Deltec Asset Management Lowers stake in Avis Budget Group (CAR)

Avis Budget Group (CAR) : Deltec Asset Management reduced its stake in Avis Budget Group by 36.75% during the most recent quarter end. The investment management company now holds a total of 249,980 shares of Avis Budget Group which is valued at $9,336,753 after selling 145,265 shares in Avis Budget Group , the firm said in a disclosure report filed with the SEC on Jul 26, 2016.Avis Budget Group makes up approximately 2.24% of Deltec Asset Management’s portfolio.

Other Hedge Funds, Including , American Century Companies Inc boosted its stake in CAR in the latest quarter, The investment management firm added 102,849 additional shares and now holds a total of 120,495 shares of Avis Budget Group which is valued at $4,500,488.Stoneridge Investment Partners reduced its stake in CAR by selling 12,199 shares or 22.35% in the most recent quarter. The Hedge Fund company now holds 42,382 shares of CAR which is valued at $1,582,968. Avis Budget Group makes up approx 0.22% of Stoneridge Investment Partners’s portfolio.First Manhattan Co boosted its stake in CAR in the latest quarter, The investment management firm added 227,550 additional shares and now holds a total of 309,910 shares of Avis Budget Group which is valued at $11,376,796. Avis Budget Group makes up approx 0.07% of First Manhattan Co’s portfolio.

Avis Budget Group (CAR) witnessed a volatile trading activity on Friday , and eventually ended flat at 0.00% or 0 points without letting the bulls or bears take much advantage. The trading began at $36.56 and reached the intraday high at $36.925. The bulls started the profit booking and pushed the shares to intraday low of $36.22. The trading session was marked by a volume range of 18,03,872 shares exchanging hands. The 52-week high of the shares is $53.04 and the 52-week low is $21.7299. The market cap of the company stands at $3,474 M and there are 9,45,83,375 shares in public circulation.

On the company’s financial health, Avis Budget Group reported $-0.28 EPS for the quarter, missing the analyst consensus estimate by $ -0.22 based on the information available during the earnings call on May 3, 2016. Analyst had a consensus of $-0.06. The company had revenue of $1881.00 million for the quarter, compared to analysts expectations of $1879.35 million. The company’s revenue was up 1.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.17 EPS.

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 is a rental car supplier and Budget is a rental vehicle supplier. The Company also own Payless a car rental brand and Apex which is a car rental brand in New Zealand and Australia. The Company operates in three segments: North America International and Truck Rental. North America segment provides car rentals in the United States and vehicle rentals in Canada as well as ancillary products and services. International segment provides and licenses the Company’s brands to third parties for vehicle rentals and ancillary products in Europe the Middle East Africa Asia South America Central America the Caribbean Australia and New Zealand. Truck Rental segment provides truck rentals and ancillary products and services to consumers and commercial users in the United States.

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