Amalgamated Bank Cuts Position in Avis Budget Group, Inc. (NASDAQ:CAR)

Amalgamated Bank cut its stake in Avis Budget Group, Inc. (NASDAQ:CARGet Rating) by 4.3% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 25,739 shares of the business services provider’s stock after selling 1,154 shares during the period. Amalgamated Bank’s holdings in Avis Budget Group were worth $6,777,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. State of Michigan Retirement System boosted its position in Avis Budget Group by 0.5% during the first quarter. State of Michigan Retirement System now owns 10,173 shares of the business services provider’s stock valued at $2,679,000 after buying an additional 49 shares during the period. TCI Wealth Advisors Inc. boosted its position in Avis Budget Group by 79.5% during the first quarter. TCI Wealth Advisors Inc. now owns 158 shares of the business services provider’s stock valued at $42,000 after buying an additional 70 shares during the period. Northwestern Mutual Wealth Management Co. boosted its position in Avis Budget Group by 24.8% during the first quarter. Northwestern Mutual Wealth Management Co. now owns 388 shares of the business services provider’s stock valued at $103,000 after buying an additional 77 shares during the period. Captrust Financial Advisors boosted its position in Avis Budget Group by 18.3% during the first quarter. Captrust Financial Advisors now owns 569 shares of the business services provider’s stock valued at $150,000 after buying an additional 88 shares during the period. Finally, Strs Ohio boosted its position in Avis Budget Group by 1.1% during the first quarter. Strs Ohio now owns 9,000 shares of the business services provider’s stock valued at $2,369,000 after buying an additional 100 shares during the period. 98.69% of the stock is currently owned by hedge funds and other institutional investors.

Avis Budget Group Stock Down 8.9 %

Shares of CAR stock opened at $147.30 on Monday. The stock has a market cap of $7.08 billion, a price-to-earnings ratio of 3.47 and a beta of 2.13. The business’s fifty day moving average is $168.96 and its 200 day moving average is $202.11. Avis Budget Group, Inc. has a twelve month low of $92.14 and a twelve month high of $545.11.

Avis Budget Group (NASDAQ:CARGet Rating) last issued its quarterly earnings results on Monday, August 1st. The business services provider reported $15.94 earnings per share for the quarter, topping the consensus estimate of $12.22 by $3.72. The company had revenue of $3.24 billion for the quarter, compared to analysts’ expectations of $3.14 billion. Avis Budget Group had a negative return on equity of 477.68% and a net margin of 21.02%. The firm’s revenue for the quarter was up 36.8% on a year-over-year basis. During the same period in the prior year, the firm earned $5.90 earnings per share. Equities research analysts expect that Avis Budget Group, Inc. will post 47.02 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Glenn Lurie sold 1,474 shares of the company’s stock in a transaction on Wednesday, August 3rd. The stock was sold at an average price of $178.94, for a total value of $263,757.56. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 37.30% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

CAR has been the topic of several recent analyst reports. StockNews.com cut Avis Budget Group from a “buy” rating to a “hold” rating in a research note on Thursday, July 14th. Morgan Stanley lifted their price objective on Avis Budget Group from $140.00 to $150.00 and gave the stock an “underweight” rating in a research report on Thursday, August 4th. Deutsche Bank Aktiengesellschaft boosted their target price on Avis Budget Group from $184.00 to $229.00 in a research note on Wednesday, August 3rd. Finally, Barclays reduced their target price on Avis Budget Group from $223.00 to $158.00 and set an “equal weight” rating on the stock in a research note on Tuesday, July 5th. Two research analysts have rated the stock with a sell rating and four have given a hold rating to the company’s stock. According to MarketBeat, Avis Budget Group presently has a consensus rating of “Hold” and an average price target of $193.40.

About Avis Budget Group

(Get Rating)

Avis Budget Group, Inc, together with its subsidiaries, provides car and truck rentals, car sharing, and ancillary products and services to businesses and consumers. It operates the Avis brand, that offers vehicle rental and other mobility solutions to the premium commercial and leisure segments of the travel industry; the Budget Truck brand, a local, and one-way truck and cargo van rental businesses with a fleet of approximately 20,000 vehicles, which are rented through a network of approximately 465 dealer-operated and 385 company-operated locations that serve the consumer and light commercial sectors in the continental United States; and the Zipcar brand, a car sharing network.

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

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