Joshua Friedman decreased its stake in Avis Budget Group (CAR) by 13.6% based on its latest 2016Q3 regulatory filing with the SEC. Canyon Capital Advisors Llc sold 278,573 shares as the company’s stock rose 5.46% with the market. The hedge fund run by Joshua Friedman held 1.77 million shares of the consumer services company at the end of 2016Q3, valued at $60.55M, down from 2.05M at the end of the previous reported quarter. Canyon Capital Advisors Llc who had been investing in Avis Budget Group for a number of months, seems to be less bullish one the $3.20B market cap company. The stock is up 1.11% or $0.41 hitting $37.2, despite the negative news. About 22,008 shares traded hands. Avis Budget Group Inc. (NASDAQ:CAR) has risen 30.28% since May 25, 2016 and is uptrending. It has outperformed by 22.65% the S&P500.
Canyon Capital Advisors is a firm based out of Los Angeles that was founded in 1990 by Joshua S. Friedman and Mitchell R. Julis. Canyon Capital seeks to earn risk-adjusted returns with much lower volatility, yet still desires to keep ahead of debt and equity market indices. Canyon became a registered investment advisor in 1994, and has offices in New York and London. Canyon Capital Advisors Llc is a California-based hedge fund that was founded by Joshua Friedman And Mitchell Julis. It had more than $20.20 billion assets under management in January, 2015. This fund invests only a small percentage of its assets in equities and options. Taken from Canyon Capital Advisors latest Adv, the fund reported to have 136 full and part-time employees. Among which 48 performing investment advisory and research functions. The hedge fund had between 26-100 clients.
Insitutional Activity: The institutional sentiment increased to 1.06 in Q3 2016. Its up 0.23, from 0.83 in 2016Q2. The ratio increased, as 42 funds sold all CAR shares owned while 68 reduced positions. 56 funds bought stakes while 61 increased positions. They now own 91.91 million shares or 4.07% less from 95.80 million shares in 2016Q2. Buckingham Capital Management Incorporated accumulated 0.62% or 145,727 shares. X Co Ltd Co has invested 0% of its portfolio in Avis Budget Group Inc. (NASDAQ:CAR). Price T Rowe Assoc Incorporated Md, a Maryland-based fund reported 362,992 shares. Moreover, Texas Permanent School Fund has 0.03% invested in Avis Budget Group Inc. (NASDAQ:CAR) for 71,942 shares. Huntington Natl Bank holds 0% of its portfolio in Avis Budget Group Inc. (NASDAQ:CAR) for 100 shares. Ameriprise Fincl accumulated 295,387 shares or 0.01% of the stock. Cipher Capital Lp has invested 0.25% of its portfolio in Avis Budget Group Inc. (NASDAQ:CAR). Qcm Cayman Limited, a Texas-based fund reported 10,747 shares. Moreover, Grt Partners Ltd has 0.27% invested in Avis Budget Group Inc. (NASDAQ:CAR) for 37,621 shares. Tiaa Cref Management Lc accumulated 0.01% or 445,447 shares. Proshare Advsrs Ltd Liability Company last reported 8,575 shares in the company. Aperio Grp Ltd holds 0% or 15,800 shares in its portfolio. Profund Ltd Limited Liability Company last reported 0.02% of its portfolio in the stock. Meeder Asset Management Inc holds 0.01% of its portfolio in Avis Budget Group Inc. (NASDAQ:CAR) for 2,909 shares. Evercore Wealth Ltd Liability holds 0% of its portfolio in Avis Budget Group Inc. (NASDAQ:CAR) for 196 shares.
Insider Transactions: Since August 4, 2016, the stock had 0 buys, and 12 insider sales for $13.08 million net activity. $5.85 million worth of Avis Budget Group Inc. (NASDAQ:CAR) was sold by NELSON RONALD L. The insider Sweeney Stender E sold 803 shares worth $30,789. The insider Linnen Edward P sold 4,000 shares worth $146,760. $27,140 worth of shares were sold by Hardy John D. Jr. on Friday, November 4. The insider Wyshner David B sold 20,000 shares worth $725,400. Tucker Michael K sold $95,243 worth of Avis Budget Group Inc. (NASDAQ:CAR) on Monday, November 21.
Analysts await Avis Budget Group Inc. (NASDAQ:CAR) to report earnings on February, 28. They expect $0.21 earnings per share, up 16.67% or $0.03 from last year’s $0.18 per share. CAR’s profit will be $18.06M for 44.29 P/E if the $0.21 EPS becomes a reality. After $2.47 actual earnings per share reported by Avis Budget Group Inc. for the previous quarter, Wall Street now forecasts -91.50% negative EPS growth.
More news for Avis Budget Group Inc. (NASDAQ:CAR) were recently published by: Globenewswire.com, which released: “Avis Budget Group Completes Acquisition of France Cars” on December 20, 2016. Globenewswire.com‘s article titled: “Avis Budget Group Named to Military Friendly® Employers List” and published on December 05, 2016 is yet another important article.
According to Zacks Investment Research, “Avis Budget Group, Inc. is a leading provider of vehicle rental services, with operations in more than seventy countries. Through its Avis and Budget brands, the company is the largest general-use vehicle rental company in each of North America, Australia, New Zealand and certain other regions. Avis Budget Group is headquartered in Parsippany, N.J. Avis is a leading supplier to the premium commercial and leisure segments of the travel industry, and Budget is a leading supplier to price-conscious car rental segments. Avis Budget Group maintains the leading share of airport car rental revenue, and we operate the second largest consumer truck rental business in the United States. The company generate significant benefits from operating two distinctive car rental brands targeting different market segments but share the same fleet, maintenance facilities, technology and administrative infrastructure”
Avis Budget Group Inc. (NASDAQ:CAR) Ratings Coverage
Out of 7 analysts covering Avis Budget (NASDAQ:CAR), 5 rate it a “Buy”, 0 “Sell”, while 2 “Hold”. This means 71% are positive. Avis Budget has been the topic of 19 analyst reports since August 5, 2015 according to StockzIntelligence Inc. As per Wednesday, August 10, the company rating was maintained by Barclays Capital. The stock of Avis Budget Group Inc. (NASDAQ:CAR) has “Outperform” rating given on Tuesday, April 12 by Credit Suisse. On Monday, December 14 the stock rating was maintained by M Partners with “Buy”. The rating was downgraded by JP Morgan to “Neutral” on Wednesday, November 4. The company was initiated on Monday, October 24 by Goldman Sachs. The rating was initiated by Macquarie Research on Friday, August 26 with “Outperform”. The firm has “Buy” rating by Deutsche Bank given on Thursday, February 25. The stock of Avis Budget Group Inc. (NASDAQ:CAR) has “Buy” rating given on Thursday, February 25 by M Partners. Barclays Capital maintained Avis Budget Group Inc. (NASDAQ:CAR) on Wednesday, August 5 with “Equal Weight” rating. The rating was initiated by Sterne Agee CRT on Tuesday, March 22 with “Buy”.
CAR Company Profile
Avis Budget Group Inc., incorporated on August 1, 1974, is a well-known provider of vehicle rental and car sharing services. The Firm operates three brands, which include Avis, Budget and Zipcar. Avis is a rental car supplier and Budget is a rental vehicle supplier. The Firm also owns Payless, which is a car rental brand, and Apex, which is a car rental brand in New Zealand and Australia. The Firm operates in two divisions: Americas and International. The Americas segment provides and licenses the Company’s brands to third parties for vehicle rentals and ancillary services and products in North America, South America, Central America and the Caribbean, and operates its car sharing business in certain of these markets. The International segment provides and licenses the Company’s brands to third parties for vehicle rentals and ancillary services and products in Europe, the Middle East, Africa, Asia, South America, Central America, the Caribbean, Australia and New Zealand, and operates its car sharing business in certain of these markets.
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