Stevens Capital Management LP Acquires New Holdings in Avis Budget Group Inc. (CAR)
Stevens Capital Management LP acquired a new position in Avis Budget Group Inc. (NASDAQ:CAR) in the first quarter, HoldingsChannel reports. The institutional investor acquired 28,266 shares of the business services provider’s stock, valued at approximately $985,000.
A number of other hedge funds have also modified their holdings of CAR. Texas Permanent School Fund increased its position in Avis Budget Group by 1.6% during the first quarter. Texas Permanent School Fund now owns 43,215 shares of the business services provider’s stock worth $1,506,000 after buying an additional 699 shares during the last quarter. SOL Capital Management CO acquired a new position in Avis Budget Group during the first quarter worth $263,000. First Republic Investment Management Inc. increased its position in Avis Budget Group by 78.4% during the first quarter. First Republic Investment Management Inc. now owns 50,729 shares of the business services provider’s stock worth $1,768,000 after buying an additional 22,290 shares during the last quarter. Cullen Frost Bankers Inc. acquired a new position in Avis Budget Group during the first quarter worth $83,000. Finally, World Asset Management Inc acquired a new position in Avis Budget Group during the first quarter worth $260,000.
CAR has been the topic of several analyst reports. Goldman Sachs Group raised shares of Avis Budget Group from a “sell” rating to a “buy” rating and increased their target price for the stock from $30.00 to $35.00 in a research report on Monday, February 11th. Zacks Investment Research raised Avis Budget Group from a “sell” rating to a “hold” rating in a research report on Tuesday, February 12th. ValuEngine raised Avis Budget Group from a “strong sell” rating to a “sell” rating in a research report on Friday, February 22nd. Deutsche Bank reaffirmed a “buy” rating and issued a $48.00 price target on shares of Avis Budget Group in a research report on Monday, February 25th. Finally, BidaskClub raised Avis Budget Group from a “hold” rating to a “buy” rating in a research report on Monday, February 25th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and three have given a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $39.67.
Avis Budget Group (NASDAQ:CAR) last released its earnings results on Wednesday, May 1st. The business services provider reported ($0.78) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($1.02) by $0.24. Avis Budget Group had a net margin of 1.77% and a return on equity of 71.86%. The business had revenue of $1.92 billion during the quarter, compared to analysts’ expectations of $1.95 billion. During the same quarter last year, the company earned ($0.74) earnings per share. The firm’s revenue was down 2.4% on a year-over-year basis. On average, sell-side analysts predict that Avis Budget Group Inc. will post 3.99 earnings per share for the current year.
In other Avis Budget Group news, insider Mark J. Servodidio sold 38,000 shares of the firm’s stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $37.07, for a total transaction of $1,408,660.00. Following the completion of the transaction, the insider now owns 60,711 shares in the company, valued at $2,250,556.77. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Michael K. Tucker sold 4,796 shares of the firm’s stock in a transaction dated Tuesday, February 26th. The stock was sold at an average price of $35.50, for a total transaction of $170,258.00. Following the transaction, the executive vice president now owns 66,906 shares of the company’s stock, valued at approximately $2,375,163. The disclosure for this sale can be found here. 1.20% of the stock is currently owned by company insiders.
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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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