Canyon Capital Advisors LLC Has $21.80 Million Holdings in Avis Budget Group, Inc. (CAR)
Canyon Capital Advisors LLC cut its holdings in Avis Budget Group, Inc. (NASDAQ:CAR) by 6.1% in the 2nd quarter, according to its most recent 13F filing with the SEC. The fund owned 799,242 shares of the business services provider’s stock after selling 51,835 shares during the period. Canyon Capital Advisors LLC owned 0.97% of Avis Budget Group worth $21,795,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also modified their holdings of the business. Caxton Associates LP acquired a new position in Avis Budget Group in the 2nd quarter valued at $303,000. Cubist Systematic Strategies LLC increased its holdings in shares of Avis Budget Group by 121,125.0% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 9,698 shares of the business services provider’s stock worth $264,000 after buying an additional 9,690 shares during the last quarter. State Street Corp increased its holdings in shares of Avis Budget Group by 21.6% during the 2nd quarter. State Street Corp now owns 2,951,521 shares of the business services provider’s stock worth $80,487,000 after buying an additional 524,807 shares during the last quarter. Mountain Lake Investment Management LLC increased its holdings in shares of Avis Budget Group by 40.5% during the 2nd quarter. Mountain Lake Investment Management LLC now owns 843,000 shares of the business services provider’s stock worth $22,989,000 after buying an additional 243,000 shares during the last quarter. Finally, Capital World Investors acquired a new stake in shares of Avis Budget Group during the 2nd quarter worth $17,780,000.
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Avis Budget Group, Inc. (NASDAQ:CAR) traded up 0.52% during mid-day trading on Friday, hitting $38.89. The stock had a trading volume of 1,865,308 shares. The firm’s 50-day moving average is $36.33 and its 200 day moving average is $29.98. The stock has a market cap of $3.21 billion, a PE ratio of 45.81 and a beta of 2.48. Avis Budget Group, Inc. has a one year low of $20.71 and a one year high of $41.53.
Avis Budget Group (NASDAQ:CAR) last released its earnings results on Monday, August 7th. The business services provider reported $0.30 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.62 by ($0.32). Avis Budget Group had a return on equity of 74.80% and a net margin of 0.86%. The company had revenue of $2.24 billion during the quarter, compared to analysts’ expectations of $2.27 billion. During the same quarter in the previous year, the company earned $0.63 EPS. The firm’s quarterly revenue was down .2% compared to the same quarter last year. Equities research analysts expect that Avis Budget Group, Inc. will post $2.59 EPS for the current year.
In other news, insider Mark J. Servodidio sold 29,000 shares of the firm’s stock in a transaction on Thursday, August 31st. The shares were sold at an average price of $36.07, for a total transaction of $1,046,030.00. Following the transaction, the insider now owns 72,431 shares in the company, valued at approximately $2,612,586.17. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Ronald L. Nelson sold 150,000 shares of the firm’s stock in a transaction on Tuesday, September 12th. The shares were sold at an average price of $37.30, for a total transaction of $5,595,000.00. Following the transaction, the insider now owns 510,714 shares in the company, valued at approximately $19,049,632.20. The disclosure for this sale can be found here. Insiders have sold a total of 185,708 shares of company stock worth $6,878,212 in the last 90 days. 2.80% of the stock is owned by insiders.
CAR has been the subject of a number of research analyst reports. Deutsche Bank AG restated a “buy” rating and set a $45.00 price objective on shares of Avis Budget Group in a report on Wednesday, June 14th. BidaskClub upgraded Avis Budget Group from a “strong sell” rating to a “sell” rating in a report on Thursday, June 15th. MKM Partners restated a “buy” rating and set a $40.00 price objective on shares of Avis Budget Group in a report on Wednesday, June 28th. Zacks Investment Research upgraded Avis Budget Group from a “sell” rating to a “hold” rating in a report on Wednesday, July 5th. Finally, ValuEngine upgraded Avis Budget Group from a “hold” rating to a “buy” rating in a report on Thursday, July 6th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating, six 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 “Buy” and a consensus target price of $36.33.
Avis Budget Group 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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