Hotchkis & Wiley Capital Management LLC Has $27.10 Million Position in Avis Budget Group, Inc. (CAR)

Hotchkis & Wiley Capital Management LLC lifted its holdings in Avis Budget Group, Inc. (NASDAQ:CAR) by 14.3% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 993,900 shares of the business services provider’s stock after acquiring an additional 124,500 shares during the period. Hotchkis & Wiley Capital Management LLC owned 1.18% of Avis Budget Group worth $27,104,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in the stock. Utah Retirement Systems lifted its holdings in shares of Avis Budget Group by 0.7% in the 1st quarter. Utah Retirement Systems now owns 14,200 shares of the business services provider’s stock valued at $420,000 after acquiring an additional 100 shares during the last quarter. Louisiana State Employees Retirement System lifted its holdings in shares of Avis Budget Group by 1.4% in the 2nd quarter. Louisiana State Employees Retirement System now owns 22,000 shares of the business services provider’s stock valued at $600,000 after acquiring an additional 300 shares during the last quarter. Pacer Advisors Inc. lifted its holdings in shares of Avis Budget Group by 4.0% in the 2nd quarter. Pacer Advisors Inc. now owns 9,261 shares of the business services provider’s stock valued at $253,000 after acquiring an additional 356 shares during the last quarter. Oregon Public Employees Retirement Fund lifted its holdings in shares of Avis Budget Group by 1.2% in the 1st quarter. Oregon Public Employees Retirement Fund now owns 33,000 shares of the business services provider’s stock valued at $976,000 after acquiring an additional 400 shares during the last quarter. Finally, Wittenberg Investment Management Inc. lifted its holdings in shares of Avis Budget Group by 0.7% in the 2nd quarter. Wittenberg Investment Management Inc. now owns 69,309 shares of the business services provider’s stock valued at $1,890,000 after acquiring an additional 500 shares during the last quarter.

Shares of Avis Budget Group, Inc. (CAR) opened at 35.34 on Monday. The company has a market cap of $2.92 billion, a P/E ratio of 41.63 and a beta of 2.44. Avis Budget Group, Inc. has a 52 week low of $20.71 and a 52 week high of $41.53. The firm has a 50-day moving average of $33.96 and a 200 day moving average of $29.45.

Avis Budget Group (NASDAQ:CAR) last posted its quarterly earnings results on Monday, August 7th. The business services provider reported $0.30 earnings per share for the quarter, missing the consensus estimate of $0.62 by ($0.32). Avis Budget Group had a net margin of 0.86% and a return on equity of 74.80%. The firm had revenue of $2.24 billion during the quarter, compared to analysts’ expectations of $2.27 billion. During the same period last year, the company earned $0.63 EPS. The business’s quarterly revenue was down .2% on a year-over-year basis. Equities analysts expect that Avis Budget Group, Inc. will post $2.54 EPS for the current fiscal year.

CAR has been the subject of a number of analyst reports. ValuEngine downgraded shares of Avis Budget Group from a “strong-buy” rating to a “buy” rating in a report on Tuesday, May 23rd. MKM Partners reaffirmed a “buy” rating and issued a $40.00 price target on shares of Avis Budget Group in a report on Wednesday, June 28th. Deutsche Bank AG reaffirmed a “buy” rating on shares of Avis Budget Group in a report on Monday, June 26th. BidaskClub raised shares of Avis Budget Group from a “hold” rating to a “buy” rating in a report on Wednesday, July 19th. Finally, Zacks Investment Research raised shares of Avis Budget Group from a “sell” rating to a “hold” rating in a report on Wednesday, July 5th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating, four have given a buy rating and one has issued a strong buy rating to the company’s stock. Avis Budget Group currently has an average rating of “Hold” and an average target price of $36.56.

In other news, Director Stender E. Sweeney sold 1,500 shares of the stock in a transaction that occurred on Wednesday, September 6th. The shares were sold at an average price of $35.02, for a total value of $52,530.00. Following the completion of the sale, the director now owns 1,359 shares of the company’s stock, valued at approximately $47,592.18. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director John D. Jr. Hardy sold 908 shares of the stock in a transaction that occurred on Friday, August 11th. The shares were sold at an average price of $32.78, for a total transaction of $29,764.24. Following the completion of the sale, the director now directly owns 908 shares of the company’s stock, valued at approximately $29,764.24. The disclosure for this sale can be found here. In the last three months, insiders sold 185,708 shares of company stock valued at $6,878,212. Corporate insiders own 2.80% of the company’s stock.

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About Avis Budget Group

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.

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

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