wednesday, June 28th. Deutsche Bank AG restated a “buy” rating on shares of Avis Budget Group in a research note on Monday, June 26th. BidaskClub upgraded Avis Budget Group from a “hold” rating to a “buy” rating in a research note on Wednesday, July 19th. Finally, Zacks Investment Research upgraded Avis Budget Group from a “sell” rating to a “hold” rating in a research note on Wednesday, July 5th. Two analysts have rated the stock with a sell rating, four have given a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $36.56.

Shares of Avis Budget Group, Inc. (NASDAQ:CAR) opened at 35.13 on Monday. Avis Budget Group, Inc. has a 12-month low of $20.71 and a 12-month high of $41.53. The firm has a 50 day moving average price of $33.96 and a 200 day moving average price of $29.45. The stock has a market cap of $2.90 billion, a PE ratio of 41.38 and a beta of 2.44.

Avis Budget Group (NASDAQ:CAR) last announced its quarterly earnings data on Monday, August 7th. The business services provider reported $0.30 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.62 by ($0.32). Avis Budget Group had a net margin of 0.86% and a return on equity of 74.80%. The business had revenue of $2.24 billion during the quarter, compared to analysts’ expectations of $2.27 billion. During the same quarter in the previous year, the firm earned $0.63 earnings per share. Avis Budget Group’s revenue was down .2% on a year-over-year basis. On average, equities analysts expect that Avis Budget Group, Inc. will post $2.54 EPS for the current year.

Avis Budget Group Company Profile

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.

Want to see what other hedge funds are holding CAR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Avis Budget Group, Inc. (NASDAQ:CAR).

Institutional Ownership by Quarter for Avis Budget Group (NASDAQ:CAR)

Receive News & Stock Ratings for Avis Budget Group Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Avis Budget Group Inc. and related stocks with our FREE daily email newsletter.