Neuberger Berman Group LLC Lowers Position in Avis Budget Group Inc. (CAR)
Neuberger Berman Group LLC cut its position in shares of Avis Budget Group Inc. (NASDAQ:CAR) by 10.5% during the third quarter, Holdings Channel reports. The fund owned 1,855,099 shares of the company’s stock after selling 218,183 shares during the period. Neuberger Berman Group LLC’s holdings in Avis Budget Group were worth $63,463,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also bought and sold shares of the company. Prudential Financial Inc. boosted 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 during the last quarter. Geode Capital Management LLC boosted its position in Avis Budget Group by 1.8% in the first quarter. Geode Capital Management LLC now owns 637,271 shares of the company’s stock valued at $17,435,000 after buying an additional 11,461 shares in the last quarter. First Republic Investment Management Inc. purchased a new position in Avis Budget Group during the first quarter valued at $974,000. First Manhattan Co. boosted its position in 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 in the last quarter. Finally, Bank of Montreal Can purchased a new position in Avis Budget Group during the second quarter valued at $24,778,000.
Avis Budget Group Inc. (NASDAQ:CAR) opened at 38.64 on Wednesday. Avis Budget Group Inc. has a 1-year low of $21.73 and a 1-year high of $40.25. The firm has a market cap of $3.40 billion, a P/E ratio of 19.74 and a beta of 2.20. The firm’s 50-day moving average price is $35.17 and its 200-day moving average price is $34.40.
Avis Budget Group (NASDAQ:CAR) last posted its quarterly earnings results on Wednesday, November 2nd. The company reported $2.47 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.33 by $0.14. Avis Budget Group had a net margin of 2.18% and a return on equity of 68.51%. The business earned $2.66 billion during the quarter, compared to analyst estimates of $2.65 billion. During the same period in the prior year, the business posted $1.98 earnings per share. The company’s revenue was up 3.1% on a year-over-year basis. Equities research analysts anticipate that Avis Budget Group Inc. will post $2.96 earnings per share for the current fiscal year.
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Several research firms have recently commented on CAR. Credit Suisse Group AG reaffirmed a “buy” rating and issued a $34.00 target price on shares of Avis Budget Group in a research report on Wednesday, August 3rd. Macquarie assumed coverage on Avis Budget Group in a research report on Thursday, August 25th. They issued an “outperform” rating and a $44.00 target price on the stock. Morgan Stanley reissued a “sell” rating and set a $20.00 price target on shares of Avis Budget Group in a research report on Wednesday, August 3rd. Barclays PLC increased their price target on Avis Budget Group from $31.00 to $33.00 and gave the stock an “equal weight” rating in a research report on Wednesday, August 10th. Finally, Deutsche Bank AG raised their target price on Avis Budget Group from $44.00 to $45.00 and gave the company a “buy” rating in a report on Thursday, August 4th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and eight have given a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average price target of $36.62.
In other news, Director Stender E. Sweeney sold 803 shares of the company’s stock in a transaction dated Thursday, November 17th. The shares were sold at an average price of $38.34, for a total transaction of $30,787.02. Following the completion of the transaction, the director now directly owns 603 shares of the company’s stock, valued at $23,119.02. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Ronald L. Nelson sold 50,000 shares of the company’s 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 transaction, the insider now directly owns 893,949 shares of the company’s stock, valued at $33,970,062. The disclosure for this sale can be found here. Company insiders own 2.80% of the company’s stock.
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 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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