Brandywine Global Investment Management LLC Makes New $2.52 Million Investment in Avis Budget Group, Inc. (NASDAQ:CAR)

Brandywine Global Investment Management LLC acquired a new position in shares of Avis Budget Group, Inc. (NASDAQ:CAR) during the 1st quarter, according to its most recent 13F filing with the SEC. The firm acquired 12,956 shares of the business services provider’s stock, valued at approximately $2,524,000.

Several other institutional investors also recently bought and sold shares of the company. Lazard Asset Management LLC boosted its position in Avis Budget Group by 8.8% during the 4th quarter. Lazard Asset Management LLC now owns 532 shares of the business services provider’s stock valued at $87,000 after acquiring an additional 43 shares in the last quarter. Envestnet Asset Management Inc. boosted its position in Avis Budget Group by 1.7% during the 4th quarter. Envestnet Asset Management Inc. now owns 4,387 shares of the business services provider’s stock valued at $719,000 after acquiring an additional 75 shares in the last quarter. SummerHaven Investment Management LLC boosted its position in shares of Avis Budget Group by 1.7% in the 1st quarter. SummerHaven Investment Management LLC now owns 5,150 shares of the business services provider’s stock worth $1,003,000 after purchasing an additional 88 shares in the last quarter. Captrust Financial Advisors boosted its position in shares of Avis Budget Group by 18.3% in the 1st quarter. Captrust Financial Advisors now owns 569 shares of the business services provider’s stock worth $150,000 after purchasing an additional 88 shares in the last quarter. Finally, Utah Retirement Systems boosted its position in shares of Avis Budget Group by 1.9% in the 2nd quarter. Utah Retirement Systems now owns 5,300 shares of the business services provider’s stock worth $779,000 after purchasing an additional 100 shares in the last quarter. 98.26% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts have recently weighed in on the company. Deutsche Bank Aktiengesellschaft cut Avis Budget Group from a “buy” rating to a “hold” rating and set a $263.00 price objective for the company. in a research report on Thursday, July 20th. JPMorgan Chase & Co. raised their price objective on Avis Budget Group from $265.00 to $275.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 2nd. StockNews.com started coverage on Avis Budget Group in a research report on Thursday, August 17th. They issued a “hold” rating for the company. Finally, Morgan Stanley reaffirmed an “overweight” rating and set a $230.00 price target on shares of Avis Budget Group in a research report on Friday, August 4th. Four research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $243.00.

Avis Budget Group Stock Performance

Shares of CAR opened at $198.53 on Friday. The stock has a 50-day moving average of $221.92 and a two-hundred day moving average of $200.26. Avis Budget Group, Inc. has a one year low of $131.83 and a one year high of $251.26. The stock has a market cap of $7.69 billion, a P/E ratio of 3.93 and a beta of 2.41.

Avis Budget Group (NASDAQ:CAR) last issued its quarterly earnings data on Tuesday, August 1st. The business services provider reported $11.01 earnings per share (EPS) for the quarter, beating the consensus estimate of $9.79 by $1.22. The business had revenue of $3.12 billion during the quarter, compared to analysts’ expectations of $3.21 billion. Avis Budget Group had a negative return on equity of 500.85% and a net margin of 18.37%. The company’s revenue for the quarter was down 3.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $15.94 EPS. Analysts predict that Avis Budget Group, Inc. will post 36.92 EPS for the current fiscal year.

Avis Budget Group Profile

Avis Budget Group, Inc, together with its subsidiaries, provides car and truck rentals, car sharing, and ancillary products and services to businesses and consumers in the Americas, Europe, the Middle East and Africa, Asia, and Australasia. 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 19,000 vehicles, which are rented through a network of approximately 415 dealer-operated and 390 company-operated locations that serve the light commercial and consumer sectors in the continental United States; and the Zipcar brand, a car sharing network.