Healthcare of Ontario Pension Plan Trust Fund Sells 64,300 Shares of Avis Budget Group, Inc. $CAR

Healthcare of Ontario Pension Plan Trust Fund reduced its holdings in shares of Avis Budget Group, Inc. (NASDAQ:CAR) by 26.5% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 178,700 shares of the business services provider’s stock after selling 64,300 shares during the quarter. Healthcare of Ontario Pension Plan Trust Fund’s holdings in Avis Budget Group were worth $22,931,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of the business. EverSource Wealth Advisors LLC lifted its position in shares of Avis Budget Group by 19.6% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 427 shares of the business services provider’s stock worth $72,000 after buying an additional 70 shares during the last quarter. Northwestern Mutual Wealth Management Co. lifted its position in shares of Avis Budget Group by 26.5% during the 3rd quarter. Northwestern Mutual Wealth Management Co. now owns 363 shares of the business services provider’s stock worth $58,000 after buying an additional 76 shares during the last quarter. PNC Financial Services Group Inc. lifted its position in shares of Avis Budget Group by 7.8% during the 3rd quarter. PNC Financial Services Group Inc. now owns 1,460 shares of the business services provider’s stock worth $234,000 after buying an additional 106 shares during the last quarter. Wedmont Private Capital lifted its position in shares of Avis Budget Group by 7.8% during the 4th quarter. Wedmont Private Capital now owns 1,750 shares of the business services provider’s stock worth $222,000 after buying an additional 126 shares during the last quarter. Finally, Treasurer of the State of North Carolina lifted its position in shares of Avis Budget Group by 1.7% during the 2nd quarter. Treasurer of the State of North Carolina now owns 7,890 shares of the business services provider’s stock worth $1,334,000 after buying an additional 131 shares during the last quarter. 96.35% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Avis Budget Group

In other Avis Budget Group news, EVP Edward P. Linnen sold 9,483 shares of the stock in a transaction dated 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 completion of the transaction, the executive vice president directly owned 37,932 shares in the company, valued at approximately $6,915,762.24. This trade represents a 20.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Ravi Simhambhatla sold 3,469 shares of the stock in a transaction dated Thursday, April 30th. The shares were sold at an average price of $184.09, for a total value of $638,608.21. Following the completion of the transaction, the executive vice president owned 13,876 shares of the company’s stock, valued at $2,554,432.84. This represents a 20.00% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 16,299 shares of company stock worth $3,836,012. 50.48% of the stock is currently owned by insiders.

Avis Budget Group Trading Up 1.6%

Avis Budget Group stock opened at $190.07 on Tuesday. The company has a market capitalization of $6.72 billion, a PE ratio of -9.98 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 stock has a 50-day moving average price of $230.99 and a two-hundred day moving average price of $159.62.

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

Wall Street Analyst Weigh In

Several brokerages recently weighed in on CAR. Weiss Ratings restated a “sell (d-)” rating on shares of Avis Budget Group in a research report on Wednesday, May 20th. Susquehanna upped their price objective on Avis Budget Group from $105.00 to $140.00 and gave the stock a “neutral” rating in a research report on Friday, May 8th. Jefferies Financial Group downgraded Avis Budget Group from a “buy” rating to a “hold” rating and upped their price objective for the stock from $112.00 to $160.00 in a research report on Friday, May 1st. Barclays set a $160.00 price objective on Avis Budget Group and gave the stock an “equal weight” rating in a research report on Monday, June 8th. Finally, The Goldman Sachs Group set a $85.00 target price on Avis Budget Group in a research report on Monday, February 23rd. Six equities research analysts have rated the stock with a Hold rating and four have assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Reduce” and an average target price of $129.63.

Avis Budget Group 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.