Crossmark Global Holdings Inc. acquired a new stake in Avis Budget Group Inc. (NASDAQ:CAR) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 11,275 shares of the business services provider’s stock, valued at approximately $429,000.
Several other hedge funds and other institutional investors have also bought and sold shares of CAR. Crow Point Partners LLC acquired a new position in shares of Avis Budget Group in the 3rd quarter valued at $107,000. Harel Insurance Investments & Financial Services Ltd. acquired a new position in shares of Avis Budget Group during the 2nd quarter worth $191,000. Cambridge Investment Research Advisors Inc. acquired a new position in shares of Avis Budget Group during the 2nd quarter worth $225,000. Strs Ohio acquired a new position in shares of Avis Budget Group during the 3rd quarter worth $232,000. Finally, LS Investment Advisors LLC raised its stake in shares of Avis Budget Group by 13.0% during the 2nd quarter. LS Investment Advisors LLC now owns 8,881 shares of the business services provider’s stock worth $242,000 after buying an additional 1,024 shares during the last quarter.
Avis Budget Group Inc. (NASDAQ CAR) traded up $1.27 during midday trading on Thursday, reaching $40.78. The company’s stock had a trading volume of 2,330,678 shares, compared to its average volume of 2,804,447. The stock has a market cap of $3,199.05, a PE ratio of 15.05 and a beta of 2.53. Avis Budget Group Inc. has a 52-week low of $20.71 and a 52-week high of $42.40. The company has a debt-to-equity ratio of 35.24, a quick ratio of 1.28 and a current ratio of 1.28.
Avis Budget Group (NASDAQ:CAR) last released its quarterly earnings results on Monday, November 6th. The business services provider reported $3.10 earnings per share for the quarter, topping the Zacks’ consensus estimate of $2.99 by $0.11. The firm had revenue of $2.75 billion during the quarter, compared to analysts’ expectations of $2.78 billion. Avis Budget Group had a return on equity of 95.28% and a net margin of 1.26%. Avis Budget Group’s quarterly revenue was up 3.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.47 EPS. equities analysts anticipate that Avis Budget Group Inc. will post 2.65 EPS for the current fiscal year.
CAR has been the subject of several analyst reports. Morgan Stanley cut their target price on shares of Avis Budget Group from $19.00 to $18.00 and set an “underweight” rating for the company in a research note on Friday, August 25th. Credit Suisse Group reaffirmed a “hold” rating on shares of Avis Budget Group in a research note on Thursday, September 14th. Deutsche Bank dropped their price objective on shares of Avis Budget Group from $49.00 to $48.00 and set a “buy” rating for the company in a research note on Wednesday, November 8th. Desjardins reaffirmed a “hold” rating on shares of Avis Budget Group in a research note on Friday, August 11th. Finally, Goldman Sachs Group reiterated a “hold” rating and set a $37.00 target price on shares of Avis Budget Group in a report on Thursday, September 7th. One analyst has rated the stock with a sell rating, six have given a hold rating and seven have assigned a buy rating to the company’s stock. Avis Budget Group presently has an average rating of “Hold” and a consensus target price of $37.70.
In other news, CEO Shon Larry D. De sold 25,000 shares of the stock in a transaction that occurred on Monday, October 30th. The stock was sold at an average price of $42.00, for a total transaction of $1,050,000.00. Following the completion of the transaction, the chief executive officer now directly owns 222,365 shares in the company, valued at approximately $9,339,330. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Ronald L. Nelson sold 150,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 12th. The shares were sold at an average price of $37.30, for a total value of $5,595,000.00. Following the sale, the insider now directly owns 510,714 shares in the company, valued at $19,049,632.20. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 740,831 shares of company stock valued at $29,551,884. Company insiders own 2.80% of the company’s stock.
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Avis Budget Group Profile
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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