Canada Pension Plan Investment Board Has $6.85 Million Stake in Avis Budget Group Inc. (CAR)
Canada Pension Plan Investment Board increased its stake in Avis Budget Group Inc. (NASDAQ:CAR) by 20.8% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 210,600 shares of the business services provider’s stock after acquiring an additional 36,200 shares during the period. Canada Pension Plan Investment Board’s holdings in Avis Budget Group were worth $6,845,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently made changes to their positions in CAR. Millennium Management LLC bought a new position in shares of Avis Budget Group in the fourth quarter worth about $1,024,000. New York State Teachers Retirement System lifted its holdings in shares of Avis Budget Group by 88.9% in the first quarter. New York State Teachers Retirement System now owns 13,600 shares of the business services provider’s stock worth $637,000 after acquiring an additional 6,400 shares during the last quarter. Atria Investments LLC bought a new position in shares of Avis Budget Group in the first quarter worth about $271,000. Trexquant Investment LP lifted its holdings in shares of Avis Budget Group by 628.1% in the first quarter. Trexquant Investment LP now owns 60,406 shares of the business services provider’s stock worth $2,829,000 after acquiring an additional 52,110 shares during the last quarter. Finally, Swiss National Bank lifted its holdings in shares of Avis Budget Group by 2.1% in the first quarter. Swiss National Bank now owns 129,300 shares of the business services provider’s stock worth $6,056,000 after acquiring an additional 2,600 shares during the last quarter.
A number of research analysts have recently commented on the stock. ValuEngine cut shares of Avis Budget Group from a “sell” rating to a “strong sell” rating in a report on Friday, August 24th. BidaskClub cut shares of Avis Budget Group from a “strong-buy” rating to a “buy” rating in a report on Wednesday, May 9th. Morgan Stanley assumed coverage on shares of Avis Budget Group in a report on Tuesday, June 26th. They issued an “underweight” rating and a $30.00 target price for the company. Zacks Investment Research cut shares of Avis Budget Group from a “strong-buy” rating to a “hold” rating in a report on Wednesday, August 1st. Finally, Deutsche Bank increased their target price on shares of Avis Budget Group from $51.00 to $53.00 and gave the stock a “buy” rating in a report on Friday, May 4th. Three investment analysts have rated the stock with a sell rating, four have assigned a hold rating and four have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $42.75.
Avis Budget Group (NASDAQ:CAR) last issued its quarterly earnings data on Tuesday, August 7th. The business services provider reported $0.57 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.57. The business had revenue of $2.33 billion during the quarter, compared to analyst estimates of $2.39 billion. Avis Budget Group had a net margin of 4.46% and a return on equity of 63.08%. During the same quarter last year, the business earned $0.30 EPS. analysts forecast that Avis Budget Group Inc. will post 3.48 earnings per share for the current fiscal year.
In related news, Director Leonard S. Coleman, Jr. sold 13,000 shares of the firm’s stock in a transaction that occurred on Friday, August 17th. The shares were sold at an average price of $34.63, for a total value of $450,190.00. Following the completion of the transaction, the director now owns 2,339 shares in the company, valued at approximately $80,999.57. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Lynn Krominga sold 10,000 shares of the firm’s stock in a transaction that occurred on Monday, June 11th. The shares were sold at an average price of $40.00, for a total transaction of $400,000.00. Following the completion of the transaction, the director now owns 305 shares of the company’s stock, valued at approximately $12,200. The disclosure for this sale can be found here. 2.80% of the stock is owned by company insiders.
About Avis Budget Group
Avis Budget Group, Inc, together with its subsidiaries, provides car and truck rentals, car sharing, and ancillary services to businesses and consumers worldwide. It operates the Avis brand, a vehicle rental system with approximately 5,450 locations that supply rental cars to the premium commercial and leisure segments of the travel industry; the Budget brand, a vehicle rental and other mobility solutions primarily focuses on the value-conscious segments of the industry; the Zipcar brand, a membership-based car sharing network; and the Budget Truck brand, a local and one-way truck rental businesses with a fleet of approximately 19,000 vehicles, which are rented through a network of approximately 925 dealer-operated and 450 company-operated locations that serve the consumer and light commercial sectors in the continental United States.
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