Timber Hill LLC purchased a new stake in shares of Avis Budget Group, Inc. (NASDAQ:CAR) during the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 7,088 shares of the business services provider’s stock, valued at approximately $270,000.
Several other institutional investors and hedge funds also recently made changes to their positions in the company. Quantbot Technologies LP bought a new stake in shares of Avis Budget Group during the third quarter valued at about $322,000. Cambridge Investment Research Advisors Inc. increased its position in shares of Avis Budget Group by 58.3% during the third quarter. Cambridge Investment Research Advisors Inc. now owns 13,036 shares of the business services provider’s stock valued at $496,000 after buying an additional 4,803 shares during the period. CNA Financial Corp bought a new stake in shares of Avis Budget Group during the third quarter valued at about $945,000. Deprince Race & Zollo Inc. bought a new position in shares of Avis Budget Group in the third quarter worth approximately $202,000. Finally, Bank of New York Mellon Corp increased its position in shares of Avis Budget Group by 1.9% in the third quarter. Bank of New York Mellon Corp now owns 4,534,212 shares of the business services provider’s stock worth $172,573,000 after purchasing an additional 83,974 shares during the last quarter.
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Several research firms recently weighed in on CAR. Barclays PLC upped their price objective on shares of Avis Budget Group from $30.00 to $32.00 and gave the stock an “equal weight” rating in a research report on Wednesday, November 1st. Zacks Investment Research upgraded shares of Avis Budget Group from a “hold” rating to a “buy” rating and set a $46.00 price objective on the stock in a research report on Wednesday, October 18th. BidaskClub cut shares of Avis Budget Group from a “strong-buy” rating to a “buy” rating in a research report on Friday, November 3rd. MKM Partners upped their price objective on shares of Avis Budget Group from $36.00 to $49.00 and gave the stock a “buy” rating in a research report on Thursday, October 12th. Finally, ValuEngine upgraded shares of Avis Budget Group from a “hold” rating to a “buy” rating in a research report on Thursday, October 5th. One analyst has rated the stock with a sell rating, six have given a hold rating and seven have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $37.70.
In other news, CEO Shon Larry D. De sold 25,000 shares of the stock in a transaction that occurred on Monday, October 30th. The stock was sold at an average price of $42.00, for a total transaction of $1,050,000.00. Following the completion of the sale, the chief executive officer now owns 222,365 shares of the company’s stock, valued at $9,339,330. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Edward P. Linnen sold 3,000 shares of the stock in a transaction that occurred on Thursday, August 31st. The shares were sold at an average price of $36.09, for a total value of $108,270.00. Following the sale, the executive vice president now directly owns 17,919 shares of the company’s stock, 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 over the last quarter. Company insiders own 2.80% of the company’s stock.
Shares of Avis Budget Group, Inc. (NASDAQ:CAR) traded up $0.92 during midday trading on Friday, reaching $34.33. 2,505,300 shares of the company’s stock were exchanged, compared to its average volume of 2,862,086. Avis Budget Group, Inc. has a twelve month low of $20.71 and a twelve month high of $42.40. The company has a debt-to-equity ratio of 35.24, a current ratio of 1.28 and a quick ratio of 1.28. The company has a market capitalization of $2,720.29, a PE ratio of 12.80 and a beta of 2.57.
Avis Budget Group (NASDAQ:CAR) last issued its quarterly earnings results on Monday, November 6th. The business services provider reported $3.10 EPS for the quarter, beating analysts’ consensus estimates 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 business had revenue of $2.75 billion for the quarter, compared to analysts’ expectations of $2.78 billion. During the same period last year, the business earned $2.47 earnings per share. The business’s quarterly revenue was up 3.6% on a year-over-year basis. sell-side analysts forecast that Avis Budget Group, Inc. will post 2.6 earnings per share for the current year.
About Avis Budget Group
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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