Shelton Capital Management Takes Position in Avis Budget Group Inc. (CAR)
Shelton Capital Management purchased a new position in shares of Avis Budget Group Inc. (NASDAQ:CAR) in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 7,069 shares of the business services provider’s stock, valued at approximately $269,000.
Several other institutional investors have also recently added to or reduced their stakes in the company. Commerzbank Aktiengesellschaft FI lifted its holdings in Avis Budget Group by 107.3% in the second quarter. Commerzbank Aktiengesellschaft FI now owns 21,107 shares of the business services provider’s stock worth $576,000 after purchasing an additional 10,926 shares during the period. CNA Financial Corp acquired a new stake in Avis Budget Group in the 3rd quarter valued at about $945,000. GRT Capital Partners L.L.C. lifted its holdings in Avis Budget Group by 10.7% in the 2nd quarter. GRT Capital Partners L.L.C. now owns 34,650 shares of the business services provider’s stock valued at $945,000 after acquiring an additional 3,350 shares during the last quarter. Neuberger Berman Group LLC lifted its holdings in Avis Budget Group by 18.6% in the 2nd quarter. Neuberger Berman Group LLC now owns 3,482,454 shares of the business services provider’s stock valued at $94,967,000 after acquiring an additional 547,233 shares during the last quarter. Finally, Commonwealth Bank of Australia lifted its stake in Avis Budget Group by 196.1% during the second quarter. Commonwealth Bank of Australia now owns 121,700 shares of the business services provider’s stock valued at $3,318,000 after buying an additional 80,600 shares in the last quarter.
In other news, major shareholder Srs Investment Management, Llc acquired 3,500,000 shares of the company’s stock in a transaction that occurred on Friday, December 8th. The shares were purchased at an average price of $40.56 per share, for a total transaction of $141,960,000.00. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director John D. Jr. Hardy sold 831 shares of the stock in a transaction that occurred on Friday, November 10th. The stock was sold at an average price of $35.36, for a total value of $29,384.16. Following the completion of the transaction, the director now owns 831 shares in the company, valued at approximately $29,384.16. The disclosure for this sale can be found here. Insiders sold a total of 739,581 shares of company stock worth $30,037,022 in the last quarter. 2.80% of the stock is owned by corporate insiders.
Avis Budget Group Inc. (CAR) opened at $43.92 on Friday. The firm has a market capitalization of $3,464.49, a PE ratio of 16.30 and a beta of 2.53. Avis Budget Group Inc. has a twelve month low of $20.71 and a twelve month high of $44.37. The company has a quick ratio of 1.28, a current ratio of 1.28 and a debt-to-equity ratio of 35.24.
Avis Budget Group (NASDAQ:CAR) last issued its earnings results on Monday, November 6th. The business services provider reported $3.10 earnings per share for the quarter, beating analysts’ consensus estimates of $2.99 by $0.11. The company had revenue of $2.75 billion for the quarter, compared to the consensus estimate of $2.78 billion. Avis Budget Group had a return on equity of 95.28% and a net margin of 1.26%. The firm’s quarterly revenue was up 3.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.47 EPS. sell-side analysts forecast that Avis Budget Group Inc. will post 2.65 earnings per share for the current fiscal year.
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Avis Budget Group Company 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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