Intech Investment Management LLC Boosts Stake in Avis Budget Group, Inc. (NASDAQ:CAR)

Intech Investment Management LLC lifted its position in shares of Avis Budget Group, Inc. (NASDAQ:CAR) by 160.1% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 60,459 shares of the business services provider’s stock after acquiring an additional 37,216 shares during the quarter. Intech Investment Management LLC owned 0.17% of Avis Budget Group worth $4,874,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Barclays PLC boosted its stake in shares of Avis Budget Group by 30.5% during the 3rd quarter. Barclays PLC now owns 200,576 shares of the business services provider’s stock worth $17,571,000 after acquiring an additional 46,922 shares in the last quarter. State Street Corp lifted its stake in Avis Budget Group by 2.5% in the 3rd quarter. State Street Corp now owns 672,227 shares of the business services provider’s stock valued at $58,880,000 after buying an additional 16,221 shares in the last quarter. Algert Global LLC lifted its stake in Avis Budget Group by 123.8% in the 3rd quarter. Algert Global LLC now owns 22,745 shares of the business services provider’s stock valued at $1,992,000 after buying an additional 12,580 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in Avis Budget Group by 10.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 185,801 shares of the business services provider’s stock valued at $16,274,000 after buying an additional 17,666 shares in the last quarter. Finally, National Bank of Canada FI lifted its stake in Avis Budget Group by 1,858.7% in the 3rd quarter. National Bank of Canada FI now owns 90,000 shares of the business services provider’s stock valued at $7,883,000 after buying an additional 85,405 shares in the last quarter. 96.35% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Separately, The Goldman Sachs Group raised their price target on shares of Avis Budget Group from $85.00 to $95.00 and gave the company a “neutral” rating in a research note on Tuesday, December 10th. Five analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, Avis Budget Group presently has an average rating of “Hold” and a consensus target price of $133.75.

Avis Budget Group Price Performance

CAR opened at $58.01 on Wednesday. The company’s 50 day simple moving average is $83.36 and its two-hundred day simple moving average is $86.42. Avis Budget Group, Inc. has a 1-year low of $54.03 and a 1-year high of $132.25. The firm has a market capitalization of $2.04 billion, a price-to-earnings ratio of -1.12 and a beta of 2.37.

Avis Budget Group (NASDAQ:CAR) last released its earnings results on Tuesday, February 11th. The business services provider reported ($0.23) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.50) by $0.27. Avis Budget Group had a negative net margin of 15.45% and a negative return on equity of 14.74%. On average, equities analysts anticipate that Avis Budget Group, Inc. will post 8.91 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Lynn Krominga sold 1,405 shares of the firm’s stock in a transaction that occurred on Thursday, February 20th. The shares were sold at an average price of $95.00, for a total transaction of $133,475.00. Following the completion of the sale, the director now owns 1,950 shares in the company, valued at $185,250. This trade represents a 41.88 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 52.00% of the company’s stock.

About Avis Budget Group

Avis Budget Group, Inc engages in the provision of vehicle sharing and rental services. It operates through the following segments: Americas, International, and Corporate and Other. The Americas segment includes the vehicle rental and car sharing operations in North America, South America, Central America, and the Caribbean.