Wolverine Asset Management LLC Increases Position in Avis Budget Group, Inc. (NASDAQ:CAR)

Wolverine Asset Management LLC boosted its stake in shares of Avis Budget Group, Inc. (NASDAQ:CAR - Free Report) by 870.6% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 162,771 shares of the business services provider's stock after buying an additional 146,000 shares during the period. Wolverine Asset Management LLC owned 0.46% of Avis Budget Group worth $13,121,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in CAR. ING Groep NV boosted its holdings in Avis Budget Group by 310.4% in the 4th quarter. ING Groep NV now owns 325,000 shares of the business services provider's stock valued at $26,198,000 after purchasing an additional 245,800 shares during the last quarter. Alberta Investment Management Corp purchased a new position in Avis Budget Group in the fourth quarter worth approximately $2,999,000. Rhumbline Advisers increased its stake in Avis Budget Group by 1.4% during the fourth quarter. Rhumbline Advisers now owns 49,460 shares of the business services provider's stock worth $3,987,000 after acquiring an additional 703 shares during the last quarter. Entropy Technologies LP purchased a new stake in Avis Budget Group in the fourth quarter valued at $280,000. Finally, Empowered Funds LLC acquired a new position in shares of Avis Budget Group in the 4th quarter valued at $275,000. 96.35% of the stock is currently owned by hedge funds and other institutional investors.

Avis Budget Group Stock Performance

Shares of NASDAQ:CAR traded down $2.24 during trading on Tuesday, hitting $84.21. The company's stock had a trading volume of 329,581 shares, compared to its average volume of 639,806. Avis Budget Group, Inc. has a fifty-two week low of $65.73 and a fifty-two week high of $132.25. The business has a 50 day moving average price of $87.07 and a two-hundred day moving average price of $88.16. The company has a market capitalization of $2.96 billion, a PE ratio of -1.62 and a beta of 2.26.

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Avis Budget Group (NASDAQ:CAR - Get Free Report) last released its earnings results on Tuesday, February 11th. The business services provider reported ($0.23) EPS for the quarter, topping the consensus estimate 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%. As a group, equities analysts expect that Avis Budget Group, Inc. will post 8.91 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of brokerages recently issued reports on CAR. Deutsche Bank Aktiengesellschaft cut their price objective on Avis Budget Group from $145.00 to $143.00 and set a "buy" rating for the company in a research report on Tuesday, November 5th. The Goldman Sachs Group boosted their price target on shares of Avis Budget Group from $85.00 to $95.00 and gave the company a "neutral" rating in a research note on Tuesday, December 10th. JPMorgan Chase & Co. decreased their price objective on shares of Avis Budget Group from $175.00 to $150.00 and set an "overweight" rating on the stock 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, StockNews.com upgraded Avis Budget Group from a "sell" rating to a "hold" rating in a research note on Monday, November 4th. Five research analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $133.75.

Insider Buying and Selling

In related news, Director Lynn Krominga sold 1,405 shares of the stock in a transaction on Thursday, February 20th. The shares were sold at an average price of $95.00, for a total value of $133,475.00. Following the transaction, the director now directly owns 1,950 shares of the company's stock, valued at $185,250. This trade represents a 41.88 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 52.00% of the company's stock.

Avis Budget Group Company Profile

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.