Avis Budget Group Inc. (CAR) Position Lifted by Clear Harbor Asset Management LLC
Clear Harbor Asset Management LLC lifted its stake in Avis Budget Group Inc. (NASDAQ:CAR) by 15.0% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 22,940 shares of the business services provider’s stock after acquiring an additional 2,985 shares during the period. Clear Harbor Asset Management LLC’s holdings in Avis Budget Group were worth $800,000 at the end of the most recent reporting period.
Other hedge funds also recently modified their holdings of the company. Oregon Public Employees Retirement Fund raised its stake in shares of Avis Budget Group by 1,992.2% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 589,650 shares of the business services provider’s stock valued at $26,000 after acquiring an additional 561,467 shares in the last quarter. Loeb Partners Corp bought a new position in shares of Avis Budget Group in the 4th quarter valued at approximately $32,000. Pearl River Capital LLC bought a new position in shares of Avis Budget Group in the 4th quarter valued at approximately $34,000. Oppenheimer Asset Management Inc. bought a new position in shares of Avis Budget Group in the 4th quarter valued at approximately $59,000. Finally, Tower Research Capital LLC TRC raised its stake in shares of Avis Budget Group by 2,182.1% in the 3rd quarter. Tower Research Capital LLC TRC now owns 6,390 shares of the business services provider’s stock valued at $205,000 after acquiring an additional 6,110 shares in the last quarter.
Several brokerages have commented on CAR. ValuEngine downgraded Avis Budget Group from a “sell” rating to a “strong sell” rating in a research report on Tuesday, April 9th. BidaskClub raised Avis Budget Group from a “hold” rating to a “buy” rating in a research report on Friday, March 29th. Zacks Investment Research downgraded Avis Budget Group from a “buy” rating to a “hold” rating in a research report on Wednesday, March 20th. Deutsche Bank reaffirmed a “buy” rating and issued a $48.00 price target on shares of Avis Budget Group in a research report on Wednesday, March 6th. Finally, Goldman Sachs Group raised Avis Budget Group from a “sell” rating to a “buy” rating and lifted their price target for the stock from $30.00 to $35.00 in a research report on Monday, February 11th. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the company. Avis Budget Group currently has a consensus rating of “Hold” and a consensus price target of $39.50.
Avis Budget Group (NASDAQ:CAR) last released its quarterly earnings data on Wednesday, February 20th. The business services provider reported $0.53 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.31 by $0.22. The business had revenue of $2.05 billion for the quarter, compared to analysts’ expectations of $2.05 billion. Avis Budget Group had a return on equity of 66.29% and a net margin of 1.81%. Avis Budget Group’s quarterly revenue was up 1.5% on a year-over-year basis. During the same period in the previous year, the business posted $0.45 earnings per share. On average, research analysts forecast that Avis Budget Group Inc. will post 3.88 earnings per share for the current fiscal year.
In other news, major shareholder Srs Investment Management, Llc acquired 4,189,300 shares of the stock in a transaction dated Friday, February 22nd. The shares were acquired at an average cost of $35.33 per share, for a total transaction of $148,007,969.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Michael K. Tucker sold 4,796 shares of the business’s stock in a transaction that occurred on Tuesday, February 26th. The shares were sold at an average price of $35.50, for a total value of $170,258.00. Following the sale, the executive vice president now owns 66,906 shares in the company, valued at $2,375,163. The disclosure for this sale can be found here. Insiders own 1.20% of the company’s stock.
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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