Bank of New York Mellon Corp Sells 30,804 Shares of Avis Budget Group, Inc. (NASDAQ:CAR)

Bank of New York Mellon Corp lessened its stake in shares of Avis Budget Group, Inc. (NASDAQ:CAR - Free Report) by 18.2% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 138,339 shares of the business services provider's stock after selling 30,804 shares during the period. Bank of New York Mellon Corp owned 0.39% of Avis Budget Group worth $11,152,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in CAR. Sigma Planning Corp bought a new stake in Avis Budget Group during the 3rd quarter valued at $353,000. Versor Investments LP acquired a new position in shares of Avis Budget Group during the third quarter valued at about $431,000. Victory Capital Management Inc. increased its position in shares of Avis Budget Group by 23.2% during the third quarter. Victory Capital Management Inc. now owns 12,078 shares of the business services provider's stock worth $1,058,000 after acquiring an additional 2,276 shares in the last quarter. Royce & Associates LP acquired a new stake in shares of Avis Budget Group in the 3rd quarter worth about $217,000. Finally, Massachusetts Financial Services Co. MA lifted its position in Avis Budget Group by 0.4% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 592,341 shares of the business services provider's stock valued at $51,883,000 after acquiring an additional 2,561 shares in the last quarter. 96.35% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on CAR. Northcoast Research cut Avis Budget Group from a "buy" rating to a "neutral" rating in a research note on Monday, November 18th. The Goldman Sachs Group increased their target price on shares of Avis Budget Group from $85.00 to $95.00 and gave the company a "neutral" rating in a research report on Tuesday, December 10th. 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 MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $133.75.

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Avis Budget Group Price Performance

Avis Budget Group stock traded down $2.75 during trading hours on Monday, reaching $59.20. The company had a trading volume of 1,153,200 shares, compared to its average volume of 683,528. Avis Budget Group, Inc. has a 12-month low of $54.03 and a 12-month high of $132.25. The company has a 50-day moving average price of $84.48 and a 200 day moving average price of $86.76. The firm has a market cap of $2.08 billion, a price-to-earnings ratio of -1.14 and a beta of 2.37.

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

Insiders Place Their Bets

In related news, Director Lynn Krominga sold 1,405 shares of the company's stock in a transaction that occurred on Thursday, February 20th. The stock was sold at an average price of $95.00, for a total value of $133,475.00. Following the sale, the director now owns 1,950 shares in the company, valued at $185,250. This represents a 41.88 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 52.00% of the stock is owned by corporate insiders.

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.