US Bancorp DE Decreases Stake in Avis Budget Group, Inc. (NASDAQ:CAR)

US Bancorp DE lowered its position in Avis Budget Group, Inc. (NASDAQ:CARGet Rating) by 4.6% in the third quarter, Holdings Channel reports. The fund owned 2,427 shares of the business services provider’s stock after selling 117 shares during the period. US Bancorp DE’s holdings in Avis Budget Group were worth $361,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in the company. Wipfli Financial Advisors LLC purchased a new position in Avis Budget Group in the third quarter worth approximately $64,000. Precision Wealth Strategies LLC acquired a new stake in Avis Budget Group during the third quarter worth approximately $263,000. Janney Montgomery Scott LLC acquired a new stake in Avis Budget Group during the third quarter worth approximately $219,000. K.J. Harrison & Partners Inc raised its holdings in Avis Budget Group by 50.0% during the third quarter. K.J. Harrison & Partners Inc now owns 3,000 shares of the business services provider’s stock worth $445,000 after purchasing an additional 1,000 shares in the last quarter. Finally, Great Valley Advisor Group Inc. raised its holdings in Avis Budget Group by 85.5% during the third quarter. Great Valley Advisor Group Inc. now owns 8,995 shares of the business services provider’s stock worth $1,335,000 after purchasing an additional 4,146 shares in the last quarter. Hedge funds and other institutional investors own 98.31% of the company’s stock.

Avis Budget Group Stock Performance

Shares of CAR opened at $194.20 on Tuesday. The stock has a market capitalization of $8.05 billion, a P/E ratio of 3.62 and a beta of 2.29. The company’s fifty day moving average is $190.93 and its two-hundred day moving average is $182.93. 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 announced its quarterly earnings data 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. The company had revenue of $3.55 billion for the quarter, compared to analysts’ expectations of $3.54 billion. Avis Budget Group had a net margin of 23.09% and a negative return on equity of 473.08%. Avis Budget Group’s revenue was up 18.2% compared to the same quarter last year. During the same period in the previous year, the company posted $10.74 EPS. Sell-side analysts predict that Avis Budget Group, Inc. will post 52.99 EPS for the current year.

Insider Buying and Selling at Avis Budget Group

In other Avis Budget Group news, CEO Joseph A. Ferraro sold 16,000 shares of the business’s stock in a transaction on Thursday, December 15th. The shares were sold at an average price of $184.96, for a total transaction of $2,959,360.00. Following the sale, the chief executive officer now directly owns 170,309 shares in the company, valued at approximately $31,500,352.64. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Avis Budget Group news, CEO Joseph A. Ferraro sold 16,000 shares of the business’s stock in a transaction on Thursday, December 15th. The shares were sold at an average price of $184.96, for a total transaction of $2,959,360.00. Following the sale, the chief executive officer now directly owns 170,309 shares in the company, valued at approximately $31,500,352.64. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Edward P. Linnen sold 9,000 shares of the business’s stock in a transaction 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 sale, the executive vice president now owns 36,468 shares in the company, valued at $8,051,405.04. The disclosure for this sale can be found here. In the last three months, insiders have sold 63,322 shares of company stock valued at $12,782,429. 37.30% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on CAR shares. StockNews.com started coverage on shares of Avis Budget Group in a report on Wednesday, October 12th. They set a “hold” rating on the stock. Susquehanna started coverage on shares of Avis Budget Group in a report on Tuesday, December 6th. They set a “neutral” rating and a $225.00 price objective on the stock. Jefferies Financial Group cut shares of Avis Budget Group to a “buy” rating and cut their target price for the company from $309.00 to $270.00 in a report on Tuesday, October 25th. JPMorgan Chase & Co. raised shares of Avis Budget Group from a “neutral” rating to an “overweight” rating and lifted their target price for the company from $230.00 to $231.00 in a report on Monday, October 24th. Finally, Susquehanna Bancshares started coverage on shares of Avis Budget Group in a report on Tuesday, December 6th. They issued a “neutral” rating and a $225.00 target price on the stock. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat, Avis Budget Group presently has a consensus rating of “Hold” and an average 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.

Further Reading

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

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