CI Global Investments Inc. Sells 256,113 Shares of Avis Budget Group, Inc. (CAR)
CI Global Investments Inc. decreased its holdings in shares of Avis Budget Group, Inc. (NASDAQ:CAR) by 33.6% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 505,887 shares of the business services provider’s stock after selling 256,113 shares during the quarter. CI Global Investments Inc. owned about 0.61% of Avis Budget Group worth $19,254,000 as of its most recent SEC filing.
A number of other institutional investors have also added to or reduced their stakes in the stock. Teacher Retirement System of Texas purchased a new stake in Avis Budget Group during the third quarter valued at $238,000. Rhumbline Advisers increased its position in Avis Budget Group by 8.0% during the third quarter. Rhumbline Advisers now owns 170,044 shares of the business services provider’s stock valued at $6,472,000 after acquiring an additional 12,566 shares during the last quarter. New York State Common Retirement Fund increased its position in Avis Budget Group by 1.7% during the third quarter. New York State Common Retirement Fund now owns 90,399 shares of the business services provider’s stock valued at $3,441,000 after acquiring an additional 1,494 shares during the last quarter. Pzena Investment Management LLC bought a new position in Avis Budget Group during the third quarter valued at $37,704,000. Finally, Telemus Capital LLC bought a new position in Avis Budget Group during the third quarter valued at $211,000.
A number of research analysts have weighed in on the stock. TheStreet upgraded shares of Avis Budget Group from a “c” rating to a “b-” rating in a research report on Friday. Zacks Investment Research cut shares of Avis Budget Group from a “buy” rating to a “hold” rating in a research report on Thursday, November 9th. Deutsche Bank AG cut their price objective on shares of Avis Budget Group from $49.00 to $48.00 and set a “buy” rating on the stock in a research report on Wednesday, November 8th. Northcoast Research reiterated a “buy” rating on shares of Avis Budget Group in a research report on Tuesday, November 7th. Finally, ValuEngine cut shares of Avis Budget Group from a “buy” rating to a “hold” rating in a research report on Tuesday, November 7th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and seven have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $37.70.
Avis Budget Group, Inc. (CAR) traded down $0.14 during midday trading on Tuesday, hitting $33.32. 1,938,500 shares of the stock were exchanged, compared to its average volume of 2,862,655. The company has a current ratio of 1.28, a quick ratio of 1.28 and a debt-to-equity ratio of 35.24. The company has a market capitalization of $2,724.36, a PE ratio of 12.82 and a beta of 2.57. Avis Budget Group, Inc. has a 12-month low of $20.71 and a 12-month high of $42.40.
Avis Budget Group (NASDAQ:CAR) last posted its quarterly earnings results on Monday, November 6th. The business services provider reported $3.10 EPS for the quarter, topping the Zacks’ consensus estimate of $2.99 by $0.11. The firm had revenue of $2.75 billion for the quarter, compared to analysts’ expectations of $2.78 billion. Avis Budget Group had a net margin of 1.26% and a return on equity of 95.28%. The business’s revenue for the quarter was up 3.6% on a year-over-year basis. During the same period in the prior year, the business posted $2.47 earnings per share. research analysts forecast that Avis Budget Group, Inc. will post 2.6 earnings per share for the current year.
The firm also recently disclosed a monthly dividend, which was paid on Monday, October 16th. Investors of record on Friday, September 29th were paid a $0.107 dividend. This represents a $1.28 dividend on an annualized basis and a yield of 3.85%. The ex-dividend date was Thursday, September 28th.
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In related news, insider Ronald L. Nelson sold 250,000 shares of the company’s stock in a transaction dated Friday, October 13th. The shares were sold at an average price of $41.02, for a total value of $10,255,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP David T. Calabria sold 1,300 shares of the company’s stock in a transaction dated Wednesday, September 6th. The stock was sold at an average price of $35.86, for a total transaction of $46,618.00. Following the completion of the sale, the senior vice president now directly owns 5,662 shares of the company’s stock, valued at $203,039.32. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 460,631 shares of company stock valued at $18,182,832. 2.80% of the stock is owned by insiders.
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 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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