Norges Bank Acquires Shares of 139,364 Avis Budget Group, Inc. (NASDAQ:CAR)

Norges Bank bought a new position in Avis Budget Group, Inc. (NASDAQ:CAR) in the 4th quarter, according to its most recent disclosure with the SEC. The firm bought 139,364 shares of the business services provider’s stock, valued at approximately $11,234,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. WINTON GROUP Ltd lifted its holdings in Avis Budget Group by 130.2% in the fourth quarter. WINTON GROUP Ltd now owns 8,968 shares of the business services provider’s stock worth $723,000 after buying an additional 5,073 shares during the period. KLP Kapitalforvaltning AS purchased a new position in shares of Avis Budget Group in the 4th quarter valued at approximately $322,000. Virtu Financial LLC bought a new stake in shares of Avis Budget Group during the fourth quarter valued at approximately $358,000. Xponance Inc. grew its stake in Avis Budget Group by 11.2% in the fourth quarter. Xponance Inc. now owns 2,711 shares of the business services provider’s stock worth $219,000 after purchasing an additional 274 shares during the period. Finally, Intech Investment Management LLC raised its holdings in Avis Budget Group by 160.1% in the fourth quarter. Intech Investment Management LLC now owns 60,459 shares of the business services provider’s stock worth $4,874,000 after purchasing an additional 37,216 shares in the last quarter. 96.35% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Avis Budget Group

In other news, Director Lynn Krominga sold 1,405 shares of Avis Budget Group stock in a transaction that occurred 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 completion of the sale, the director now directly owns 1,950 shares in the company, valued at $185,250. The trade was a 41.88 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 52.00% of the company’s stock.

Avis Budget Group Stock Performance

Shares of CAR stock opened at $69.42 on Tuesday. The company has a market capitalization of $2.44 billion, a price-to-earnings ratio of -1.34 and a beta of 2.05. Avis Budget Group, Inc. has a one year low of $54.03 and a one year high of $132.25. The company’s 50-day moving average is $77.63 and its 200 day moving average is $85.65.

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

Wall Street Analysts Forecast Growth

Separately, The Goldman Sachs Group boosted their target price 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. Five investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $130.71.

Avis Budget Group 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.