Avis Budget Group, Inc. (NASDAQ:CAR) Shares Sold by New York State Teachers Retirement System

New York State Teachers Retirement System lessened its holdings in Avis Budget Group, Inc. (NASDAQ:CAR) by 7.2% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 26,658 shares of the business services provider’s stock after selling 2,072 shares during the quarter. New York State Teachers Retirement System owned 0.07% of Avis Budget Group worth $4,725,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in CAR. HighTower Advisors LLC acquired a new stake in Avis Budget Group in the first quarter worth about $270,000. Great West Life Assurance Co. Can raised its stake in shares of Avis Budget Group by 8.1% in the first quarter. Great West Life Assurance Co. Can now owns 26,716 shares of the business services provider’s stock worth $7,275,000 after purchasing an additional 1,999 shares during the last quarter. Bridgewater Associates LP raised its stake in shares of Avis Budget Group by 246.2% in the first quarter. Bridgewater Associates LP now owns 6,685 shares of the business services provider’s stock worth $1,760,000 after purchasing an additional 4,754 shares during the last quarter. Federated Hermes Inc. raised its stake in shares of Avis Budget Group by 6.5% in the first quarter. Federated Hermes Inc. now owns 11,383 shares of the business services provider’s stock worth $2,997,000 after purchasing an additional 696 shares during the last quarter. Finally, Utah Retirement Systems purchased a new position in shares of Avis Budget Group in the first quarter worth about $1,369,000. Institutional investors and hedge funds own 96.35% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the company. The Goldman Sachs Group upgraded Avis Budget Group from a “sell” rating to a “neutral” rating and raised their price objective for the stock from $118.00 to $130.00 in a research note on Thursday, April 4th. Deutsche Bank Aktiengesellschaft upgraded Avis Budget Group from a “hold” rating to a “buy” rating and raised their price objective for the stock from $234.00 to $248.00 in a research note on Thursday, January 25th. StockNews.com upgraded Avis Budget Group from a “sell” rating to a “hold” rating in a research report on Monday, February 12th. Susquehanna lowered their price objective on Avis Budget Group from $195.00 to $145.00 and set a “neutral” rating on the stock in a research report on Wednesday, February 14th. Finally, Northcoast Research raised shares of Avis Budget Group from a “neutral” rating to a “buy” rating and set a $155.00 price objective on the stock in a research note on Monday, March 25th. Three analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $182.14.

Avis Budget Group Price Performance

Shares of CAR stock opened at $114.73 on Friday. The firm’s 50-day moving average is $120.39 and its two-hundred day moving average is $158.00. Avis Budget Group, Inc. has a 12 month low of $99.60 and a 12 month high of $244.95. The company has a market capitalization of $4.09 billion, a PE ratio of 2.69 and a beta of 2.22.

Avis Budget Group (NASDAQ:CAR) last released its quarterly earnings results on Tuesday, February 13th. The business services provider reported $7.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 net margin of 13.59% and a negative return on equity of 696.69%. The business’s revenue was down .3% on a year-over-year basis. During the same period in the previous year, the firm earned $10.46 EPS. Sell-side analysts forecast that Avis Budget Group, Inc. will post 15.35 EPS for the current year.

Avis Budget Group Company 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; 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.