Columbus Hill Capital Management L.P. Takes Position in Avis Budget Group, Inc. (CAR)
Columbus Hill Capital Management L.P. acquired a new stake in Avis Budget Group, Inc. (NASDAQ:CAR) during the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor acquired 330,000 shares of the business services provider’s stock, valued at approximately $8,999,000. Columbus Hill Capital Management L.P. owned 0.39% of Avis Budget Group as of its most recent filing with the SEC.
A number of other institutional investors also recently added to or reduced their stakes in CAR. FNY Managed Accounts LLC acquired a new position in Avis Budget Group in the 1st quarter valued at approximately $102,000. Harel Insurance Investments & Financial Services Ltd. acquired a new position in Avis Budget Group in the 2nd quarter valued at approximately $191,000. World Asset Management Inc increased its stake in Avis Budget Group by 8.9% in the 1st quarter. World Asset Management Inc now owns 7,474 shares of the business services provider’s stock valued at $221,000 after buying an additional 610 shares during the period. Cambridge Investment Research Advisors Inc. acquired a new position in Avis Budget Group in the 2nd quarter valued at approximately $225,000. Finally, LS Investment Advisors LLC increased its stake in Avis Budget Group by 13.0% in the 2nd quarter. LS Investment Advisors LLC now owns 8,881 shares of the business services provider’s stock valued at $242,000 after buying an additional 1,024 shares during the period.
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Several research analysts have weighed in on the stock. BidaskClub upgraded shares of Avis Budget Group from a “buy” rating to a “strong-buy” rating in a research note on Monday, August 14th. Zacks Investment Research upgraded shares of Avis Budget Group from a “sell” rating to a “hold” rating in a research note on Wednesday, July 5th. ValuEngine lowered shares of Avis Budget Group from a “buy” rating to a “hold” rating in a research note on Monday, August 7th. J P Morgan Chase & Co started coverage on shares of Avis Budget Group in a research note on Friday, August 4th. They set an “overweight” rating and a $39.00 price target on the stock. Finally, Deutsche Bank AG restated a “buy” rating and set a $45.00 price target on shares of Avis Budget Group in a research note on Wednesday, June 14th. Two research analysts have rated the stock with a sell rating, four have given a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $36.50.
Shares of Avis Budget Group, Inc. (NASDAQ CAR) traded up 0.95% on Friday, hitting $38.44. 1,878,421 shares of the stock traded hands. Avis Budget Group, Inc. has a 52 week low of $20.71 and a 52 week high of $41.53. The firm’s 50 day moving average is $34.23 and its 200 day moving average is $29.41. The firm has a market capitalization of $3.18 billion, a PE ratio of 45.28 and a beta of 2.44.
Avis Budget Group (NASDAQ:CAR) last issued its earnings results on Monday, August 7th. The business services provider reported $0.30 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.62 by ($0.32). The firm had revenue of $2.24 billion for the quarter, compared to analyst estimates of $2.27 billion. Avis Budget Group had a return on equity of 74.80% and a net margin of 0.86%. Avis Budget Group’s quarterly revenue was down .2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.63 earnings per share. On average, analysts expect that Avis Budget Group, Inc. will post $2.57 EPS for the current fiscal year.
In related news, Director John D. Jr. Hardy sold 908 shares of the business’s stock in a transaction on Friday, August 11th. The shares were sold at an average price of $32.78, for a total transaction 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 filing with the SEC, which is available through this link. Also, SVP David T. Calabria sold 1,300 shares of the business’s stock in a transaction on Wednesday, September 6th. The stock was sold at an average price of $35.86, for a total transaction of $46,618.00. Following the transaction, the senior vice president now owns 5,662 shares in the company, valued at $203,039.32. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 185,708 shares of company stock worth $6,878,212. 2.80% of the stock is owned by corporate insiders.
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.
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