Norges Bank Acquires Shares of 357,701 Avis Budget Group, Inc. $CAR

Norges Bank bought a new position in Avis Budget Group, Inc. (NASDAQ:CAR) during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm bought 357,701 shares of the business services provider’s stock, valued at approximately $45,900,000.

A number of other institutional investors have also bought and sold shares of CAR. Royal Bank of Canada lifted its stake in Avis Budget Group by 414.0% in the 1st quarter. Royal Bank of Canada now owns 17,860 shares of the business services provider’s stock worth $1,355,000 after purchasing an additional 14,385 shares in the last quarter. Empowered Funds LLC lifted its stake in Avis Budget Group by 10.1% in the 1st quarter. Empowered Funds LLC now owns 3,749 shares of the business services provider’s stock worth $285,000 after purchasing an additional 343 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in Avis Budget Group by 16.6% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 65,023 shares of the business services provider’s stock worth $4,935,000 after purchasing an additional 9,246 shares in the last quarter. Prudential Financial Inc. purchased a new position in Avis Budget Group in the 2nd quarter worth approximately $352,000. Finally, EverSource Wealth Advisors LLC lifted its stake in Avis Budget Group by 19.6% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 427 shares of the business services provider’s stock worth $72,000 after purchasing an additional 70 shares in the last quarter. 96.35% of the stock is owned by hedge funds and other institutional investors.

Avis Budget Group Trading Up 1.3%

Shares of CAR opened at $179.10 on Tuesday. The firm has a market cap of $6.33 billion, a P/E ratio of -9.40 and a beta of 1.87. Avis Budget Group, Inc. has a 12-month low of $85.96 and a 12-month high of $847.70. The company’s 50-day moving average price is $228.10 and its 200 day moving average price is $157.65.

Avis Budget Group (NASDAQ:CAR) last announced its quarterly earnings results on Wednesday, April 29th. The business services provider reported ($8.01) earnings per share for the quarter, missing analysts’ consensus estimates of ($6.82) by ($1.19). The business had revenue of $2.53 billion for the quarter, compared to analyst estimates of $2.43 billion. During the same period in the previous year, the company posted ($14.35) EPS. Avis Budget Group’s revenue was up 4.1% on a year-over-year basis. Equities research analysts forecast that Avis Budget Group, Inc. will post 2.93 earnings per share for the current year.

Insider Buying and Selling at Avis Budget Group

In other Avis Budget Group news, major shareholder Pentwater Capital Management L sold 3,347 shares of the company’s stock in a transaction on Wednesday, April 22nd. The stock was sold at an average price of $438.74, for a total transaction of $1,468,462.78. Following the transaction, the insider directly owned 6,177,100 shares in the company, valued at $2,710,140,854. This represents a 0.05% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Edward P. Linnen sold 9,483 shares of the company’s stock in a transaction on Thursday, April 30th. The stock was sold at an average price of $182.32, for a total value of $1,728,940.56. Following the transaction, the executive vice president owned 37,932 shares in the company, valued at $6,915,762.24. This trade represents a 20.00% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 16,299 shares of company stock worth $3,836,012 over the last three months. Insiders own 50.48% of the company’s stock.

Wall Street Analyst Weigh In

CAR has been the topic of several analyst reports. Wall Street Zen upgraded Avis Budget Group from a “sell” rating to a “hold” rating in a report on Saturday, May 2nd. Weiss Ratings reiterated a “sell (d-)” rating on shares of Avis Budget Group in a report on Wednesday, May 20th. Susquehanna lifted their price target on Avis Budget Group from $105.00 to $140.00 and gave the stock a “neutral” rating in a report on Friday, May 8th. JPMorgan Chase & Co. reduced their price target on Avis Budget Group from $165.00 to $140.00 and set an “underweight” rating on the stock in a report on Friday, May 1st. Finally, Barclays set a $160.00 price target on Avis Budget Group and gave the stock an “equal weight” rating in a report on Monday. Six analysts have rated the stock with a Hold rating and four have assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Reduce” and an average price target of $127.75.

Avis Budget Group Company Profile

Avis Budget Group, Inc operates as a leading global provider of vehicle rental and mobility solutions. Through its two core brands, Avis® and Budget®, the company offers a broad range of rental options including daily, weekly and monthly car rentals for leisure and business travelers. In addition to traditional airport and off-airport car rental services, Avis Budget Group delivers innovative mobility platforms such as car-sharing programs and connected fleet solutions designed to meet the evolving needs of corporate, government and individual customers.

The company’s roots trace back to Avis Rent a Car, founded in 1946, and Budget Rent a Car, established in 1958.