37,200 Shares in Avis Budget Group, Inc. (NASDAQ:CAR) Acquired by Alberta Investment Management Corp

Alberta Investment Management Corp purchased a new stake in shares of Avis Budget Group, Inc. (NASDAQ:CAR - Free Report) during the 4th quarter, according to the company in its most recent filing with the SEC. The fund purchased 37,200 shares of the business services provider's stock, valued at approximately $2,999,000. Alberta Investment Management Corp owned about 0.11% of Avis Budget Group as of its most recent filing with the SEC.

A number of other hedge funds have also modified their holdings of the company. GAMMA Investing LLC increased its stake in shares of Avis Budget Group by 118.8% in the fourth quarter. GAMMA Investing LLC now owns 337 shares of the business services provider's stock worth $27,000 after acquiring an additional 183 shares during the period. Strategic Investment Solutions Inc. IL grew its position in Avis Budget Group by 198.3% during the 3rd quarter. Strategic Investment Solutions Inc. IL now owns 361 shares of the business services provider's stock worth $32,000 after purchasing an additional 240 shares during the period. Nisa Investment Advisors LLC grew its position in Avis Budget Group by 293.3% during the 3rd quarter. Nisa Investment Advisors LLC now owns 409 shares of the business services provider's stock worth $36,000 after purchasing an additional 305 shares during the period. Royce & Associates LP purchased a new position in shares of Avis Budget Group during the 3rd quarter valued at about $217,000. Finally, Diversify Advisory Services LLC acquired a new position in shares of Avis Budget Group in the 4th quarter valued at about $254,000. 96.35% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, Director Lynn Krominga sold 661 shares of the business's stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $95.00, for a total transaction of $62,795.00. Following the transaction, the director now directly owns 3,355 shares in the company, valued at $318,725. The trade was a 16.46 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 52.00% of the company's stock.

Avis Budget Group Price Performance

NASDAQ CAR traded down $6.73 on Friday, hitting $87.10. The company had a trading volume of 696,702 shares, compared to its average volume of 647,085. The company's fifty day moving average price is $87.16 and its 200-day moving average price is $88.15. The company has a market capitalization of $3.06 billion, a PE ratio of -1.68 and a beta of 2.26. Avis Budget Group, Inc. has a 12-month low of $65.73 and a 12-month high of $132.25.

Avis Budget Group (NASDAQ:CAR - Get Free Report) last issued its quarterly earnings results on Tuesday, February 11th. The business services provider reported ($0.23) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.50) by $0.27. Avis Budget Group had a negative return on equity of 14.74% and a negative net margin of 15.45%. On average, sell-side analysts anticipate that Avis Budget Group, Inc. will post 8.91 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research firms recently commented on CAR. Deutsche Bank Aktiengesellschaft dropped their target price on Avis Budget Group from $145.00 to $143.00 and set a "buy" rating on the stock in a report on Tuesday, November 5th. The Goldman Sachs Group raised their price objective on shares of Avis Budget Group from $85.00 to $95.00 and gave the stock a "neutral" rating in a research note on Tuesday, December 10th. StockNews.com raised shares of Avis Budget Group from a "sell" rating to a "hold" rating in a report on Monday, November 4th. Northcoast Research downgraded shares of Avis Budget Group from a "buy" rating to a "neutral" rating in a report on Monday, November 18th. Finally, JPMorgan Chase & Co. cut their price objective on shares of Avis Budget Group from $175.00 to $150.00 and set an "overweight" rating for the company in a report on Monday, November 4th. Five research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, Avis Budget Group has an average rating of "Hold" and a consensus target price of $133.75.

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.