State of Alaska Department of Revenue Sells 920 Shares of Avis Budget Group, Inc. (NASDAQ:CAR)

State of Alaska Department of Revenue lessened its holdings in shares of Avis Budget Group, Inc. (NASDAQ:CARGet Rating) by 18.7% during the 3rd quarter, HoldingsChannel reports. The firm owned 4,003 shares of the business services provider’s stock after selling 920 shares during the period. State of Alaska Department of Revenue’s holdings in Avis Budget Group were worth $594,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of CAR. CWM LLC raised its holdings in Avis Budget Group by 735.0% during the 2nd quarter. CWM LLC now owns 167 shares of the business services provider’s stock worth $25,000 after buying an additional 147 shares during the period. Ellevest Inc. boosted its position in shares of Avis Budget Group by 130.3% during the second quarter. Ellevest Inc. now owns 205 shares of the business services provider’s stock worth $30,000 after buying an additional 116 shares during the period. Lazard Asset Management LLC bought a new position in shares of Avis Budget Group during the second quarter worth about $47,000. SeaCrest Wealth Management LLC acquired a new stake in Avis Budget Group in the 2nd quarter valued at approximately $71,000. Finally, Captrust Financial Advisors raised its holdings in shares of Avis Budget Group by 39.7% in the second quarter. Captrust Financial Advisors now owns 795 shares of the business services provider’s stock valued at $117,000 after purchasing an additional 226 shares during the last quarter. 98.31% of the stock is currently owned by institutional investors and hedge funds.

Avis Budget Group Stock Up 6.0 %

CAR opened at $182.00 on Thursday. The stock has a market cap of $7.55 billion, a price-to-earnings ratio of 3.39 and a beta of 2.29. Avis Budget Group, Inc. has a 12-month low of $131.83 and a 12-month high of $327.80. The business has a 50 day moving average of $197.36 and a 200-day moving average of $180.58.

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

Insider Buying and Selling

In other news, SVP Jean M. Sera sold 4,172 shares of the company’s 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 owns 18,535 shares of the company’s stock, valued at $4,351,091.25. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, SVP Jean M. Sera sold 4,172 shares of Avis Budget Group stock in a transaction on Thursday, November 3rd. The stock was sold at an average price of $234.75, for a total transaction of $979,377.00. Following the completion of the sale, the senior vice president now owns 18,535 shares of the company’s stock, valued at $4,351,091.25. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Edward P. Linnen sold 9,000 shares of the business’s stock in a transaction dated Wednesday, November 2nd. The shares were 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 directly owns 36,468 shares of the company’s stock, valued at approximately $8,051,405.04. The disclosure for this sale can be found here. In the last 90 days, insiders sold 63,322 shares of company stock valued at $12,782,429. Company insiders own 37.30% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on CAR. StockNews.com assumed coverage on shares of Avis Budget Group in a research report on Wednesday, October 12th. They issued a “hold” rating for the company. Jefferies Financial Group downgraded Avis Budget Group to a “buy” rating and lowered their target price for the company from $309.00 to $270.00 in a research report on Tuesday, October 25th. Deutsche Bank Aktiengesellschaft increased their price target on Avis Budget Group from $218.00 to $233.00 in a research report on Wednesday, November 2nd. Susquehanna initiated coverage on Avis Budget Group in a research report on Tuesday, December 6th. They set a “neutral” rating and a $225.00 price target on the stock. Finally, Morgan Stanley increased their price objective on Avis Budget Group from $150.00 to $160.00 and gave the company an “underweight” rating in a report on Thursday, November 3rd. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, Avis Budget Group has a consensus rating of “Hold” and a consensus target price of $217.75.

Avis Budget Group 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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