4,900 Shares in Avis Budget Group, Inc. $CAR Acquired by Louisiana State Employees Retirement System

Louisiana State Employees Retirement System purchased a new stake in Avis Budget Group, Inc. (NASDAQ:CAR) during the 1st quarter, HoldingsChannel.com reports. The fund purchased 4,900 shares of the business services provider’s stock, valued at approximately $715,000.

Several other hedge funds also recently modified their holdings of CAR. Caitong International Asset Management Co. Ltd boosted its holdings in Avis Budget Group by 1,845.5% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 214 shares of the business services provider’s stock worth $27,000 after acquiring an additional 203 shares in the last quarter. Quarry LP bought a new position in Avis Budget Group during the 4th quarter valued at $27,000. Basepoint Wealth LLC purchased a new position in Avis Budget Group during the 4th quarter worth $32,000. Hantz Financial Services Inc. grew its stake in shares of Avis Budget Group by 70.4% in the 4th quarter. Hantz Financial Services Inc. now owns 431 shares of the business services provider’s stock worth $55,000 after acquiring an additional 178 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. raised its holdings in shares of Avis Budget Group by 26.5% in the third quarter. Northwestern Mutual Wealth Management Co. now owns 363 shares of the business services provider’s stock valued at $58,000 after purchasing an additional 76 shares during the last quarter. Institutional investors own 96.35% of the company’s stock.

Insider Buying and Selling

In other news, major shareholder Pentwater Capital Management L sold 3,347 shares of the company’s stock in a transaction dated Wednesday, April 22nd. The stock was sold at an average price of $438.74, for a total value of $1,468,462.78. Following the completion of the transaction, the insider directly owned 6,177,100 shares in the company, valued at approximately $2,710,140,854. This represents a 0.05% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Edward P. Linnen sold 9,483 shares of the stock in a transaction dated Thursday, April 30th. The shares were sold at an average price of $182.32, for a total value of $1,728,940.56. Following the transaction, the executive vice president owned 37,932 shares in the company, valued at $6,915,762.24. This trade represents a 20.00% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 16,299 shares of company stock worth $3,836,012. Corporate insiders own 50.48% of the company’s stock.

Avis Budget Group Price Performance

Shares of NASDAQ:CAR traded up $0.30 during trading on Tuesday, hitting $158.70. 12,353 shares of the company were exchanged, compared to its average volume of 1,737,110. Avis Budget Group, Inc. has a 52-week low of $85.96 and a 52-week high of $847.70. The stock has a 50 day moving average of $169.58 and a 200 day moving average of $163.60. The company has a market cap of $5.61 billion, a PE ratio of -8.33 and a beta of 1.91.

Avis Budget Group (NASDAQ:CAR) last issued its quarterly earnings data on Wednesday, April 29th. The business services provider reported ($8.01) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($6.82) by ($1.19). The company had revenue of $2.53 billion during the quarter, compared to analyst estimates of $2.43 billion. During the same quarter last year, the business earned ($14.35) earnings per share. The business’s quarterly revenue was up 4.1% compared to the same quarter last year. Sell-side analysts forecast that Avis Budget Group, Inc. will post 2.93 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on CAR. Barclays set a $160.00 price target on shares of Avis Budget Group and gave the stock an “equal weight” rating in a research note on Monday, June 8th. Susquehanna increased their price objective on Avis Budget Group from $105.00 to $140.00 and gave the company a “neutral” rating in a report on Friday, May 8th. Weiss Ratings restated a “sell (d-)” rating on shares of Avis Budget Group in a research note on Wednesday, May 20th. JPMorgan Chase & Co. upped their price target on Avis Budget Group from $155.00 to $170.00 and gave the company an “underweight” rating in a research report on Tuesday, June 23rd. Finally, Jefferies Financial Group downgraded Avis Budget Group from a “buy” rating to a “hold” rating and increased their price target for the stock from $112.00 to $160.00 in a research note on Friday, May 1st. Six investment analysts have rated the stock with a Hold rating and four have given a Sell rating to the stock. According to MarketBeat.com, Avis Budget Group has a consensus rating of “Reduce” and a consensus price target of $131.50.

Avis Budget Group Profile

Avis Budget Group, Inc operates as a leading global provider of vehicle rental and mobility solutions. Through its two core brands, Avis® and Budget®, the company offers a broad range of rental options including daily, weekly and monthly car rentals for leisure and business travelers. In addition to traditional airport and off-airport car rental services, Avis Budget Group delivers innovative mobility platforms such as car-sharing programs and connected fleet solutions designed to meet the evolving needs of corporate, government and individual customers.

The company’s roots trace back to Avis Rent a Car, founded in 1946, and Budget Rent a Car, established in 1958.