Comerica Bank Has $481,000 Position in Avis Budget Group, Inc. (NASDAQ:CAR)

Comerica Bank lessened its stake in shares of Avis Budget Group, Inc. (NASDAQ:CAR) by 2.1% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 5,972 shares of the business services provider’s stock after selling 128 shares during the period. Comerica Bank’s holdings in Avis Budget Group were worth $481,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Aster Capital Management DIFC Ltd purchased a new stake in shares of Avis Budget Group in the fourth quarter valued at about $25,000. Quadrant Capital Group LLC raised its holdings in shares of Avis Budget Group by 41.0% in the fourth quarter. Quadrant Capital Group LLC now owns 681 shares of the business services provider’s stock valued at $55,000 after purchasing an additional 198 shares during the last quarter. Sterling Capital Management LLC raised its holdings in shares of Avis Budget Group by 41.3% in the fourth quarter. Sterling Capital Management LLC now owns 736 shares of the business services provider’s stock valued at $59,000 after purchasing an additional 215 shares during the last quarter. Signaturefd LLC raised its holdings in shares of Avis Budget Group by 31.8% in the fourth quarter. Signaturefd LLC now owns 936 shares of the business services provider’s stock valued at $75,000 after purchasing an additional 226 shares during the last quarter. Finally, Covestor Ltd raised its holdings in shares of Avis Budget Group by 36.1% in the fourth quarter. Covestor Ltd now owns 1,353 shares of the business services provider’s stock valued at $109,000 after purchasing an additional 359 shares during the last quarter. Institutional investors and hedge funds own 96.35% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently commented on CAR. The Goldman Sachs Group lowered their target price on shares of Avis Budget Group from $100.00 to $87.00 and set a “neutral” rating for the company in a report on Friday, May 9th. StockNews.com upgraded shares of Avis Budget Group from a “sell” rating to a “hold” rating in a report on Saturday, May 3rd. Finally, JPMorgan Chase & Co. increased their price target on shares of Avis Budget Group from $145.00 to $155.00 and gave the company an “overweight” rating in a research report on Friday, May 9th. Five equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $117.00.

Avis Budget Group Stock Performance

CAR opened at $105.67 on Friday. The firm has a market cap of $3.72 billion, a P/E ratio of -2.04 and a beta of 2.10. Avis Budget Group, Inc. has a fifty-two week low of $54.03 and a fifty-two week high of $122.50. The firm has a 50-day moving average of $78.66 and a 200 day moving average of $86.31.

Avis Budget Group (NASDAQ:CAR) last issued its earnings results on Wednesday, May 7th. The business services provider reported ($14.35) earnings per share for the quarter, missing analysts’ consensus estimates of ($5.72) by ($8.63). The business had revenue of $2.43 billion for the quarter, compared to the consensus estimate of $2.49 billion. Avis Budget Group had a negative return on equity of 14.74% and a negative net margin of 15.45%. Avis Budget Group’s revenue for the quarter was down 4.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($3.21) EPS. Equities research analysts predict that Avis Budget Group, Inc. will post 8.91 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Lynn Krominga sold 1,405 shares of the firm’s stock in a transaction that occurred on Thursday, February 20th. The shares were sold at an average price of $95.00, for a total value of $133,475.00. Following the completion of the transaction, the director now directly owns 1,950 shares in the company, valued at approximately $185,250. This trade represents a 41.88% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 52.80% of the company’s stock.

About Avis Budget Group

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.