Parametrica Management Ltd purchased a new stake in shares of Avis Budget Group, Inc. (NASDAQ:CAR – Get Rating) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 1,956 shares of the business services provider's stock, valued at approximately $288,000.
Several other large investors have also recently bought and sold shares of the stock. State of Michigan Retirement System lifted its position in shares of Avis Budget Group by 0.5% in the first quarter. State of Michigan Retirement System now owns 10,173 shares of the business services provider's stock valued at $2,679,000 after buying an additional 49 shares during the last quarter. TCI Wealth Advisors Inc. lifted its position in shares of Avis Budget Group by 79.5% in the first quarter. TCI Wealth Advisors Inc. now owns 158 shares of the business services provider's stock valued at $42,000 after buying an additional 70 shares during the last quarter. Northwestern Mutual Wealth Management Co. lifted its position in shares of Avis Budget Group by 24.8% in the first quarter. Northwestern Mutual Wealth Management Co. now owns 388 shares of the business services provider's stock valued at $103,000 after buying an additional 77 shares during the last quarter. Captrust Financial Advisors lifted its position in shares of Avis Budget Group by 18.3% in the first quarter. Captrust Financial Advisors now owns 569 shares of the business services provider's stock valued at $150,000 after buying an additional 88 shares during the last quarter. Finally, Strs Ohio lifted its position in shares of Avis Budget Group by 1.1% in the first quarter. Strs Ohio now owns 9,000 shares of the business services provider's stock valued at $2,369,000 after buying an additional 100 shares during the last quarter. 98.69% of the stock is owned by institutional investors and hedge funds.
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Wall Street Analysts Forecast Growth
A number of research firms have recently issued reports on CAR. Barclays cut their price objective on Avis Budget Group from $223.00 to $158.00 and set an "equal weight" rating for the company in a research report on Tuesday, July 5th. Morgan Stanley increased their target price on Avis Budget Group from $140.00 to $150.00 and gave the stock an "underweight" rating in a research note on Thursday, August 4th. StockNews.com lowered Avis Budget Group from a "buy" rating to a "hold" rating in a research note on Thursday, July 14th. Finally, Deutsche Bank Aktiengesellschaft increased their target price on Avis Budget Group from $184.00 to $229.00 in a research note on Wednesday, August 3rd. Two investment analysts have rated the stock with a sell rating and four have issued a hold rating to the company's stock. According to MarketBeat.com, Avis Budget Group presently has an average rating of "Hold" and a consensus target price of $193.40.
Insiders Place Their Bets
In other Avis Budget Group news, Director Glenn Lurie sold 1,474 shares of the firm's stock in a transaction on Wednesday, August 3rd. The stock was sold at an average price of $178.94, for a total value of $263,757.56. The sale was disclosed in a filing with the SEC, which is available at
this link. Corporate insiders own 37.30% of the company's stock.
Avis Budget Group Price Performance
Avis Budget Group stock opened at $148.46 on Friday. The stock's fifty day moving average price is $167.28 and its two-hundred day moving average price is $198.63. Avis Budget Group, Inc. has a one year low of $117.21 and a one year high of $545.11. The firm has a market cap of $7.14 billion, a PE ratio of 3.49 and a beta of 2.13.
Avis Budget Group (NASDAQ:CAR – Get Rating) last posted its quarterly earnings data on Monday, August 1st. The business services provider reported $15.94 EPS for the quarter, topping analysts' consensus estimates of $12.22 by $3.72. Avis Budget Group had a negative return on equity of 477.68% and a net margin of 21.02%. The firm had revenue of $3.24 billion for the quarter, compared to analyst estimates of $3.14 billion. During the same quarter last year, the company earned $5.90 EPS. The company's revenue was up 36.8% on a year-over-year basis. Sell-side analysts expect that Avis Budget Group, Inc. will post 47.02 earnings per share for the current fiscal year.
About Avis Budget Group
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Avis Budget Group, Inc, together with its subsidiaries, provides car and truck rentals, car sharing, and ancillary products and services to businesses and consumers. It operates the Avis brand, that offers vehicle rental and other mobility solutions to the premium commercial and leisure segments of the travel industry; the Budget Truck brand, a local, and one-way truck and cargo van rental businesses with a fleet of approximately 20,000 vehicles, which are rented through a network of approximately 465 dealer-operated and 385 company-operated locations that serve the consumer and light commercial sectors in the continental United States; and the Zipcar brand, a car sharing network.
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