Bank of Montreal Can lessened its stake in Avis Budget Group Inc. (NASDAQ:CAR) by 75.4% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 705,579 shares of the business services provider’s stock after selling 2,162,260 shares during the quarter. Bank of Montreal Can owned approximately 0.87% of Avis Budget Group worth $30,961,000 as of its most recent filing with the SEC.
Several other institutional investors also recently modified their holdings of the company. Crow Point Partners LLC acquired a new stake in Avis Budget Group during the third quarter worth about $107,000. FNY Managed Accounts LLC acquired a new stake in shares of Avis Budget Group in the third quarter valued at approximately $160,000. Ladenburg Thalmann Financial Services Inc. increased its stake in shares of Avis Budget Group by 1,413.3% in the third quarter. Ladenburg Thalmann Financial Services Inc. now owns 4,540 shares of the business services provider’s stock valued at $172,000 after purchasing an additional 4,240 shares during the period. Deprince Race & Zollo Inc. acquired a new stake in shares of Avis Budget Group in the third quarter valued at approximately $202,000. Finally, Brown Advisory Inc. acquired a new stake in shares of Avis Budget Group in the third quarter valued at approximately $204,000.
In related news, Chairman Ronald L. Nelson sold 275,000 shares of the firm’s stock in a transaction that occurred on Monday, December 4th. The shares were sold at an average price of $40.22, for a total value of $11,060,500.00. Following the completion of the transaction, the chairman now owns 473,214 shares of the company’s stock, valued at approximately $19,032,667.08. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP David T. Calabria sold 1,250 shares of the firm’s stock in a transaction that occurred on Friday, December 8th. The stock was sold at an average price of $41.71, for a total transaction of $52,137.50. Following the completion of the transaction, the senior vice president now directly owns 4,412 shares of the company’s stock, valued at approximately $184,024.52. The disclosure for this sale can be found here. Insiders have sold 463,750 shares of company stock valued at $18,702,638 over the last 90 days. 2.80% of the stock is currently owned by insiders.
Shares of Avis Budget Group Inc. (NASDAQ CAR) traded down $1.39 during trading hours on Wednesday, reaching $38.73. 5,539,161 shares of the company were exchanged, compared to its average volume of 2,225,137. The company has a market capitalization of $3,070.00, a PE ratio of 28.69 and a beta of 2.45. Avis Budget Group Inc. has a 1 year low of $20.71 and a 1 year high of $49.41. The company has a quick ratio of 1.28, a current ratio of 1.28 and a debt-to-equity ratio of 35.24.
Several equities research analysts have commented on CAR shares. Deutsche Bank dropped their price target on shares of Avis Budget Group from $49.00 to $48.00 and set a “buy” rating on the stock in a research note on Wednesday, November 8th. Barclays raised their price target on shares of Avis Budget Group from $30.00 to $32.00 and gave the company an “equal weight” rating in a research note on Wednesday, November 1st. Zacks Investment Research upgraded shares of Avis Budget Group from a “hold” rating to a “buy” rating and set a $46.00 price objective for the company in a report on Wednesday, October 18th. TheStreet upgraded shares of Avis Budget Group from a “c” rating to a “b-” rating in a report on Friday, November 10th. Finally, ValuEngine cut shares of Avis Budget Group from a “buy” rating to a “hold” rating in a report on Tuesday, November 7th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. Avis Budget Group currently has a consensus rating of “Buy” and a consensus target price of $37.30.
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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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