Vanguard Group Inc. Has $247.62 Million Holdings in Avis Budget Group, Inc. $CAR

Vanguard Group Inc. cut its position in shares of Avis Budget Group, Inc. (NASDAQ:CAR) by 2.4% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,542,095 shares of the business services provider’s stock after selling 37,180 shares during the period. Vanguard Group Inc.’s holdings in Avis Budget Group were worth $247,622,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Mitsubishi UFJ Trust & Banking Corp raised its stake in shares of Avis Budget Group by 1,443.0% in the 3rd quarter. Mitsubishi UFJ Trust & Banking Corp now owns 15,955 shares of the business services provider’s stock valued at $2,562,000 after buying an additional 14,921 shares in the last quarter. Y Intercept Hong Kong Ltd acquired a new stake in shares of Avis Budget Group during the 2nd quarter valued at about $1,297,000. Retirement Systems of Alabama increased its stake in Avis Budget Group by 49.3% in the third quarter. Retirement Systems of Alabama now owns 30,825 shares of the business services provider’s stock valued at $4,950,000 after acquiring an additional 10,179 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in Avis Budget Group in the third quarter worth about $2,726,000. Finally, Assenagon Asset Management S.A. lifted its stake in Avis Budget Group by 62.7% during the third quarter. Assenagon Asset Management S.A. now owns 384,401 shares of the business services provider’s stock worth $61,725,000 after purchasing an additional 148,093 shares during the period. 96.35% of the stock is owned by institutional investors.

Insider Activity at Avis Budget Group

In other Avis Budget Group news, Director Lynn Krominga sold 1,950 shares of the company’s stock in a transaction on Friday, February 20th. The stock was sold at an average price of $91.54, for a total transaction of $178,503.00. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, major shareholder Pentwater Capital Management L acquired 425,000 shares of the firm’s stock in a transaction on Friday, February 20th. The stock was purchased at an average price of $94.26 per share, for a total transaction of $40,060,500.00. Following the completion of the transaction, the insider directly owned 3,987,100 shares in the company, valued at approximately $375,824,046. The trade was a 11.93% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders own 52.80% of the company’s stock.

Avis Budget Group Trading Up 0.9%

Shares of NASDAQ CAR opened at $97.41 on Friday. Avis Budget Group, Inc. has a 1-year low of $54.03 and a 1-year high of $212.81. The company has a 50-day moving average of $119.47 and a two-hundred day moving average of $137.18. The company has a market cap of $3.43 billion, a PE ratio of -3.84 and a beta of 2.33.

Analysts Set New Price Targets

CAR has been the topic of several analyst reports. The Goldman Sachs Group set a $85.00 price objective on Avis Budget Group in a research note on Monday, February 23rd. Barclays decreased their price target on Avis Budget Group from $120.00 to $95.00 and set an “equal weight” rating on the stock in a research note on Thursday. Zacks Research lowered Avis Budget Group from a “hold” rating to a “strong sell” rating in a research note on Thursday, February 19th. Weiss Ratings restated a “sell (d)” rating on shares of Avis Budget Group in a research note on Wednesday, January 21st. Finally, Morgan Stanley reaffirmed an “equal weight” rating and set a $142.00 price objective (up from $115.00) on shares of Avis Budget Group in a research note on Monday, December 8th. One equities research analyst has rated the stock with a Buy rating, four have given a Hold rating and four have assigned a Sell rating to the company’s stock. According to MarketBeat, Avis Budget Group presently has a consensus rating of “Reduce” and an average price target of $131.14.

Avis Budget Group Company Profile

Avis Budget Group, Inc operates as a leading global provider of vehicle rental and mobility solutions. Through its two core brands, Avis® and Budget®, the company offers a broad range of rental options including daily, weekly and monthly car rentals for leisure and business travelers. In addition to traditional airport and off-airport car rental services, Avis Budget Group delivers innovative mobility platforms such as car-sharing programs and connected fleet solutions designed to meet the evolving needs of corporate, government and individual customers.

The company’s roots trace back to Avis Rent a Car, founded in 1946, and Budget Rent a Car, established in 1958.