TriaGen Wealth Management LLC Makes New Investment in Avis Budget Group, Inc. $CAR

TriaGen Wealth Management LLC purchased a new position in shares of Avis Budget Group, Inc. (NASDAQ:CAR) during the second quarter, HoldingsChannel reports. The institutional investor purchased 5,038 shares of the business services provider’s stock, valued at approximately $852,000.

Several other hedge funds have also made changes to their positions in CAR. KLP Kapitalforvaltning AS grew its position in shares of Avis Budget Group by 9.1% in the second quarter. KLP Kapitalforvaltning AS now owns 3,600 shares of the business services provider’s stock valued at $609,000 after purchasing an additional 300 shares during the period. Diligent Investors LLC acquired a new stake in Avis Budget Group in the 2nd quarter worth about $421,000. WT Asset Management Ltd purchased a new stake in Avis Budget Group in the 2nd quarter valued at about $2,401,000. Lecap Asset Management Ltd. acquired a new position in shares of Avis Budget Group during the 2nd quarter valued at about $1,490,000. Finally, SummerHaven Investment Management LLC lifted its holdings in shares of Avis Budget Group by 2.3% during the 2nd quarter. SummerHaven Investment Management LLC now owns 7,795 shares of the business services provider’s stock worth $1,318,000 after acquiring an additional 172 shares during the period. Institutional investors and hedge funds own 96.35% of the company’s stock.

Wall Street Analysts Forecast Growth

CAR has been the subject of a number of recent analyst reports. Bank of America restated an “underperform” rating and issued a $113.00 target price (down from $120.00) on shares of Avis Budget Group in a report on Wednesday, August 20th. JPMorgan Chase & Co. reaffirmed a “neutral” rating and issued a $155.00 target price on shares of Avis Budget Group in a research report on Thursday, July 31st. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and issued a $196.00 target price (up previously from $130.00) on shares of Avis Budget Group in a report on Thursday, July 10th. Barclays upped their price target on Avis Budget Group from $105.00 to $150.00 and gave the stock an “equal weight” rating in a research note on Monday, August 4th. Finally, Weiss Ratings reaffirmed a “sell (d)” rating on shares of Avis Budget Group in a research note on Saturday, September 27th. One equities research analyst has rated the stock with a Buy rating, four have issued a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Reduce” and a consensus price target of $143.80.

Avis Budget Group Stock Down 4.0%

Shares of NASDAQ:CAR opened at $148.41 on Tuesday. The company has a market capitalization of $5.22 billion, a price-to-earnings ratio of -2.35 and a beta of 2.03. The company has a 50 day moving average of $158.61 and a two-hundred day moving average of $134.99. Avis Budget Group, Inc. has a 52-week low of $54.03 and a 52-week high of $212.81.

Avis Budget Group (NASDAQ:CAR) last announced its earnings results on Tuesday, July 29th. The business services provider reported $0.10 earnings per share for the quarter, missing the consensus estimate of $2.02 by ($1.92). The firm had revenue of $3.04 billion for the quarter, compared to analyst estimates of $3.02 billion. The company’s revenue for the quarter was down .3% on a year-over-year basis. During the same period in the previous year, the business earned $0.41 EPS. On average, equities analysts anticipate that Avis Budget Group, Inc. will post 8.91 earnings per share for the current year.

Insider Transactions at Avis Budget Group

In other news, EVP Edward P. Linnen sold 10,000 shares of the firm’s stock in a transaction dated Friday, August 15th. The stock was sold at an average price of $156.83, for a total transaction of $1,568,300.00. Following the completion of the sale, the executive vice president directly owned 40,915 shares in the company, valued at $6,416,699.45. This trade represents a 19.64% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Bernardo Hees sold 402,200 shares of Avis Budget Group stock in a transaction dated Monday, August 4th. The stock was sold at an average price of $156.59, for a total value of $62,980,498.00. Following the sale, the director directly owned 116,521 shares in the company, valued at approximately $18,246,023.39. The trade was a 77.54% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 52.80% of the company’s stock.

Avis Budget Group Company Profile

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.