State Treasurer State of Michigan Sells 1,600 Shares of Avis Budget Group Inc. (CAR)

State Treasurer State of Michigan lowered its stake in shares of Avis Budget Group Inc. (NASDAQ:CAR) by 5.8% during the 4th quarter, HoldingsChannel reports. The fund owned 25,800 shares of the business services provider’s stock after selling 1,600 shares during the period. State Treasurer State of Michigan’s holdings in Avis Budget Group were worth $1,132,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently bought and sold shares of CAR. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Avis Budget Group by 43.2% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,117 shares of the business services provider’s stock worth $181,000 after purchasing an additional 1,242 shares during the period. New York State Common Retirement Fund increased its holdings in shares of Avis Budget Group by 1.7% in the third quarter. New York State Common Retirement Fund now owns 90,399 shares of the business services provider’s stock worth $3,441,000 after purchasing an additional 1,494 shares during the period. First Republic Investment Management Inc. increased its holdings in shares of Avis Budget Group by 2.1% in the third quarter. First Republic Investment Management Inc. now owns 84,853 shares of the business services provider’s stock worth $3,229,000 after purchasing an additional 1,777 shares during the period. Voya Investment Management LLC increased its holdings in shares of Avis Budget Group by 6.5% in the second quarter. Voya Investment Management LLC now owns 33,638 shares of the business services provider’s stock worth $917,000 after purchasing an additional 2,067 shares during the period. Finally, FNY Managed Accounts LLC bought a new position in shares of Avis Budget Group in the third quarter worth $160,000.

In other news, insider Ronald L. Nelson sold 100,000 shares of the firm’s stock in a transaction dated Friday, December 8th. The stock was sold at an average price of $40.90, for a total transaction of $4,090,000.00. Following the transaction, the insider now directly owns 360,714 shares of the company’s stock, valued at $14,753,202.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP David T. Calabria sold 1,250 shares of the firm’s stock in a transaction dated Friday, December 8th. The shares were sold at an average price of $41.71, for a total value of $52,137.50. Following the transaction, the senior vice president now directly owns 4,412 shares in the company, valued at $184,024.52. The disclosure for this sale can be found here. In the last three months, insiders sold 463,750 shares of company stock worth $18,702,638. 2.80% of the stock is owned by insiders.

Several research analysts have recently weighed in on CAR shares. Zacks Investment Research cut shares of Avis Budget Group from a “hold” rating to a “sell” rating in a report on Tuesday, January 2nd. Goldman Sachs Group cut shares of Avis Budget Group from a “neutral” rating to a “sell” rating and decreased their price target for the stock from $40.12 to $33.00 in a report on Wednesday. Barclays upped their price target on shares of Avis Budget Group from $30.00 to $32.00 and gave the stock an “equal weight” rating in a report on Wednesday, November 1st. ValuEngine raised shares of Avis Budget Group from a “hold” rating to a “buy” rating in a report on Monday, December 11th. Finally, Deutsche Bank decreased their price target 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. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and eight have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $37.30.

Avis Budget Group Inc. (NASDAQ CAR) opened at $40.02 on Friday. The company has a market capitalization of $3,258.51, a price-to-earnings ratio of 15.33 and a beta of 2.45. The company has a debt-to-equity ratio of 35.24, a current ratio of 1.28 and a quick ratio of 1.28. Avis Budget Group Inc. has a 12 month low of $20.71 and a 12 month high of $49.41.

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

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