Mackenzie Financial Corp Takes Position in Avis Budget Group, Inc. (NASDAQ:CAR)

Mackenzie Financial Corp bought a new stake in Avis Budget Group, Inc. (NASDAQ:CAR) in the fourth quarter, HoldingsChannel.com reports. The institutional investor bought 3,877 shares of the business services provider’s stock, valued at approximately $687,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in CAR. CWM LLC increased its position in Avis Budget Group by 248.2% in the third quarter. CWM LLC now owns 491 shares of the business services provider’s stock worth $88,000 after purchasing an additional 350 shares during the period. SG Americas Securities LLC acquired a new position in Avis Budget Group during the 3rd quarter worth approximately $2,128,000. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Avis Budget Group by 10.3% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,704 shares of the business services provider’s stock worth $1,025,000 after purchasing an additional 531 shares in the last quarter. Handelsinvest Investeringsforvaltning bought a new stake in shares of Avis Budget Group during the 3rd quarter worth approximately $2,695,000. Finally, ING Groep NV bought a new stake in shares of Avis Budget Group during the 3rd quarter worth approximately $16,172,000. 96.35% of the stock is currently owned by institutional investors and hedge funds.

Avis Budget Group Trading Down 3.6 %

CAR opened at $99.57 on Friday. Avis Budget Group, Inc. has a 1-year low of $93.53 and a 1-year high of $244.95. The stock’s fifty day simple moving average is $111.89 and its 200 day simple moving average is $153.66. The stock has a market cap of $3.55 billion, a PE ratio of 2.34 and a beta of 2.22.

Avis Budget Group (NASDAQ:CAR) last posted its quarterly earnings results on Tuesday, February 13th. The business services provider reported $7.10 earnings per share for the quarter, beating analysts’ consensus estimates of $4.15 by $2.95. Avis Budget Group had a negative return on equity of 696.69% and a net margin of 13.59%. The business had revenue of $2.76 billion for the quarter, compared to analysts’ expectations of $2.81 billion. During the same quarter in the prior year, the business earned $10.46 EPS. The firm’s revenue for the quarter was down .3% on a year-over-year basis. Equities analysts forecast that Avis Budget Group, Inc. will post 14.73 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the company. Deutsche Bank Aktiengesellschaft dropped their price objective on Avis Budget Group from $202.00 to $183.00 and set a “buy” rating on the stock in a research note on Thursday, April 18th. Northcoast Research upgraded 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. StockNews.com upgraded Avis Budget Group from a “sell” rating to a “hold” rating in a research note on Monday, February 12th. Bank of America assumed coverage on Avis Budget Group in a research note on Tuesday, March 19th. They set a “buy” rating and a $170.00 price objective on the stock. Finally, The Goldman Sachs Group upgraded Avis Budget Group from a “sell” rating to a “neutral” rating and upped their price objective for the stock from $118.00 to $130.00 in a research note on Thursday, April 4th. Three analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, Avis Budget Group has an average rating of “Moderate Buy” and a consensus price target of $172.86.

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.