CIBC Bancorp USA Inc. Acquires New Shares in Avis Budget Group, Inc. $CAR

CIBC Bancorp USA Inc. bought a new stake in shares of Avis Budget Group, Inc. (NASDAQ:CAR) during the 3rd quarter, HoldingsChannel reports. The firm bought 610,000 shares of the business services provider’s stock, valued at approximately $97,951,000.

Other institutional investors and hedge funds have also modified their holdings of the company. UBS Group AG raised its stake in shares of Avis Budget Group by 10.7% in the third quarter. UBS Group AG now owns 2,159,993 shares of the business services provider’s stock worth $346,841,000 after purchasing an additional 208,820 shares during the last quarter. Hsbc Holdings PLC boosted its position in shares of Avis Budget Group by 48,706.7% during the second quarter. Hsbc Holdings PLC now owns 1,552,542 shares of the business services provider’s stock valued at $256,629,000 after buying an additional 1,549,361 shares during the last quarter. National Bank of Canada FI boosted its position in shares of Avis Budget Group by 46.6% during the third quarter. National Bank of Canada FI now owns 1,290,000 shares of the business services provider’s stock valued at $207,142,000 after buying an additional 409,761 shares during the last quarter. ING Groep NV increased its holdings in Avis Budget Group by 440.2% in the 3rd quarter. ING Groep NV now owns 1,035,000 shares of the business services provider’s stock worth $166,195,000 after buying an additional 843,400 shares in the last quarter. Finally, State Street Corp raised its position in Avis Budget Group by 1.0% in the 2nd quarter. State Street Corp now owns 713,127 shares of the business services provider’s stock worth $120,554,000 after buying an additional 7,318 shares during the last quarter. Institutional investors own 96.35% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the stock. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Avis Budget Group in a report on Wednesday, January 21st. Wall Street Zen cut shares of Avis Budget Group from a “hold” rating to a “sell” rating in a report on Saturday, February 21st. Zacks Research downgraded shares of Avis Budget Group from a “hold” rating to a “strong sell” rating in a research report on Thursday, February 19th. Barclays cut their target price on shares of Avis Budget Group from $120.00 to $95.00 and set an “equal weight” rating for the company in a research report on Thursday, February 26th. Finally, Morgan Stanley decreased their target price on shares of Avis Budget Group from $142.00 to $97.00 and set an “equal weight” rating for the company in a research note on Friday, March 6th. One research analyst has rated the stock with a Buy rating, four have assigned a Hold rating and four have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Reduce” and a consensus target price of $124.71.

Insider Buying and Selling at Avis Budget Group

In related news, Director Lynn Krominga sold 1,950 shares of the company’s stock in a transaction on Friday, February 20th. The shares were sold at an average price of $91.54, for a total value of $178,503.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Pentwater Capital Management L purchased 425,000 shares of the firm’s stock in a transaction on Friday, February 20th. The shares were acquired at an average cost of $94.26 per share, for a total transaction of $40,060,500.00. Following the completion of the acquisition, the insider owned 3,987,100 shares of the company’s stock, valued at approximately $375,824,046. This trade represents a 11.93% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Corporate insiders own 52.80% of the company’s stock.

Avis Budget Group Price Performance

CAR opened at $101.88 on Wednesday. The company has a 50 day simple moving average of $111.84 and a two-hundred day simple moving average of $132.17. The firm has a market cap of $3.59 billion, a P/E ratio of -4.01 and a beta of 2.32. Avis Budget Group, Inc. has a 1-year low of $55.61 and a 1-year high of $212.81.

Avis Budget Group Company Profile

Avis Budget Group, Inc operates as a leading global provider of vehicle rental and mobility solutions. Through its two core brands, Avis® and Budget®, the company offers a broad range of rental options including daily, weekly and monthly car rentals for leisure and business travelers. In addition to traditional airport and off-airport car rental services, Avis Budget Group delivers innovative mobility platforms such as car-sharing programs and connected fleet solutions designed to meet the evolving needs of corporate, government and individual customers.

The company’s roots trace back to Avis Rent a Car, founded in 1946, and Budget Rent a Car, established in 1958.