Piermont Capital Management Inc. Buys New Position in Avis Budget Group (NASDAQ:CAR)

Piermont Capital Management Inc. acquired a new position in Avis Budget Group (NASDAQ:CAR) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund acquired 9,190 shares of the business services provider’s stock, valued at approximately $430,000.

Other institutional investors have also recently modified their holdings of the company. Amundi Pioneer Asset Management Inc. purchased a new position in shares of Avis Budget Group in the 4th quarter worth approximately $171,000. Zurcher Kantonalbank Zurich Cantonalbank grew its position in Avis Budget Group by 43.2% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,117 shares of the business services provider’s stock worth $181,000 after purchasing an additional 1,242 shares during the last quarter. Delpha Capital Management LLC purchased a new stake in Avis Budget Group during the 4th quarter worth approximately $181,000. Chicago Equity Partners LLC purchased a new stake in Avis Budget Group during the 1st quarter worth approximately $219,000. Finally, Atria Investments LLC purchased a new stake in Avis Budget Group during the 1st quarter worth approximately $271,000.

Avis Budget Group traded down $0.22, hitting $41.93, on Thursday, according to MarketBeat.com. 1,249,600 shares of the company’s stock traded hands, compared to its average volume of 2,308,380. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 30.69. Avis Budget Group has a 1-year low of $21.38 and a 1-year high of $50.88. The stock has a market cap of $3.33 billion, a price-to-earnings ratio of 14.71 and a beta of 2.09.

Avis Budget Group (NASDAQ:CAR) last announced its quarterly earnings data on Wednesday, May 2nd. The business services provider reported ($0.74) EPS for the quarter, beating the consensus estimate of ($1.02) by $0.28. Avis Budget Group had a net margin of 4.24% and a return on equity of 66.71%. The business had revenue of $1.97 billion during the quarter, compared to analysts’ expectations of $1.92 billion. During the same period in the previous year, the business posted ($0.94) EPS. The business’s quarterly revenue was up 7.0% compared to the same quarter last year. analysts forecast that Avis Budget Group will post 3.6 EPS for the current year.

In related news, Director John D. Jr. Hardy sold 1,022 shares of the business’s stock in a transaction on Monday, May 7th. The shares were sold at an average price of $44.64, for a total value of $45,622.08. Following the completion of the transaction, the director now directly owns 1,022 shares in the company, valued at approximately $45,622.08. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Lynn Krominga sold 10,000 shares of the business’s stock in a transaction on Monday, June 11th. The shares were sold at an average price of $40.00, for a total transaction of $400,000.00. Following the completion of the transaction, the director now owns 305 shares of the company’s stock, valued at $12,200. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 26,118 shares of company stock valued at $1,111,106. Company insiders own 1.60% of the company’s stock.

CAR has been the topic of several research analyst reports. Goldman Sachs Group downgraded shares of Avis Budget Group from a “neutral” rating to a “sell” rating and dropped their target price for the stock from $40.12 to $33.00 in a research report on Wednesday, February 14th. BidaskClub downgraded shares of Avis Budget Group from a “strong-buy” rating to a “buy” rating in a research report on Thursday, February 15th. Deutsche Bank boosted their target price on shares of Avis Budget Group from $48.00 to $51.00 and gave the stock a “buy” rating in a research report on Friday, February 23rd. Zacks Investment Research raised shares of Avis Budget Group from a “strong sell” rating to a “hold” rating in a research report on Tuesday, February 27th. Finally, ValuEngine raised shares of Avis Budget Group from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, April 3rd. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. Avis Budget Group presently has a consensus rating of “Hold” and an average price target of $42.00.

Avis Budget Group Company Profile

Avis Budget Group, Inc, together with its subsidiaries, provides car and truck rentals, car sharing, and ancillary services to businesses and consumers worldwide. It operates the Avis brand, a vehicle rental system with approximately 5,450 locations that supply rental cars to the premium commercial and leisure segments of the travel industry; the Budget brand, a vehicle rental and other mobility solutions primarily focuses on the value-conscious segments of the industry; the Zipcar brand, a membership-based car sharing network; and the Budget Truck brand, a local and one-way truck rental businesses with a fleet of approximately 19,000 vehicles, which are rented through a network of approximately 925 dealer-operated and 450 company-operated locations that serve the consumer and light commercial sectors in the continental United States.

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

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