Short Interest in Avis Budget Group, Inc. (CAR) Decreases By 9.4%

Avis Budget Group, Inc. (NASDAQ:CAR) was the target of a significant drop in short interest during the month of October. As of October 31st, there was short interest totalling 25,558,125 shares, a drop of 9.4% from the October 13th total of 28,197,279 shares. Based on an average daily volume of 1,521,345 shares, the short-interest ratio is presently 16.8 days. Currently, 31.5% of the company’s stock are sold short.

Shares of Avis Budget Group (NASDAQ CAR) opened at $32.56 on Wednesday. Avis Budget Group has a 12 month low of $20.71 and a 12 month high of $42.40. The company has a market cap of $2,712.97, a P/E ratio of 12.77 and a beta of 2.57. The company has a quick ratio of 1.28, a current ratio of 1.28 and a debt-to-equity ratio of 35.24.

Avis Budget Group (NASDAQ:CAR) last announced its quarterly earnings results on Monday, November 6th. The business services provider reported $3.10 EPS for the quarter, beating the consensus estimate of $2.99 by $0.11. Avis Budget Group had a net margin of 1.26% and a return on equity of 95.28%. The company had revenue of $2.75 billion for the quarter, compared to analyst estimates of $2.78 billion. During the same quarter last year, the business earned $2.47 earnings per share. Avis Budget Group’s revenue was up 3.6% compared to the same quarter last year. equities research analysts forecast that Avis Budget Group will post 2.6 EPS for the current fiscal year.

The business also recently disclosed a monthly dividend, which was paid on Monday, October 16th. Investors of record on Friday, September 29th were paid a dividend of $0.107 per share. The ex-dividend date of this dividend was Thursday, September 28th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 3.94%.

In other news, insider Mark J. Servodidio sold 29,000 shares of the stock in a transaction dated Thursday, August 31st. The shares were sold at an average price of $36.07, for a total transaction of $1,046,030.00. Following the transaction, the insider now owns 72,431 shares of the company’s stock, valued at $2,612,586.17. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Edward P. Linnen sold 3,000 shares of the stock in a transaction dated Thursday, August 31st. The stock was sold at an average price of $36.09, for a total transaction of $108,270.00. Following the transaction, the executive vice president now directly owns 17,919 shares in the company, valued at approximately $646,696.71. The disclosure for this sale can be found here. Insiders have sold 460,631 shares of company stock worth $18,182,832 in the last ninety days. Corporate insiders own 2.80% of the company’s stock.

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. BlackRock Inc. increased its stake in shares of Avis Budget Group by 18.0% during the second quarter. BlackRock Inc. now owns 8,895,289 shares of the business services provider’s stock valued at $242,574,000 after acquiring an additional 1,355,238 shares during the period. Diamond Hill Capital Management Inc. increased its stake in shares of Avis Budget Group by 7.0% during the second quarter. Diamond Hill Capital Management Inc. now owns 6,131,332 shares of the business services provider’s stock valued at $167,201,000 after acquiring an additional 401,401 shares during the period. Bank of New York Mellon Corp increased its stake in shares of Avis Budget Group by 1.9% during the third quarter. Bank of New York Mellon Corp now owns 4,534,212 shares of the business services provider’s stock valued at $172,573,000 after acquiring an additional 83,974 shares during the period. Neuberger Berman Group LLC increased its stake in shares of Avis Budget Group by 18.6% during the second quarter. Neuberger Berman Group LLC now owns 3,482,454 shares of the business services provider’s stock valued at $94,967,000 after acquiring an additional 547,233 shares during the period. Finally, State Street Corp increased its stake in shares of Avis Budget Group by 21.6% during the second quarter. State Street Corp now owns 2,951,521 shares of the business services provider’s stock valued at $80,487,000 after acquiring an additional 524,807 shares during the period.

A number of brokerages have issued reports on CAR. TheStreet raised shares of Avis Budget Group from a “c” rating to a “b-” rating in a report on Friday, November 10th. Zacks Investment Research cut shares of Avis Budget Group from a “buy” rating to a “hold” rating in a report on Thursday, November 9th. Deutsche Bank AG cut their target price on shares of Avis Budget Group from $49.00 to $48.00 and set a “buy” rating on the stock in a report on Wednesday, November 8th. Northcoast Research reissued a “buy” rating on shares of Avis Budget Group in a report on Tuesday, November 7th. Finally, ValuEngine cut shares of Avis Budget Group from a “buy” rating to a “hold” rating in a report on Tuesday, November 7th. One analyst has rated the stock with a sell rating, six have issued a hold rating and seven have given a buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of $37.70.

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Avis Budget Group Company Profile

Avis Budget Group Inc is a provider of vehicle rental and car sharing services. The Company operates three brands, which include Avis, Budget and Zipcar. Avis and Budget are a rental car supplier. It also owns Payless, which a car rental brand; Apex, which is a car rental brand in New Zealand and Australia; Maggiore, a vehicle rental brand in Italy, and France Cars, which operates light commercial vehicle fleets in France.

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