Avis Budget Group Inc. (CAR) Shares Sold by Texas Permanent School Fund
Texas Permanent School Fund reduced its stake in shares of Avis Budget Group Inc. (NASDAQ:CAR) by 9.3% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 41,856 shares of the business services provider’s stock after selling 4,296 shares during the quarter. Texas Permanent School Fund owned about 0.05% of Avis Budget Group worth $1,345,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Bank of Montreal Can lifted its holdings in Avis Budget Group by 8,897.6% in the second quarter. Bank of Montreal Can now owns 1,476,145 shares of the business services provider’s stock valued at $47,975,000 after buying an additional 1,459,739 shares during the period. Renaissance Technologies LLC lifted its holdings in Avis Budget Group by 466.9% in the second quarter. Renaissance Technologies LLC now owns 678,600 shares of the business services provider’s stock valued at $22,055,000 after buying an additional 558,900 shares during the period. Bank of Nova Scotia acquired a new position in Avis Budget Group in the second quarter valued at approximately $16,250,000. Bank of New York Mellon Corp lifted its holdings in Avis Budget Group by 9.8% in the second quarter. Bank of New York Mellon Corp now owns 4,436,114 shares of the business services provider’s stock valued at $144,174,000 after buying an additional 396,831 shares during the period. Finally, BlackRock Inc. lifted its holdings in Avis Budget Group by 4.1% in the second quarter. BlackRock Inc. now owns 8,416,207 shares of the business services provider’s stock valued at $273,525,000 after buying an additional 330,997 shares during the period.
In other Avis Budget Group news, Director Leonard S. Coleman, Jr. sold 13,000 shares of the stock in a transaction on Friday, August 17th. The shares were sold at an average price of $34.63, for a total value of $450,190.00. Following the sale, the director now directly owns 2,339 shares in the company, valued at $80,999.57. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 2.80% of the company’s stock.
Avis Budget Group (NASDAQ:CAR) last posted its earnings results on Monday, November 5th. The business services provider reported $3.33 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $3.54 by ($0.21). The firm had revenue of $2.78 billion during the quarter, compared to analyst estimates of $2.81 billion. Avis Budget Group had a return on equity of 60.18% and a net margin of 4.09%. The company’s revenue for the quarter was up .9% on a year-over-year basis. During the same quarter last year, the business posted $3.10 earnings per share. Research analysts predict that Avis Budget Group Inc. will post 3.43 earnings per share for the current year.
Several brokerages recently weighed in on CAR. Goldman Sachs Group set a $30.00 price objective on shares of Avis Budget Group and gave the company a “sell” rating in a report on Tuesday, October 16th. Zacks Investment Research lowered shares of Avis Budget Group from a “strong-buy” rating to a “hold” rating in a report on Wednesday, August 1st. ValuEngine lowered shares of Avis Budget Group from a “sell” rating to a “strong sell” rating in a report on Friday, August 24th. Deutsche Bank set a $45.00 price objective on shares of Avis Budget Group and gave the company a “buy” rating in a report on Tuesday. Finally, BidaskClub lowered shares of Avis Budget Group from a “buy” rating to a “hold” rating in a report on Wednesday, August 29th. Four analysts have rated the stock with a sell rating, one has given a hold rating and three have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $41.00.
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Avis Budget Group Company Profile
Avis Budget Group, Inc, together with its subsidiaries, provides car and truck rentals, car sharing, and ancillary services to businesses and consumers worldwide. It operates the Avis brand, a vehicle rental system with approximately 5,450 locations that supply rental cars to the premium commercial and leisure segments of the travel industry; the Budget brand, a vehicle rental and other mobility solutions primarily focuses on the value-conscious segments of the industry; the Zipcar brand, a membership-based car sharing network; and the Budget Truck brand, a local and one-way truck rental businesses with a fleet of approximately 19,000 vehicles, which are rented through a network of approximately 925 dealer-operated and 450 company-operated locations that serve the consumer and light commercial sectors in the continental United States.
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