State Board of Administration of Florida Retirement System Trims Stake in Avis Budget Group, Inc. (NASDAQ:CAR)

Posted by on May 12th, 2023

State Board of Administration of Florida Retirement System reduced its position in Avis Budget Group, Inc. (NASDAQ:CAR – Get Rating) by 8.3% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 29,660 shares of the business services provider’s stock after selling 2,700 shares during the quarter. State Board of Administration of Florida Retirement System owned approximately 0.07% of Avis Budget Group worth $4,862,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also modified their holdings of the company. Cozad Asset Management Inc. boosted its position in shares of Avis Budget Group by 2.5% in the third quarter. Cozad Asset Management Inc. now owns 2,060 shares of the business services provider’s stock worth $306,000 after purchasing an additional 50 shares during the period. Inspire Investing LLC boosted its position in shares of Avis Budget Group by 4.1% in the fourth quarter. Inspire Investing LLC now owns 1,447 shares of the business services provider’s stock worth $237,000 after purchasing an additional 57 shares during the period. Envestnet Asset Management Inc. boosted its position in shares of Avis Budget Group by 1.7% in the fourth quarter. Envestnet Asset Management Inc. now owns 4,387 shares of the business services provider’s stock worth $719,000 after purchasing an additional 75 shares during the period. Kestra Advisory Services LLC boosted its position in shares of Avis Budget Group by 5.6% in the third quarter. Kestra Advisory Services LLC now owns 1,646 shares of the business services provider’s stock worth $244,000 after purchasing an additional 88 shares during the period. Finally, Captrust Financial Advisors boosted its position in shares of Avis Budget Group by 18.3% during the first quarter. Captrust Financial Advisors now owns 569 shares of the business services provider’s stock worth $150,000 after acquiring an additional 88 shares during the last quarter. 98.31% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on CAR shares. Morgan Stanley upgraded shares of Avis Budget Group from an “underweight” rating to an “equal weight” rating and upped their target price for the stock from $175.00 to $185.00 in a research report on Friday, May 5th. JPMorgan Chase & Co. upped their target price on shares of Avis Budget Group from $270.00 to $275.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 15th. Deutsche Bank Aktiengesellschaft dropped their target price on shares of Avis Budget Group from $261.00 to $239.00 in a research report on Wednesday, May 3rd. Susquehanna dropped their target price on shares of Avis Budget Group from $240.00 to $195.00 in a research report on Wednesday, May 3rd. Finally, StockNews.com initiated coverage on shares of Avis Budget Group in a research report on Thursday, March 16th. They set a “hold” rating for the company. Six analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $221.00.

Insider Activity

In other news, EVP Edward P. Linnen sold 7,300 shares of the stock in a transaction on Wednesday, February 15th. The shares were sold at an average price of $242.58, for a total value of $1,770,834.00. Following the sale, the executive vice president now owns 29,168 shares of the company’s stock, valued at $7,075,573.44. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, Director Lynn Krominga sold 887 shares of the stock in a transaction on Wednesday, February 22nd. The shares were sold at an average price of $226.30, for a total value of $200,728.10. Following the sale, the director now owns 628 shares of the company’s stock, valued at $142,116.40. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Edward P. Linnen sold 7,300 shares of the firm’s stock in a transaction dated Wednesday, February 15th. The stock was sold at an average price of $242.58, for a total transaction of $1,770,834.00. Following the completion of the transaction, the executive vice president now directly owns 29,168 shares in the company, valued at approximately $7,075,573.44. The disclosure for this sale can be found here. Insiders own 37.30% of the company’s stock.

Avis Budget Group Stock Up 0.0 %

CAR stock opened at $163.55 on Friday. Avis Budget Group, Inc. has a 52 week low of $131.83 and a 52 week high of $251.26. The company has a fifty day simple moving average of $182.76 and a two-hundred day simple moving average of $197.93. The firm has a market capitalization of $6.50 billion, a P/E ratio of 2.96 and a beta of 2.31.

Avis Budget Group (NASDAQ:CAR – Get Rating) last released its quarterly earnings data on Monday, May 1st. The business services provider reported $7.72 EPS for the quarter, beating the consensus estimate of $3.34 by $4.38. Avis Budget Group had a net margin of 21.02% and a negative return on equity of 448.41%. The business had revenue of $2.56 billion during the quarter, compared to analyst estimates of $2.54 billion. During the same quarter last year, the business earned $9.99 earnings per share. Avis Budget Group’s quarterly revenue was up 5.1% compared to the same quarter last year. As a group, analysts anticipate that Avis Budget Group, Inc. will post 31.26 EPS for the current year.

About Avis Budget Group

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Avis Budget Group, Inc engages in the provision of vehicle sharing and rental services. It operates through the Americas and International segments. The Americas segment includes the company’s brands to third parties for vehicle rentals and ancillary products and services in North America, South America, Central America, and the Caribbean.

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Institutional Ownership by Quarter for Avis Budget Group (NASDAQ:CAR)

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