Stoneridge Investment Partners LLC Sells 12,199 Shares of Avis Budget Group Inc. (CAR)
Stoneridge Investment Partners LLC lowered its stake in Avis Budget Group Inc. (NASDAQ:CAR) by 22.4% during the second quarter, according to its most recent disclosure with the SEC. The firm owned 42,382 shares of the company’s stock after selling 12,199 shares during the period. Stoneridge Investment Partners LLC’s holdings in Avis Budget Group were worth $1,366,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Bank of Montreal Can purchased a new stake in Avis Budget Group during the second quarter valued at about $24,778,000. Wellington Management Group LLP bought a new position in shares of Avis Budget Group during the first quarter valued at $19,241,000. Natixis bought a new position in shares of Avis Budget Group during the first quarter valued at $11,806,000. First Manhattan Co. raised its position in shares of Avis Budget Group by 276.3% in the second quarter. First Manhattan Co. now owns 309,910 shares of the company’s stock valued at $9,988,000 after buying an additional 227,550 shares during the last quarter. Finally, Mountain Lake Investment Management LLC raised its position in shares of Avis Budget Group by 59.6% in the first quarter. Mountain Lake Investment Management LLC now owns 558,500 shares of the company’s stock valued at $15,281,000 after buying an additional 208,500 shares during the last quarter.
Shares of Avis Budget Group Inc. (NASDAQ:CAR) traded up 0.68% during midday trading on Thursday, reaching $38.44. 2,403,080 shares of the company’s stock were exchanged. The firm has a 50 day moving average price of $36.77 and a 200 day moving average price of $31.16. The company has a market cap of $3.49 billion, a P/E ratio of 23.23 and a beta of 2.63. Avis Budget Group Inc. has a 12 month low of $21.73 and a 12 month high of $53.04.
Avis Budget Group (NASDAQ:CAR) last released its earnings results on Tuesday, August 2nd. The company reported $0.63 EPS for the quarter, missing the Zacks’ consensus estimate of $0.69 by $0.06. The business had revenue of $2.24 billion for the quarter, compared to the consensus estimate of $2.21 billion. Avis Budget Group had a return on equity of 58.78% and a net margin of 1.91%. The company’s revenue for the quarter was up 3.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.84 earnings per share. Equities research analysts forecast that Avis Budget Group Inc. will post $3.04 earnings per share for the current fiscal year.
Several equities analysts have recently weighed in on CAR shares. Zacks Investment Research lowered shares of Avis Budget Group from a “buy” rating to a “hold” rating in a research report on Monday, August 1st. Credit Suisse Group AG reissued a “buy” rating and issued a $34.00 price objective on shares of Avis Budget Group in a research report on Wednesday, August 3rd. Macquarie started coverage on shares of Avis Budget Group in a research report on Thursday, August 25th. They issued an “outperform” rating and a $44.00 price objective on the stock. Morgan Stanley reissued a “sell” rating and issued a $20.00 price objective on shares of Avis Budget Group in a research report on Wednesday, August 3rd. Finally, Barclays PLC increased their price objective on shares of Avis Budget Group from $31.00 to $33.00 and gave the company an “equal weight” rating in a research report on Wednesday, August 10th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have assigned a buy rating to the company. The company has an average rating of “Buy” and an average target price of $34.28.
In related news, EVP Edward P. Linnen sold 4,000 shares of the business’s stock in a transaction dated Wednesday, August 24th. The stock was sold at an average price of $36.69, for a total value of $146,760.00. Following the sale, the executive vice president now directly owns 13,589 shares in the company, valued at approximately $498,580.41. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Ronald L. Nelson sold 50,000 shares of the business’s stock in a transaction dated Monday, September 19th. The shares were sold at an average price of $38.00, for a total value of $1,900,000.00. Following the completion of the sale, the insider now owns 893,949 shares in the company, valued at $33,970,062. The disclosure for this sale can be found here. Insiders own 2.80% of the company’s stock.
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 is a rental car supplier and Budget is a rental vehicle supplier. It also owns Payless, which a car rental brand, and Apex, which is a car rental brand in New Zealand and Australia.
Want to see what other hedge funds are holding CAR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Avis Budget Group Inc. (NASDAQ:CAR).
Receive News & Ratings for Avis Budget Group Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Avis Budget Group Inc. and related companies with MarketBeat.com's FREE daily email newsletter.