Avis Budget Group, Inc. (NASDAQ:CAR) Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. lessened its holdings in Avis Budget Group, Inc. (NASDAQ:CARGet Rating) by 0.9% during the 2nd quarter, HoldingsChannel.com reports. The firm owned 134,521 shares of the business services provider’s stock after selling 1,164 shares during the period. Principal Financial Group Inc.’s holdings in Avis Budget Group were worth $19,786,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of the business. Nisa Investment Advisors LLC acquired a new position in Avis Budget Group during the 1st quarter worth about $748,000. Counterpoint Mutual Funds LLC grew its position in Avis Budget Group by 261.0% in the 2nd quarter. Counterpoint Mutual Funds LLC now owns 1,361 shares of the business services provider’s stock valued at $200,000 after acquiring an additional 984 shares in the last quarter. Prospera Financial Services Inc acquired a new position in Avis Budget Group in the 1st quarter valued at about $352,000. CTC Capital Management LLC acquired a new position in Avis Budget Group in the 1st quarter valued at about $448,000. Finally, Seven Eight Capital LP acquired a new position in Avis Budget Group in the 1st quarter valued at about $1,263,000. Institutional investors and hedge funds own 98.69% of the company’s stock.

Analyst Ratings Changes

Several research firms have weighed in on CAR. Jefferies Financial Group downgraded Avis Budget Group to a “buy” rating and dropped their target price for the company from $309.00 to $270.00 in a research report on Tuesday, October 25th. Morgan Stanley lifted their target price on Avis Budget Group from $150.00 to $160.00 and gave the company an “underweight” rating in a research report on Thursday, November 3rd. Deutsche Bank Aktiengesellschaft lifted their target price on Avis Budget Group from $218.00 to $233.00 in a research report on Wednesday, November 2nd. StockNews.com assumed coverage on Avis Budget Group in a research note on Wednesday, October 12th. They issued a “hold” rating for the company. Finally, JPMorgan Chase & Co. upgraded Avis Budget Group from a “neutral” rating to an “overweight” rating and lifted their price objective for the company from $230.00 to $231.00 in a research note on Monday, October 24th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the company. According to MarketBeat, Avis Budget Group currently has a consensus rating of “Hold” and an average target price of $215.33.

Insider Buying and Selling

In related news, EVP Edward P. Linnen sold 9,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 2nd. The stock was sold at an average price of $220.78, for a total transaction of $1,987,020.00. Following the completion of the sale, the executive vice president now owns 36,468 shares in the company, valued at $8,051,405.04. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other Avis Budget Group news, EVP Edward P. Linnen sold 9,000 shares of Avis Budget Group stock in a transaction that occurred on Wednesday, November 2nd. The stock was sold at an average price of $220.78, for a total transaction of $1,987,020.00. Following the transaction, the executive vice president now owns 36,468 shares of the company’s stock, valued at $8,051,405.04. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, SVP Jean M. Sera sold 4,172 shares of Avis Budget Group stock in a transaction that occurred on Thursday, November 3rd. The stock was sold at an average price of $234.75, for a total value of $979,377.00. Following the transaction, the senior vice president now directly owns 18,535 shares in the company, valued at approximately $4,351,091.25. The disclosure for this sale can be found here. 37.30% of the stock is owned by company insiders.

Avis Budget Group Stock Performance

Shares of CAR opened at $224.75 on Tuesday. The stock has a 50-day simple moving average of $192.32 and a 200-day simple moving average of $180.90. The stock has a market capitalization of $9.32 billion, a PE ratio of 4.18 and a beta of 2.26. Avis Budget Group, Inc. has a 1 year low of $131.83 and a 1 year high of $327.80.

Avis Budget Group (NASDAQ:CARGet Rating) last posted its earnings results on Monday, October 31st. The business services provider reported $21.70 earnings per share for the quarter, topping the consensus estimate of $14.80 by $6.90. The firm had revenue of $3.55 billion during the quarter, compared to analysts’ expectations of $3.54 billion. Avis Budget Group had a negative return on equity of 473.08% and a net margin of 23.09%. The firm’s revenue was up 18.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned $10.74 earnings per share. Analysts predict that Avis Budget Group, Inc. will post 52.75 EPS for the current year.

Avis Budget Group Company Profile

(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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