Comerica Bank Sells 1,790 Shares of Avis Budget Group Inc. (CAR)
Comerica Bank decreased its stake in Avis Budget Group Inc. (NASDAQ:CAR) by 3.1% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 55,075 shares of the business services provider’s stock after selling 1,790 shares during the period. Comerica Bank owned 0.07% of Avis Budget Group worth $1,761,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds also recently modified their holdings of CAR. Delpha Capital Management LLC grew its stake in Avis Budget Group by 28.8% during the first quarter. Delpha Capital Management LLC now owns 5,315 shares of the business services provider’s stock worth $249,000 after purchasing an additional 1,189 shares during the period. Swiss National Bank grew its stake in Avis Budget Group by 2.1% during the first quarter. Swiss National Bank now owns 129,300 shares of the business services provider’s stock worth $6,056,000 after purchasing an additional 2,600 shares during the period. Xact Kapitalforvaltning AB grew its stake in Avis Budget Group by 50.1% during the first quarter. Xact Kapitalforvaltning AB now owns 9,288 shares of the business services provider’s stock worth $435,000 after purchasing an additional 3,100 shares during the period. Eqis Capital Management Inc. grew its stake in Avis Budget Group by 38.1% during the second quarter. Eqis Capital Management Inc. now owns 13,645 shares of the business services provider’s stock worth $443,000 after purchasing an additional 3,765 shares during the period. Finally, Sei Investments Co. grew its stake in Avis Budget Group by 12,509.1% during the first quarter. Sei Investments Co. now owns 4,161 shares of the business services provider’s stock worth $195,000 after purchasing an additional 4,128 shares during the period.
In other news, Director Lynn Krominga sold 10,000 shares of the firm’s stock in a transaction that occurred on Monday, June 11th. The stock was sold at an average price of $40.00, for a total value of $400,000.00. Following the transaction, the director now owns 305 shares in the company, valued at $12,200. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Leonard S. Coleman, Jr. sold 13,000 shares of the firm’s stock in a transaction that occurred on Friday, August 17th. The shares were sold at an average price of $34.63, for a total value of $450,190.00. Following the completion of the transaction, the director now owns 2,339 shares in the company, valued at approximately $80,999.57. The disclosure for this sale can be found here. 2.80% of the stock is currently owned by corporate insiders.
Avis Budget Group (NASDAQ:CAR) last announced its quarterly earnings results on Tuesday, August 7th. The business services provider reported $0.57 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.57. The business had revenue of $2.33 billion for the quarter, compared to analyst estimates of $2.39 billion. Avis Budget Group had a return on equity of 63.08% and a net margin of 4.46%. During the same quarter in the prior year, the company earned $0.30 earnings per share. equities research analysts anticipate that Avis Budget Group Inc. will post 3.49 earnings per share for the current year.
Several equities research analysts recently commented on CAR shares. BidaskClub cut Avis Budget Group from a “hold” rating to a “sell” rating in a research note on Friday, July 13th. Barclays decreased their target price on Avis Budget Group from $41.00 to $38.00 and set an “equal weight” rating for the company in a research note on Wednesday. Northcoast Research raised Avis Budget Group from a “neutral” rating to a “buy” rating and set a $46.00 target price for the company in a research note on Monday, July 30th. Deutsche Bank raised their target price on Avis Budget Group from $51.00 to $53.00 and gave the stock a “buy” rating in a research note on Friday, May 4th. Finally, ValuEngine lowered Avis Budget Group from a “buy” rating to a “hold” rating in a report on Thursday, May 31st. Three analysts have rated the stock with a sell rating, three have assigned a hold rating and five have given a buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $42.75.
Avis Budget Group 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.
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