Srs Investment Management, LLC

revealed that they own 16% of Avis Budget Group Inc. (NASDAQ:CAR) in a Form 13D/A disclosure that was filed with the SEC on Monday, December 11th. The investor owns 12,000,000 shares of the stock worth about $486,720,000. The reporting parties listed on the disclosure included Srs Investment Management, LLC and Karthik R Sarma. The disclosure is available through EDGAR at this hyperlink.

A number of other institutional investors also recently made changes to their positions in CAR. Aperio Group LLC increased its stake in shares of Avis Budget Group by 12.6% during the second quarter. Aperio Group LLC now owns 20,199 shares of the business services provider’s stock valued at $551,000 after buying an additional 2,262 shares during the period. Janney Montgomery Scott LLC grew its stake in Avis Budget Group by 53.8% in the second quarter. Janney Montgomery Scott LLC now owns 18,250 shares of the business services provider’s stock worth $498,000 after purchasing an additional 6,384 shares during the period. Schwab Charles Investment Management Inc. grew its stake in Avis Budget Group by 22.5% in the second quarter. Schwab Charles Investment Management Inc. now owns 490,631 shares of the business services provider’s stock worth $13,380,000 after purchasing an additional 90,203 shares during the period. Bank of New York Mellon Corp grew its stake in Avis Budget Group by 5.0% in the second quarter. Bank of New York Mellon Corp now owns 4,450,238 shares of the business services provider’s stock worth $121,357,000 after purchasing an additional 211,618 shares during the period. Finally, Legal & General Group Plc grew its stake in Avis Budget Group by 3.4% in the second quarter. Legal & General Group Plc now owns 217,655 shares of the business services provider’s stock worth $5,938,000 after purchasing an additional 7,127 shares during the period.

In related news, Director John D. Jr. Hardy sold 831 shares of the stock in a transaction dated Friday, November 10th. The stock was sold at an average price of $35.36, for a total transaction of $29,384.16. Following the completion of the sale, the director now owns 831 shares in the company, valued at $29,384.16. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Shon Larry D. De sold 25,000 shares of the stock in a transaction dated Monday, October 30th. The stock was sold at an average price of $42.00, for a total value of $1,050,000.00. Following the sale, the chief executive officer now owns 222,365 shares of the company’s stock, valued at approximately $9,339,330. The disclosure for this sale can be found here. In the last 90 days, insiders sold 740,831 shares of company stock valued at $29,551,884. Company insiders own 2.80% of the company’s stock.

Several equities research analysts recently weighed in on the company. Deutsche Bank reaffirmed a “buy” rating and issued a $49.00 price target (up from $44.00) on shares of Avis Budget Group in a research note on Friday, October 6th. Morgan Stanley dropped their target price on Avis Budget Group from $19.00 to $18.00 and set an “underweight” rating on the stock in a report on Friday, August 25th. Zacks Investment Research raised Avis Budget Group from a “strong sell” rating to a “hold” rating in a report on Tuesday, October 10th. B. Riley assumed coverage on Avis Budget Group in a report on Friday, September 22nd. They issued a “buy” rating and a $36.00 target price on the stock. Finally, BidaskClub raised Avis Budget Group from a “buy” rating to a “strong-buy” rating in a report on Friday, September 1st. One investment analyst has rated the stock with a sell rating, six have given a hold rating and seven have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of $37.70.

Avis Budget Group Inc. (NASDAQ CAR) traded down $0.22 during mid-day trading on Monday, reaching $40.56. The company’s stock had a trading volume of 12,060,601 shares, compared to its average volume of 2,843,562. Avis Budget Group Inc. has a 52 week low of $20.71 and a 52 week high of $42.40. The company has a debt-to-equity ratio of 35.24, a quick ratio of 1.28 and a current ratio of 1.28. The company has a market capitalization of $3,300.00, a P/E ratio of 15.54 and a beta of 2.53.

Avis Budget Group (NASDAQ:CAR) last posted its earnings results on Monday, November 6th. The business services provider reported $3.10 earnings per share for the quarter, beating analysts’ consensus estimates of $2.99 by $0.11. The company had revenue of $2.75 billion for the quarter, compared to the consensus estimate of $2.78 billion. Avis Budget Group had a return on equity of 95.28% and a net margin of 1.26%. Avis Budget Group’s revenue was up 3.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.47 earnings per share. sell-side analysts anticipate that Avis Budget Group Inc. will post 2.65 EPS for the current year.

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Avis Budget Group 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.

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

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