Marshall Wace North America L.P. purchased a new position in shares of Avis Budget Group Inc. (NASDAQ:CAR) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 35,589 shares of the business services provider’s stock, valued at approximately $1,147,000.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Guggenheim Capital LLC boosted its position in Avis Budget Group by 5.9% during the fourth quarter. Guggenheim Capital LLC now owns 14,887 shares of the business services provider’s stock worth $480,000 after acquiring an additional 828 shares during the last quarter. Maverick Capital Ltd. lifted its stake in shares of Avis Budget Group by 3,517.0% during the 4th quarter. Maverick Capital Ltd. now owns 619,340 shares of the business services provider’s stock worth $19,968,000 after purchasing an additional 602,217 shares during the period. Banco Bilbao Vizcaya Argentaria S.A. acquired a new stake in shares of Avis Budget Group during the fourth quarter worth $379,000. Oxford Asset Management LLP purchased a new stake in shares of Avis Budget Group in the fourth quarter valued at $843,000. Finally, Jefferies Group LLC purchased a new stake in shares of Avis Budget Group in the fourth quarter valued at $32,375,000. Institutional investors and hedge funds own 99.87% of the company’s stock.
In other Avis Budget Group news, Director F Robert Salerno purchased 16,000 shares of the firm’s stock in a transaction that occurred on Tuesday, March 24th. The stock was purchased at an average cost of $17.24 per share, with a total value of $275,840.00. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Bernardo Hees purchased 430,169 shares of the stock in a transaction that occurred on Sunday, February 9th. The stock was bought at an average price of $34.87 per share, with a total value of $14,999,993.03. The disclosure for this purchase can be found here. 1.20% of the stock is currently owned by company insiders.
CAR opened at $17.24 on Thursday. The company’s 50 day simple moving average is $29.45 and its 200 day simple moving average is $30.35. The company has a debt-to-equity ratio of 25.34, a quick ratio of 0.96 and a current ratio of 0.96. Avis Budget Group Inc. has a 1 year low of $6.35 and a 1 year high of $52.98. The stock has a market capitalization of $1.33 billion, a PE ratio of 4.30 and a beta of 1.87.
Avis Budget Group (NASDAQ:CAR) last released its earnings results on Wednesday, February 19th. The business services provider reported $0.73 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.50 by $0.23. Avis Budget Group had a net margin of 3.29% and a return on equity of 60.29%. The business had revenue of $2.16 billion for the quarter, compared to analysts’ expectations of $2.08 billion. During the same period last year, the company earned $0.53 earnings per share. The company’s quarterly revenue was up 5.5% on a year-over-year basis. As a group, sell-side analysts expect that Avis Budget Group Inc. will post 3.04 earnings per share for the current fiscal year.
Several equities analysts recently weighed in on CAR shares. Northcoast Research downgraded Avis Budget Group from a “buy” rating to a “neutral” rating in a research report on Friday, February 21st. ValuEngine upgraded Avis Budget Group from a “strong sell” rating to a “sell” rating in a report on Tuesday. BidaskClub upgraded Avis Budget Group from a “strong sell” rating to a “sell” rating in a report on Thursday. Morgan Stanley reaffirmed a “sell” rating on shares of Avis Budget Group in a research note on Wednesday. Finally, Deutsche Bank increased their price objective on shares of Avis Budget Group from $31.00 to $44.00 and gave the stock a “hold” rating in a report on Monday, February 24th. Three investment analysts have rated the stock with a sell rating, four have issued a hold rating and one has assigned a buy rating to the stock. The company has an average rating of “Hold” and an average price target of $32.25.
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 5,500 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 18,000 vehicles, which are rented through a network of approximately 640 dealer-operated and 430 company-operated locations that serve the consumer and light commercial sectors in the continental United States.
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