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.

WARNING: “CI Global Investments Inc. Sells 256,113 Shares of Avis Budget Group, Inc. (CAR)” was first reported by Daily Political and is the sole property of of Daily Political. If you are viewing this news story on another site, it was illegally copied and reposted in violation of United States & international copyright legislation. The correct version of this news story can be viewed at https://www.dailypolitical.com/2017/11/14/ci-global-investments-inc-sells-256113-shares-of-avis-budget-group-inc-car.html.

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.

Institutional Ownership by Quarter for Avis Budget Group (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.