Standard Life Investments LTD Sells 1,121,991 Shares of Avis Budget Group Inc. (CAR)
Standard Life Investments LTD decreased its stake in shares of Avis Budget Group Inc. (NASDAQ:CAR) by 56.0% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 882,017 shares of the company’s stock after selling 1,121,991 shares during the period. Standard Life Investments LTD’s holdings in Avis Budget Group were worth $28,436,000 as of its most recent filing with the SEC.
A number of other hedge funds have also made changes to their positions in the stock. Invictus RG purchased a new position in shares of Avis Budget Group during the first quarter valued at about $262,000. OMERS ADMINISTRATION Corp purchased a new position in shares of Avis Budget Group during the first quarter valued at about $312,000. Seven Eight Capital LLC purchased a new position in shares of Avis Budget Group during the first quarter valued at about $359,000. Prudential Financial Inc. boosted its position in shares of Avis Budget Group by 3.7% in the first quarter. Prudential Financial Inc. now owns 15,759 shares of the company’s stock valued at $432,000 after buying an additional 563 shares during the period. Finally, Aperio Group LLC boosted its position in shares of Avis Budget Group by 59.1% in the first quarter. Aperio Group LLC now owns 18,253 shares of the company’s stock valued at $499,000 after buying an additional 6,783 shares during the period.
Shares of Avis Budget Group Inc. (NASDAQ:CAR) traded down 0.85% during mid-day trading on Thursday, hitting $33.70. The stock had a trading volume of 870,220 shares. The stock’s 50-day moving average price is $36.13 and its 200-day moving average price is $31.70. Avis Budget Group Inc. has a 12-month low of $21.73 and a 12-month high of $53.04. The stock has a market capitalization of $3.06 billion, a price-to-earnings ratio of 20.36 and a beta of 2.54.
Avis Budget Group (NASDAQ:CAR) last announced its earnings results on Tuesday, August 2nd. The company reported $0.63 EPS for the quarter, missing the consensus estimate of $0.69 by $0.06. The business earned $2.24 billion during the quarter, compared to analyst estimates of $2.21 billion. Avis Budget Group had a return on equity of 58.78% and a net margin of 1.91%. The firm’s revenue was up 3.2% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.84 earnings per share. On average, equities analysts anticipate that Avis Budget Group Inc. will post $3.04 EPS for the current fiscal year.
Several brokerages have recently issued reports on CAR. Deutsche Bank AG lifted their price target on Avis Budget Group from $44.00 to $45.00 and gave the company a “buy” rating in a research report on Thursday, August 4th. Barclays PLC lifted their price target on 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. Macquarie began coverage on Avis Budget Group in a research report on Thursday, August 25th. They set an “outperform” rating and a $44.00 price target on the stock. Zacks Investment Research cut Avis Budget Group from a “buy” rating to a “hold” rating in a research report on Monday, August 1st. Finally, Credit Suisse Group AG reiterated a “buy” rating and set a $34.00 price target on shares of Avis Budget Group in a research report on Wednesday, August 3rd. One analyst has rated the stock with a sell rating, four have given a hold rating and seven have given a buy rating to the company. Avis Budget Group presently has a consensus rating of “Buy” and a consensus target price of $35.58.
In other Avis Budget Group news, Director John D. Jr. Hardy sold 738 shares of the company’s stock in a transaction on Monday, August 8th. The stock was sold at an average price of $38.39, for a total transaction of $28,331.82. Following the transaction, the director now owns 738 shares of the company’s stock, valued at approximately $28,331.82. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CFO David B. Wyshner sold 20,000 shares of the company’s stock in a transaction on Wednesday, August 17th. The stock was sold at an average price of $36.27, for a total value of $725,400.00. Following the transaction, the chief financial officer now directly owns 158,293 shares in the company, valued at approximately $5,741,287.11. The disclosure for this sale can be found here. 2.80% of the stock is owned by insiders.
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.
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