Avis Budget Group, Inc. (NASDAQ:CAR) Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp reduced its stake in shares of Avis Budget Group, Inc. (NASDAQ:CAR) by 18.2% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 138,339 shares of the business services provider’s stock after selling 30,804 shares during the quarter. Bank of New York Mellon Corp owned about 0.39% of Avis Budget Group worth $11,152,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Sigma Planning Corp acquired a new position in shares of Avis Budget Group during the third quarter valued at $353,000. Versor Investments LP acquired a new position in shares of Avis Budget Group during the third quarter valued at approximately $431,000. Victory Capital Management Inc. raised its holdings in 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 purchasing an additional 2,276 shares in the last quarter. Royce & Associates LP acquired a new stake in Avis Budget Group in the third quarter worth approximately $217,000. Finally, Massachusetts Financial Services Co. MA boosted its stake in Avis Budget Group by 0.4% during 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 purchasing an additional 2,561 shares in the last quarter. Institutional investors own 96.35% of the company’s stock.

Avis Budget Group Stock Down 11.4 %

Shares of NASDAQ:CAR opened at $55.49 on Friday. The company’s fifty day moving average is $84.87 and its two-hundred day moving average is $86.90. The company has a market cap of $1.95 billion, a P/E ratio of -1.07 and a beta of 2.37. Avis Budget Group, Inc. has a 12-month low of $54.03 and a 12-month high of $132.25.

Avis Budget Group (NASDAQ:CAR) last announced its quarterly earnings data on Tuesday, February 11th. The business services provider reported ($0.23) earnings per share (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%. Equities research analysts anticipate that Avis Budget Group, Inc. will post 8.91 earnings per share for the current year.

Insider Activity at Avis Budget Group

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

Analysts Set New Price Targets

Several equities analysts have recently issued reports on CAR shares. Northcoast Research cut shares of Avis Budget Group from a “buy” rating to a “neutral” rating in a research note on Monday, November 18th. The Goldman Sachs Group lifted their price target on shares of Avis Budget Group from $85.00 to $95.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 10th. Five investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $133.75.

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.