Paloma Partners Management Co purchased a new stake in Avis Budget Group Inc. (NASDAQ:CAR) in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 40,951 shares of the business services provider’s stock, valued at approximately $1,331,000.
A number of other institutional investors and hedge funds have also made changes to their positions in CAR. Bank of Montreal Can boosted 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 purchasing an additional 1,459,739 shares in the last quarter. Renaissance Technologies LLC boosted 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 purchasing an additional 558,900 shares in the last quarter. Bank of New York Mellon Corp boosted 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 purchasing an additional 396,831 shares in the last quarter. BNP Paribas Arbitrage SA boosted its holdings in Avis Budget Group by 944.6% in the first quarter. BNP Paribas Arbitrage SA now owns 398,798 shares of the business services provider’s stock valued at $18,680,000 after purchasing an additional 360,622 shares in the last quarter. Finally, BlackRock Inc. boosted 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 purchasing an additional 330,997 shares in the last quarter.
CAR stock opened at $34.04 on Monday. The company has a market capitalization of $2.71 billion, a PE ratio of 11.94 and a beta of 1.91. Avis Budget Group Inc. has a twelve month low of $29.94 and a twelve month high of $50.88. The company has a debt-to-equity ratio of 41.18, a current ratio of 1.20 and a quick ratio of 1.20.
Avis Budget Group (NASDAQ:CAR) last posted its quarterly earnings data on Tuesday, August 7th. The business services provider reported $0.57 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.57. The business had revenue of $2.33 billion during the quarter, compared to the consensus estimate of $2.39 billion. Avis Budget Group had a return on equity of 63.08% and a net margin of 4.46%. During the same period in the prior year, the company earned $0.30 earnings per share. sell-side analysts predict that Avis Budget Group Inc. will post 3.48 EPS for the current year.
In related news, Director Leonard S. Coleman, Jr. sold 13,000 shares of the stock in a transaction on Friday, August 17th. The stock was sold at an average price of $34.63, for a total transaction of $450,190.00. Following the completion of the sale, the director now directly owns 2,339 shares of the company’s stock, valued at $80,999.57. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 2.80% of the stock is currently owned by corporate insiders.
Several research firms have recently weighed in on CAR. Zacks Investment Research downgraded Avis Budget Group from a “strong-buy” rating to a “hold” rating in a report on Wednesday, August 1st. BidaskClub downgraded Avis Budget Group from a “buy” rating to a “hold” rating in a report on Thursday, May 31st. ValuEngine downgraded Avis Budget Group from a “buy” rating to a “hold” rating in a report on Thursday, May 31st. Barclays decreased their price objective on Avis Budget Group from $41.00 to $38.00 and set an “equal weight” rating for the company in a report on Wednesday, August 22nd. Finally, Morgan Stanley began coverage on Avis Budget Group in a report on Tuesday, June 26th. They issued an “underweight” rating and a $30.00 price objective for the company. Three investment analysts have rated the stock with a sell rating, three have assigned a hold rating and four have given a buy rating to the company. Avis Budget Group has a consensus rating of “Hold” and an average target price of $42.75.
About Avis Budget Group
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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