International Assets Investment Management LLC Makes New $12.32 Million Investment in Avis Budget Group, Inc. (NASDAQ:CAR)

International Assets Investment Management LLC bought a new position in shares of Avis Budget Group, Inc. (NASDAQ:CAR) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 69,486 shares of the business services provider’s stock, valued at approximately $12,317,000.

A number of other institutional investors also recently bought and sold shares of CAR. BlackRock Inc. lifted its position in shares of Avis Budget Group by 1.0% in the first quarter. BlackRock Inc. now owns 2,363,042 shares of the business services provider’s stock valued at $460,321,000 after acquiring an additional 22,518 shares in the last quarter. Nomura Holdings Inc. lifted its position in shares of Avis Budget Group by 70.4% in the first quarter. Nomura Holdings Inc. now owns 1,534,724 shares of the business services provider’s stock valued at $298,964,000 after acquiring an additional 634,040 shares in the last quarter. State Street Corp lifted its position in shares of Avis Budget Group by 1.2% in the first quarter. State Street Corp now owns 1,458,488 shares of the business services provider’s stock valued at $384,020,000 after acquiring an additional 16,655 shares in the last quarter. Northern Trust Corp lifted its position in shares of Avis Budget Group by 0.6% in the first quarter. Northern Trust Corp now owns 622,685 shares of the business services provider’s stock valued at $163,952,000 after acquiring an additional 3,626 shares in the last quarter. Finally, Toronto Dominion Bank lifted its position in shares of Avis Budget Group by 13.6% in the third quarter. Toronto Dominion Bank now owns 460,000 shares of the business services provider’s stock valued at $82,657,000 after acquiring an additional 55,000 shares in the last quarter. 96.35% of the stock is currently owned by hedge funds and other institutional investors.

Avis Budget Group Price Performance

Avis Budget Group stock opened at $114.73 on Friday. The stock’s 50-day moving average is $120.39 and its 200-day moving average is $158.14. The company has a market cap of $4.09 billion, a price-to-earnings ratio of 2.69 and a beta of 2.22. Avis Budget Group, Inc. has a 12 month low of $99.60 and a 12 month high of $244.95.

Avis Budget Group (NASDAQ:CAR) last announced its earnings results on Tuesday, February 13th. The business services provider reported $7.10 EPS for the quarter, beating the consensus estimate of $4.15 by $2.95. The business had revenue of $2.76 billion for the quarter, compared to the consensus estimate of $2.81 billion. Avis Budget Group had a negative return on equity of 696.69% and a net margin of 13.59%. The company’s revenue was down .3% on a year-over-year basis. During the same period last year, the business posted $10.46 EPS. Research analysts anticipate that Avis Budget Group, Inc. will post 15.55 EPS for the current year.

Analyst Ratings Changes

CAR has been the subject of several analyst reports. Susquehanna dropped their target price on Avis Budget Group from $195.00 to $145.00 and set a “neutral” rating for the company in a research note on Wednesday, February 14th. Morgan Stanley reduced their target price on Avis Budget Group from $190.00 to $187.00 and set an “overweight” rating on the stock in a research report on Wednesday. Bank of America began coverage on Avis Budget Group in a research report on Tuesday, March 19th. They set a “buy” rating and a $170.00 target price on the stock. Northcoast Research upgraded Avis Budget Group from a “neutral” rating to a “buy” rating and set a $155.00 target price on the stock in a research report on Monday, March 25th. Finally, JPMorgan Chase & Co. reduced their target price on Avis Budget Group from $280.00 to $240.00 and set an “overweight” rating on the stock in a research report on Wednesday, February 14th. Three research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $182.14.

About Avis Budget Group

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; and the Zipcar brand, a car sharing network, as well as the Budget brand, a supplier of vehicle rental and other mobility solutions focused primarily on more value-conscious customers comprising Budget car rental, and Budget Truck, 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 dealer-operated and company-operated locations that serve the light commercial and consumer sectors in the continental United States.