Picton Mahoney Asset Management Acquires New Holdings in Avis Budget Group (CAR)

Picton Mahoney Asset Management acquired a new position in Avis Budget Group (NASDAQ:CAR) in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 12,000 shares of the business services provider’s stock, valued at approximately $562,000.

A number of other large investors have also modified their holdings of CAR. Crow Point Partners LLC boosted its holdings in Avis Budget Group by 157.0% in the fourth quarter. Crow Point Partners LLC now owns 7,200 shares of the business services provider’s stock worth $322,000 after purchasing an additional 4,398 shares in the last quarter. Schwab Charles Investment Management Inc. boosted its holdings in Avis Budget Group by 2.5% during the fourth quarter. Schwab Charles Investment Management Inc. now owns 603,002 shares of the business services provider’s stock valued at $26,460,000 after acquiring an additional 14,884 shares during the period. V Wealth Management LLC bought a new stake in Avis Budget Group during the fourth quarter valued at about $227,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in Avis Budget Group by 43.2% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,117 shares of the business services provider’s stock valued at $181,000 after acquiring an additional 1,242 shares during the period. Finally, Parametrica Management Ltd bought a new stake in Avis Budget Group during the fourth quarter valued at about $487,000.

In related news, Director Stender E. Sweeney sold 2,878 shares of the stock in a transaction dated Friday, May 4th. The shares were sold at an average price of $45.00, for a total value of $129,510.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director John D. Jr. Hardy sold 1,022 shares of the stock in a transaction dated Monday, May 7th. The stock was sold at an average price of $44.64, for a total transaction of $45,622.08. Following the completion of the transaction, the director now directly owns 1,022 shares of the company’s stock, valued at approximately $45,622.08. The disclosure for this sale can be found here. Insiders have sold 8,900 shares of company stock valued at $400,732 in the last ninety days. 2.80% of the stock is owned by company insiders.

Shares of Avis Budget Group opened at $43.06 on Friday, according to Marketbeat. The company has a market cap of $3.40 billion, a PE ratio of 13.46 and a beta of 2.19. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 30.69.

Avis Budget Group (NASDAQ:CAR) last announced its quarterly earnings data on Wednesday, May 2nd. The business services provider reported ($0.74) EPS for the quarter, beating the Zacks’ consensus estimate of ($1.02) by $0.28. The business had revenue of $1.97 billion during the quarter, compared to analyst estimates of $1.92 billion. Avis Budget Group had a net margin of 4.24% and a return on equity of 66.71%. The firm’s revenue for the quarter was up 7.0% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.94) earnings per share. sell-side analysts forecast that Avis Budget Group will post 3.6 EPS for the current fiscal year.

A number of equities research analysts have issued reports on CAR shares. Goldman Sachs cut shares of Avis Budget Group from a “neutral” rating to a “sell” rating and decreased their price target for the company from $40.12 to $33.00 in a report on Wednesday, February 14th. Deutsche Bank upped their price target on shares of Avis Budget Group from $51.00 to $53.00 and gave the company a “buy” rating in a report on Friday, May 4th. BidaskClub upgraded shares of Avis Budget Group from a “buy” rating to a “strong-buy” rating in a report on Friday, March 16th. TheStreet cut shares of Avis Budget Group from a “b-” rating to a “c” rating in a report on Wednesday, May 2nd. Finally, Zacks Investment Research upgraded shares of Avis Budget Group from a “strong sell” rating to a “hold” rating in a report on Tuesday, February 27th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $40.50.

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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Institutional Ownership by Quarter for Avis Budget Group (NASDAQ:CAR)

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