Nomura Holdings Inc. reduced its holdings in Avis Budget Group, Inc. (NASDAQ:CAR) by 39.7% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 3,152,541 shares of the business services provider’s stock after selling 2,073,836 shares during the period. Nomura Holdings Inc. owned approximately 3.81% of Avis Budget Group worth $86,054,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also modified their holdings of CAR. FNY Managed Accounts LLC acquired a new stake in shares of Avis Budget Group during the 1st quarter worth approximately $102,000. Harel Insurance Investments & Financial Services Ltd. acquired a new stake in shares of Avis Budget Group during the 2nd quarter worth approximately $191,000. Cambridge Investment Research Advisors Inc. acquired a new stake in shares of Avis Budget Group during the 2nd quarter worth approximately $225,000. LS Investment Advisors LLC grew its holdings in shares of Avis Budget Group by 13.0% during the 2nd quarter. LS Investment Advisors LLC now owns 8,881 shares of the business services provider’s stock worth $242,000 after purchasing an additional 1,024 shares in the last quarter. Finally, Pacer Advisors Inc. grew its holdings in shares of Avis Budget Group by 4.0% during the 2nd quarter. Pacer Advisors Inc. now owns 9,261 shares of the business services provider’s stock worth $253,000 after purchasing an additional 356 shares in the last quarter.
Shares of Avis Budget Group, Inc. (CAR) traded up 0.43% during mid-day trading on Tuesday, reaching $39.68. The company had a trading volume of 616,089 shares. The stock has a market capitalization of $3.28 billion, a P/E ratio of 46.74 and a beta of 2.48. Avis Budget Group, Inc. has a 12-month low of $20.71 and a 12-month high of $41.53. The firm’s 50 day moving average is $36.53 and its 200-day moving average is $30.07.
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Several analysts have recently weighed in on CAR shares. Morgan Stanley decreased their price objective on Avis Budget Group from $19.00 to $18.00 and set an “underweight” rating on the stock in a report on Friday, August 25th. Deutsche Bank AG reissued a “buy” rating on shares of Avis Budget Group in a report on Monday, June 26th. ValuEngine raised Avis Budget Group from a “hold” rating to a “buy” rating in a report on Thursday, July 6th. Credit Suisse Group reissued a “hold” rating on shares of Avis Budget Group in a report on Thursday, September 14th. Finally, MKM Partners reissued a “buy” rating and set a $40.00 price objective on shares of Avis Budget Group in a report on Wednesday, June 28th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. Avis Budget Group presently has a consensus rating of “Buy” and a consensus price target of $36.33.
In related news, insider Ronald L. Nelson sold 150,000 shares of the stock in a transaction that occurred on Tuesday, September 12th. The stock was sold at an average price of $37.30, for a total transaction of $5,595,000.00. Following the sale, the insider now owns 510,714 shares of the company’s stock, valued at $19,049,632.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP David T. Calabria sold 1,300 shares of the firm’s stock in a transaction on Wednesday, September 6th. The shares were sold at an average price of $35.86, for a total value of $46,618.00. Following the completion of the sale, the senior vice president now directly owns 5,662 shares in the company, valued at approximately $203,039.32. The disclosure for this sale can be found here. Insiders have sold 185,708 shares of company stock worth $6,878,212 in the last three months. 2.80% of the stock is currently owned by company insiders.
Avis Budget Group Company Profile
Avis Budget Group Inc is a provider of vehicle rental and car sharing services. The Company operates three brands, which include Avis, Budget and Zipcar. Avis and Budget are a rental car supplier. It also owns Payless, which a car rental brand; Apex, which is a car rental brand in New Zealand and Australia; Maggiore, a vehicle rental brand in Italy, and France Cars, which operates light commercial vehicle fleets in France.
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