Marianas Fund Management LLC Acquires Shares of 72,700 Avis Budget Group Inc. (CAR)

Marianas Fund Management LLC acquired a new position in Avis Budget Group Inc. (NASDAQ:CAR) during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 72,700 shares of the business services provider’s stock, valued at approximately $2,767,000. Avis Budget Group accounts for 4.8% of Marianas Fund Management LLC’s portfolio, making the stock its 9th biggest holding. Marianas Fund Management LLC owned 0.09% of Avis Budget Group as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Commerzbank Aktiengesellschaft FI increased its stake in shares of Avis Budget Group by 107.3% in the second quarter. Commerzbank Aktiengesellschaft FI now owns 21,107 shares of the business services provider’s stock worth $576,000 after acquiring an additional 10,926 shares during the period. GRT Capital Partners L.L.C. increased its stake in shares of Avis Budget Group by 10.7% in the second quarter. GRT Capital Partners L.L.C. now owns 34,650 shares of the business services provider’s stock worth $945,000 after acquiring an additional 3,350 shares during the period. CNA Financial Corp acquired a new stake in Avis Budget Group during the third quarter valued at $945,000. Neuberger Berman Group LLC grew its position in Avis Budget Group by 18.6% during the second quarter. Neuberger Berman Group LLC now owns 3,482,454 shares of the business services provider’s stock valued at $94,967,000 after buying an additional 547,233 shares during the period. Finally, Commonwealth Bank of Australia grew its position in Avis Budget Group by 196.1% during the second quarter. Commonwealth Bank of Australia now owns 121,700 shares of the business services provider’s stock valued at $3,318,000 after buying an additional 80,600 shares during the period.

Shares of Avis Budget Group Inc. (NASDAQ CAR) opened at $40.78 on Friday. Avis Budget Group Inc. has a 52-week low of $20.71 and a 52-week high of $42.40. The stock has a market cap of $3,199.05, a PE ratio of 15.05 and a beta of 2.53. The company has a debt-to-equity ratio of 35.24, a current ratio of 1.28 and a quick ratio of 1.28.

Avis Budget Group (NASDAQ:CAR) last announced its earnings results on Monday, November 6th. The business services provider reported $3.10 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $2.99 by $0.11. Avis Budget Group had a net margin of 1.26% and a return on equity of 95.28%. The business had revenue of $2.75 billion for the quarter, compared to analyst estimates of $2.78 billion. During the same quarter last year, the business earned $2.47 earnings per share. The company’s revenue for the quarter was up 3.6% compared to the same quarter last year. sell-side analysts forecast that Avis Budget Group Inc. will post 2.65 EPS for the current year.

Several research firms recently commented on CAR. Barclays raised their price target on shares of Avis Budget Group from $30.00 to $32.00 and gave the company an “equal weight” rating in a research report on Wednesday, November 1st. Zacks Investment Research upgraded shares of Avis Budget Group from a “hold” rating to a “buy” rating and set a $46.00 price target on the stock in a research report on Wednesday, October 18th. BidaskClub lowered shares of Avis Budget Group from a “strong-buy” rating to a “buy” rating in a research report on Friday, November 3rd. MKM Partners raised their price target on shares of Avis Budget Group from $36.00 to $49.00 and gave the company a “buy” rating in a research report on Thursday, October 12th. Finally, ValuEngine upgraded shares of Avis Budget Group from a “hold” rating to a “buy” rating in a research report on Thursday, October 5th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and seven have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $37.70.

In other news, insider Ronald L. Nelson sold 150,000 shares of Avis Budget Group stock in a transaction dated Tuesday, September 12th. The shares were sold at an average price of $37.30, for a total value of $5,595,000.00. Following the sale, the insider now owns 510,714 shares in the company, valued at $19,049,632.20. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director John D. Jr. Hardy sold 831 shares of the firm’s stock in a transaction dated Friday, November 10th. The stock was sold at an average price of $35.36, for a total transaction of $29,384.16. Following the completion of the transaction, the director now directly owns 831 shares in the company, valued at $29,384.16. The disclosure for this sale can be found here. In the last quarter, insiders sold 740,831 shares of company stock worth $29,551,884. Company insiders own 2.80% of the company’s stock.

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Avis Budget Group Profile

Avis Budget Group Inc is a provider of vehicle rental and car sharing services. The Company operates three brands, which include Avis, Budget and Zipcar. Avis and Budget are a rental car supplier. It also owns Payless, which a car rental brand; Apex, which is a car rental brand in New Zealand and Australia; Maggiore, a vehicle rental brand in Italy, and France Cars, which operates light commercial vehicle fleets in France.

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Institutional Ownership by Quarter for Avis Budget Group (NASDAQ:CAR)

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