Virginia Retirement Systems ET AL acquired a new position in Avis Budget Group, Inc. (NASDAQ:CAR) in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 10,900 shares of the business services provider’s stock, valued at approximately $791,000.
A number of other large investors have also modified their holdings of CAR. First Trust Advisors LP boosted its holdings in Avis Budget Group by 13.2% during the first quarter. First Trust Advisors LP now owns 37,787 shares of the business services provider’s stock valued at $1,317,000 after acquiring an additional 4,400 shares during the period. Oxinas Partners Wealth Management LLC acquired a new position in shares of Avis Budget Group during the fourth quarter valued at about $1,120,000. SOL Capital Management CO acquired a new position in shares of Avis Budget Group during the fourth quarter valued at about $224,000. International Assets Investment Management LLC acquired a new position in shares of Avis Budget Group during the fourth quarter valued at about $60,000. Finally, World Asset Management Inc acquired a new position in shares of Avis Budget Group during the fourth quarter valued at about $237,000. Hedge funds and other institutional investors own 99.53% of the company’s stock.
CAR opened at $86.83 on Monday. Avis Budget Group, Inc. has a one year low of $11.21 and a one year high of $90.29. The company’s 50 day simple moving average is $78.95 and its 200-day simple moving average is $52.37. The stock has a market capitalization of $6.07 billion, a P/E ratio of -13.28 and a beta of 2.31.
In other news, Chairman Bernardo Hees bought 63,000 shares of the business’s stock in a transaction on Wednesday, May 12th. The shares were bought at an average cost of $79.39 per share, for a total transaction of $5,001,570.00. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Brian J. Choi purchased 10,000 shares of Avis Budget Group stock in a transaction dated Thursday, February 25th. The shares were purchased at an average cost of $55.68 per share, for a total transaction of $556,800.00. Following the completion of the transaction, the chief financial officer now owns 28,200 shares of the company’s stock, valued at $1,570,176. The disclosure for this purchase can be found here. Over the last ninety days, insiders acquired 96,735 shares of company stock worth $6,647,332. Insiders own 23.20% of the company’s stock.
CAR has been the subject of a number of research analyst reports. Morgan Stanley upped their price objective on shares of Avis Budget Group from $67.00 to $73.00 and gave the company an “equal weight” rating in a research report on Tuesday, May 11th. Barclays increased their price target on shares of Avis Budget Group from $70.00 to $83.00 and gave the stock an “equal weight” rating in a research report on Wednesday, May 5th. Zacks Investment Research raised shares of Avis Budget Group from a “hold” rating to a “buy” rating and set a $88.00 price target for the company in a research report on Monday, May 10th. Deutsche Bank Aktiengesellschaft increased their price target on shares of Avis Budget Group from $50.00 to $69.00 and gave the stock a “hold” rating in a research report on Tuesday, May 4th. Finally, JPMorgan Chase & Co. decreased their price objective on shares of Avis Budget Group from $38.00 to $35.00 and set a “neutral” rating on the stock in a research note on Thursday, February 18th. Five analysts have rated the stock with a hold rating and one has issued a buy rating to the company. The stock has a consensus rating of “Hold” and an average target price of $66.33.
About Avis Budget Group
Avis Budget Group, Inc, together with its subsidiaries, provides car and truck rentals, car sharing, and ancillary services to businesses and consumers. It operates the Avis brand, a vehicle rental system that supply rental cars to the premium commercial and leisure segments of the travel industry; the Budget Truck brand, a local and one-way truck rental businesses with a fleet of approximately 20,000 vehicles, which are rented through a network of approximately 515 dealer-operated and 410 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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