Zurcher Kantonalbank Zurich Cantonalbank Reduces Stock Position in Avis Budget Group, Inc. (NASDAQ:CAR)

Zurcher Kantonalbank Zurich Cantonalbank trimmed its position in Avis Budget Group, Inc. (NASDAQ:CAR) by 22.7% during the fourth quarter, Holdings Channel.com reports. The firm owned 4,410 shares of the business services provider’s stock after selling 1,294 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Avis Budget Group were worth $782,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of CAR. Huntington National Bank boosted its holdings in shares of Avis Budget Group by 101.0% during the third quarter. Huntington National Bank now owns 209 shares of the business services provider’s stock worth $38,000 after purchasing an additional 105 shares during the last quarter. CWM LLC grew its holdings in Avis Budget Group by 248.2% in the 3rd quarter. CWM LLC now owns 491 shares of the business services provider’s stock valued at $88,000 after buying an additional 350 shares during the period. Covestor Ltd increased its stake in shares of Avis Budget Group by 733.9% during the 3rd quarter. Covestor Ltd now owns 517 shares of the business services provider’s stock valued at $93,000 after acquiring an additional 455 shares during the last quarter. C M Bidwell & Associates Ltd. lifted its holdings in shares of Avis Budget Group by 181.5% during the 3rd quarter. C M Bidwell & Associates Ltd. now owns 881 shares of the business services provider’s stock worth $158,000 after acquiring an additional 568 shares during the period. Finally, Teza Capital Management LLC acquired a new stake in shares of Avis Budget Group in the third quarter worth approximately $214,000. 96.35% of the stock is owned by institutional investors and hedge funds.

Avis Budget Group Price Performance

Shares of CAR opened at $103.56 on Tuesday. Avis Budget Group, Inc. has a 12 month low of $93.53 and a 12 month high of $244.95. The stock’s 50-day moving average is $111.49 and its two-hundred day moving average is $152.16. The stock has a market cap of $3.69 billion, a PE ratio of 2.43 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 EPS for the quarter, topping the consensus estimate 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 firm had revenue of $2.76 billion for the quarter, compared to analyst estimates of $2.81 billion. During the same period in the previous year, the company posted $10.46 EPS. Avis Budget Group’s revenue for the quarter was down .3% on a year-over-year basis. On average, research analysts anticipate that Avis Budget Group, Inc. will post 14.73 earnings per share for the current year.

Analysts Set New Price Targets

Several equities analysts recently commented on CAR shares. Deutsche Bank Aktiengesellschaft dropped their price target on shares of Avis Budget Group from $202.00 to $183.00 and set a “buy” rating for the company in a research report on Thursday, April 18th. The Goldman Sachs Group upgraded Avis Budget Group from a “sell” rating to a “neutral” rating and lifted their target price for the company from $118.00 to $130.00 in a report on Thursday, April 4th. Susquehanna dropped their price target 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. Bank of America started coverage on Avis Budget Group in a research note on Tuesday, March 19th. They issued a “buy” rating and a $170.00 price objective on the stock. Finally, StockNews.com upgraded Avis Budget Group from a “sell” rating to a “hold” rating in a report on Monday, February 12th. Three analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $172.86.

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; 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.