Emerald Acquisition Ltd. Buys New Stake in Avis Budget Group Inc. (CAR)
Emerald Acquisition Ltd. bought a new position in Avis Budget Group Inc. (NASDAQ:CAR) during the second quarter, Holdings Channel reports. The institutional investor bought 24,327 shares of the company’s stock, valued at approximately $784,000.
A number of other large investors also recently added to or reduced their stakes in CAR. Invictus RG acquired a new position in Avis Budget Group during the first quarter worth $262,000. OMERS ADMINISTRATION Corp acquired a new position in Avis Budget Group during the first quarter worth $312,000. Seven Eight Capital LLC acquired a new position in Avis Budget Group during the first quarter worth $359,000. Prudential Financial Inc. increased its position in Avis Budget Group by 3.7% in the first quarter. Prudential Financial Inc. now owns 15,759 shares of the company’s stock worth $432,000 after buying an additional 563 shares in the last quarter. Finally, Aperio Group LLC increased its position in Avis Budget Group by 59.1% in the first quarter. Aperio Group LLC now owns 18,253 shares of the company’s stock worth $499,000 after buying an additional 6,783 shares in the last quarter.
Shares of Avis Budget Group Inc. (NASDAQ:CAR) traded down 0.776% during mid-day trading on Friday, hitting $31.315. 487,612 shares of the stock traded hands. The company’s 50 day moving average is $35.44 and its 200 day moving average is $31.85. The firm has a market capitalization of $2.84 billion, a P/E ratio of 18.921 and a beta of 2.54. Avis Budget Group Inc. has a one year low of $21.73 and a one year high of $53.04.
Avis Budget Group (NASDAQ:CAR) last posted its quarterly earnings results on Tuesday, August 2nd. The company reported $0.63 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.69 by $0.06. Avis Budget Group had a return on equity of 58.78% and a net margin of 1.91%. The firm had revenue of $2.24 billion for the quarter, compared to the consensus estimate of $2.21 billion. During the same period last year, the company posted $0.84 earnings per share. The business’s revenue was up 3.2% compared to the same quarter last year. On average, equities analysts expect that Avis Budget Group Inc. will post $3.04 EPS for the current fiscal year.
Several brokerages recently commented on CAR. Zacks Investment Research downgraded shares of Avis Budget Group from a “hold” rating to a “sell” rating in a report on Monday, July 11th. Morgan Stanley reiterated a “sell” rating and issued a $20.00 target price on shares of Avis Budget Group in a report on Wednesday, August 3rd. Credit Suisse Group AG reiterated a “buy” rating and issued a $34.00 target price on shares of Avis Budget Group in a report on Wednesday, August 3rd. Deutsche Bank AG lifted their target price on shares of Avis Budget Group from $44.00 to $45.00 and gave the stock a “buy” rating in a report on Thursday, August 4th. Finally, Barclays PLC lifted their target price on shares of Avis Budget Group from $31.00 to $33.00 and gave the stock an “equal weight” rating in a report on Wednesday, August 10th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and seven have issued a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus price target of $35.58.
In other news, EVP Michael K. Tucker sold 6,656 shares of the stock in a transaction dated Thursday, August 4th. The shares were sold at an average price of $37.65, for a total value of $250,598.40. Following the transaction, the executive vice president now directly owns 60,649 shares of the company’s stock, valued at $2,283,434.85. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Ronald L. Nelson sold 50,000 shares of the stock in a transaction dated Monday, September 19th. The shares were sold at an average price of $38.00, for a total transaction of $1,900,000.00. Following the completion of the transaction, the insider now directly owns 893,949 shares in the company, valued at $33,970,062. The disclosure for this sale can be found here. Company 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.
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