State of Alaska Department of Revenue Has $1.49 Million


State of Alaska Department of Revenue lessened its position in Avis Budget Group, Inc. (NASDAQ:CAR – Get Rating) by 2.8% during the 1st quarter, HoldingsChannel.com reports. The fund owned 5,643 shares of the business services provider’s stock after selling 160 shares during the period. State of Alaska Department of Revenue’s holdings in Avis Budget Group were worth $1,485,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently made changes to their positions in the company. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main bought a new position in Avis Budget Group in the 4th quarter worth $33,000. AlphaCentric Advisors LLC bought a new position in Avis Budget Group in the 4th quarter worth $51,000. Covestor Ltd bought a new position in Avis Budget Group in the 4th quarter worth $68,000. Concord Wealth Partners raised its holdings in Avis Budget Group by 135.9% in the 4th quarter. Concord Wealth Partners now owns 394 shares of the business services provider’s stock worth $82,000 after acquiring an additional 227 shares during the period. Finally, Quadrant Capital Group LLC increased its holdings in shares of Avis Budget Group by 19.1% during the 4th quarter. Quadrant Capital Group LLC now owns 468 shares of the business services provider’s stock worth $97,000 after purchasing an additional 75 shares during the period.

CAR has been the topic of several research reports. Bank of America downgraded shares of Avis Budget Group from a “neutral” rating to an “underperform” rating and dropped their price objective for the stock from $250.00 to $240.00 in a report on Wednesday, April 6th. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Avis Budget Group from $193.00 to $238.00 in a report on Wednesday, May 4th. Morgan Stanley dropped their price objective on shares of Avis Budget Group from $168.00 to $156.00 and set an “underweight” rating on the stock in a report on Tuesday, June 7th. Barclays upgraded shares of Avis Budget Group from an “underweight” rating to an “equal weight” rating and boosted their price objective for the stock from $164.00 to $245.00 in a report on Wednesday, April 20th. Finally, StockNews.com upgraded shares of Avis Budget Group from a “hold” rating to a “buy” rating in a research report on Tuesday, June 28th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $213.80.

In other news, Chairman Bernardo Hees purchased 29,400 shares of Avis Budget Group stock in a transaction on Friday, June 10th. The shares were purchased at an average cost of $168.69 per share, for a total transaction of $4,959,486.00. Following the completion of the transaction, the chairman now directly owns 479,876 shares in the company, valued at $80,950,282.44. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. Over the last 90 days, insiders acquired 83,734 shares of company stock worth $14,792,435. Company insiders own 37.30% of the company’s stock.

Shares of Avis Budget Group stock opened at $150.91 on Friday. The firm’s 50-day simple moving average is $200.38 and its 200-day simple moving average is $210.32. Avis Budget Group, Inc. has a twelve month low of $65.87 and a twelve month high of $545.11. The firm has a market cap of $7.29 billion, a P/E ratio of 4.65, a price-to-earnings-growth ratio of 0.21 and a beta of 2.05.

Avis Budget Group (NASDAQ:CAR – Get Rating) last issued its earnings results on Monday, May 2nd. The business services provider reported $9.99 earnings per share for the quarter, beating the consensus estimate of $3.54 by $6.45. The business had revenue of $2.43 billion for the quarter, compared to analyst estimates of $2.18 billion. Avis Budget Group had a net margin of 19.13% and a negative return on equity of 635.44%. During the same period in the previous year, the business earned ($0.46) EPS. Sell-side analysts predict that Avis Budget Group, Inc. will post 39.29 earnings per share for the current year.

Avis Budget Group Profile (Get Rating)

Avis Budget Group, Inc, together with its subsidiaries, provides car and truck rentals, car sharing, and ancillary products and services to businesses and consumers. It operates the Avis brand, that offers vehicle rental and other mobility solutions to the premium commercial and leisure segments of the travel industry; the Budget Truck brand, a local, and one-way truck and cargo van rental businesses with a fleet of approximately 20,000 vehicles, which are rented through a network of approximately 465 dealer-operated and 385 company-operated locations that serve the consumer and light commercial sectors in the continental United States; and the Zipcar brand, a car sharing network.

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



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