Principal Financial Group Inc. Sells 688 Shares of Avis Budget Group, Inc. (NASDAQ:CAR)

Principal Financial Group Inc. trimmed its holdings in shares of Avis Budget Group, Inc. (NASDAQ:CAR) by 1.7% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 38,939 shares of the business services provider’s stock after selling 688 shares during the quarter. Principal Financial Group Inc. owned 0.11% of Avis Budget Group worth $3,139,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Barclays PLC boosted its stake in shares of Avis Budget Group by 30.5% during the third quarter. Barclays PLC now owns 200,576 shares of the business services provider’s stock valued at $17,571,000 after purchasing an additional 46,922 shares in the last quarter. Wolverine Asset Management LLC raised its holdings in shares of Avis Budget Group by 93.4% in the third quarter. Wolverine Asset Management LLC now owns 16,771 shares of the business services provider’s stock worth $1,469,000 after buying an additional 8,100 shares during the last quarter. State Street Corp raised its holdings in shares of Avis Budget Group by 2.5% in the third quarter. State Street Corp now owns 672,227 shares of the business services provider’s stock worth $58,880,000 after buying an additional 16,221 shares during the last quarter. Algert Global LLC raised its holdings in shares of Avis Budget Group by 123.8% during the third quarter. Algert Global LLC now owns 22,745 shares of the business services provider’s stock worth $1,992,000 after purchasing an additional 12,580 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in shares of Avis Budget Group by 10.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 185,801 shares of the business services provider’s stock worth $16,274,000 after purchasing an additional 17,666 shares during the last quarter. 96.35% of the stock is owned by hedge funds and other institutional investors.

Avis Budget Group Stock Up 2.8 %

Shares of CAR opened at $76.34 on Wednesday. Avis Budget Group, Inc. has a fifty-two week low of $65.73 and a fifty-two week high of $132.25. The company has a market cap of $2.68 billion, a P/E ratio of -1.47 and a beta of 2.26. The firm’s 50 day moving average price is $86.60 and its 200 day moving average price is $87.87.

Avis Budget Group (NASDAQ:CAR) last issued its earnings results on Tuesday, February 11th. The business services provider reported ($0.23) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.50) by $0.27. Avis Budget Group had a negative net margin of 15.45% and a negative return on equity of 14.74%. Research analysts forecast that Avis Budget Group, Inc. will post 8.91 earnings per share for the current year.

Analysts Set New Price Targets

A number of research analysts have weighed in on CAR shares. The Goldman Sachs Group lifted their price objective on shares of Avis Budget Group from $85.00 to $95.00 and gave the company a “neutral” rating in a report on Tuesday, December 10th. Northcoast Research lowered shares of Avis Budget Group from a “buy” rating to a “neutral” rating in a research report on Monday, November 18th. Finally, Deutsche Bank Aktiengesellschaft decreased their target price on shares of Avis Budget Group from $145.00 to $143.00 and set a “buy” rating on the stock in a report on Tuesday, November 5th. Five research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $133.75.

Insider Buying and Selling

In other Avis Budget Group news, Director Lynn Krominga sold 1,405 shares of the company’s stock in a transaction on Thursday, February 20th. The shares were sold at an average price of $95.00, for a total transaction of $133,475.00. Following the completion of the transaction, the director now owns 1,950 shares in the company, valued at approximately $185,250. This represents a 41.88 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 52.00% of the stock is owned by company 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.