Alberta Investment Management Corp Takes $3 Million Position in Avis Budget Group, Inc. (NASDAQ:CAR)

Alberta Investment Management Corp bought a new stake in Avis Budget Group, Inc. (NASDAQ:CAR) in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 37,200 shares of the business services provider’s stock, valued at approximately $2,999,000. Alberta Investment Management Corp owned 0.11% of Avis Budget Group at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of CAR. Rhumbline Advisers raised its position in Avis Budget Group by 1.4% in the 4th quarter. Rhumbline Advisers now owns 49,460 shares of the business services provider’s stock valued at $3,987,000 after purchasing an additional 703 shares in the last quarter. Entropy Technologies LP acquired a new stake in Avis Budget Group in the fourth quarter valued at approximately $280,000. Empowered Funds LLC purchased a new position in Avis Budget Group in the fourth quarter worth approximately $275,000. Yousif Capital Management LLC lifted its stake in Avis Budget Group by 2.5% in the fourth quarter. Yousif Capital Management LLC now owns 7,592 shares of the business services provider’s stock worth $612,000 after acquiring an additional 187 shares during the last quarter. Finally, KBC Group NV grew its holdings in Avis Budget Group by 4,896.4% during the 4th quarter. KBC Group NV now owns 30,928 shares of the business services provider’s stock worth $2,493,000 after acquiring an additional 30,309 shares in the last quarter. 96.35% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Avis Budget Group

In other Avis Budget Group news, Director Lynn Krominga sold 1,405 shares of the firm’s stock in a transaction on Thursday, February 20th. The shares were sold at an average price of $95.00, for a total transaction of $133,475.00. Following the transaction, the director now directly owns 1,950 shares of the company’s stock, valued at approximately $185,250. This trade represents a 41.88 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 52.00% of the stock is owned by insiders.

Analyst Ratings Changes

A number of brokerages have recently weighed in on CAR. JPMorgan Chase & Co. reduced their price objective on shares of Avis Budget Group from $175.00 to $150.00 and set an “overweight” rating on the stock in a report on Monday, November 4th. The Goldman Sachs Group raised their price target on Avis Budget Group from $85.00 to $95.00 and gave the company a “neutral” rating in a research note on Tuesday, December 10th. Deutsche Bank Aktiengesellschaft lowered their price objective on Avis Budget Group from $145.00 to $143.00 and set a “buy” rating for the company in a research report on Tuesday, November 5th. Northcoast Research downgraded Avis Budget Group from a “buy” rating to a “neutral” rating in a report on Monday, November 18th. Finally, StockNews.com upgraded Avis Budget Group from a “sell” rating to a “hold” rating in a research note on Monday, November 4th. Five research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $133.75.

Avis Budget Group Stock Performance

Avis Budget Group stock opened at $94.14 on Friday. The company has a market capitalization of $3.31 billion, a P/E ratio of -1.82 and a beta of 2.26. Avis Budget Group, Inc. has a fifty-two week low of $65.73 and a fifty-two week high of $132.25. The stock has a 50-day simple moving average of $87.26 and a 200-day simple moving average of $88.13.

Avis Budget Group (NASDAQ:CAR) last issued its quarterly earnings data on Tuesday, February 11th. The business services provider reported ($0.23) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.50) by $0.27. Avis Budget Group had a negative return on equity of 32.07% and a negative net margin of 15.45%. As a group, analysts forecast that Avis Budget Group, Inc. will post 8.91 earnings per share for the current year.

Avis Budget Group Company Profile

Avis Budget Group, Inc engages in the provision of vehicle sharing and rental services. It operates through the following segments: Americas, International, and Corporate and Other. The Americas segment includes the vehicle rental and car sharing operations in North America, South America, Central America, and the Caribbean.