Mutual of America Capital Management LLC Sells 420 Shares of Avis Budget Group, Inc. (NASDAQ:CAR)

Posted by Defense World Staff on Aug 5th, 2023

Mutual of America Capital Management LLC lessened its position in shares of Avis Budget Group, Inc. (NASDAQ:CAR – Free Report) by 2.0% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 20,136 shares of the business services provider’s stock after selling 420 shares during the quarter. Mutual of America Capital Management LLC owned about 0.05% of Avis Budget Group worth $3,922,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of the company. Toronto Dominion Bank acquired a new position in Avis Budget Group during the 4th quarter valued at approximately $97,480,000. Renaissance Technologies LLC boosted its holdings in shares of Avis Budget Group by 97.0% in the 4th quarter. Renaissance Technologies LLC now owns 469,180 shares of the business services provider’s stock valued at $76,913,000 after acquiring an additional 230,980 shares during the last quarter. Cibc World Markets Corp purchased a new stake in Avis Budget Group during the fourth quarter worth $37,540,000. Citigroup Inc. boosted its holdings in Avis Budget Group by 1,413.8% during the fourth quarter. Citigroup Inc. now owns 242,376 shares of the business services provider’s stock worth $39,733,000 after buying an additional 226,365 shares in the last quarter. Finally, Barclays PLC boosted its holdings in Avis Budget Group by 129.7% during the fourth quarter. Barclays PLC now owns 241,345 shares of the business services provider’s stock worth $39,565,000 after buying an additional 136,288 shares in the last quarter. Institutional investors own 98.36% of the company’s stock.

Insider Buying and Selling at Avis Budget Group

In other Avis Budget Group news, insider Patrick K. Rankin sold 14,917 shares of Avis Budget Group stock in a transaction dated Tuesday, June 13th. The shares were sold at an average price of $202.55, for a total transaction of $3,021,438.35. Following the completion of the sale, the insider now directly owns 59,672 shares in the company, valued at $12,086,563.60. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 37.30% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on CAR shares. JPMorgan Chase & Co. increased their price target on shares of Avis Budget Group from $265.00 to $275.00 and gave the stock an “overweight” rating in a report on Wednesday. Susquehanna decreased their price objective on shares of Avis Budget Group from $240.00 to $195.00 in a report on Wednesday, May 3rd. StockNews.com began coverage on shares of Avis Budget Group in a report on Thursday, May 18th. They set a “hold” rating on the stock. Morgan Stanley reaffirmed an “overweight” rating and set a $230.00 price objective on shares of Avis Budget Group in a report on Friday. Finally, Deutsche Bank Aktiengesellschaft cut shares of Avis Budget Group from a “buy” rating to a “hold” rating and set a $263.00 target price for the company. in a research report on Thursday, July 20th. Four analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, Avis Budget Group has an average rating of “Hold” and an average target price of $243.00.

Avis Budget Group Trading Up 1.2 %

Avis Budget Group stock opened at $225.24 on Friday. Avis Budget Group, Inc. has a 12-month low of $131.83 and a 12-month high of $251.26. The stock has a market cap of $8.73 billion, a P/E ratio of 4.46 and a beta of 2.38. The company has a 50-day moving average price of $215.21 and a 200 day moving average price of $199.77.

Avis Budget Group (NASDAQ:CAR – Get Free Report) last released its quarterly earnings data on Tuesday, August 1st. The business services provider reported $11.01 earnings per share (EPS) for the quarter, topping the consensus estimate of $9.79 by $1.22. Avis Budget Group had a net margin of 18.37% and a negative return on equity of 404.13%. The firm had revenue of $3.12 billion during the quarter, compared to analysts’ expectations of $3.21 billion. During the same period last year, the business earned $15.94 earnings per share. Avis Budget Group’s revenue was down 3.7% compared to the same quarter last year. As a group, analysts forecast that Avis Budget Group, Inc. will post 35.55 EPS for the current year.

About Avis Budget Group

(Free Report)

Avis Budget Group, Inc, together with its subsidiaries, provides car and truck rentals, car sharing, and ancillary products and services to businesses and consumers in the Americas, Europe, the Middle East and Africa, Asia, and Australasia. It operates the Avis brand, that offers vehicle rental and other mobility solutions to the premium commercial and leisure segments of the travel industry; the Budget Truck brand, a local, and one-way truck and cargo van rental businesses with a fleet of approximately 19,000 vehicles, which are rented through a network of approximately 415 dealer-operated and 390 company-operated locations that serve the light commercial and consumer sectors in the continental United States; and the Zipcar brand, a car sharing network.