Avis Budget Group, Inc. (NASDAQ:CAR) Shares Sold by Retirement Systems of Alabama

Retirement Systems of Alabama decreased its position in shares of Avis Budget Group, Inc. (NASDAQ:CAR) by 6.2% in the 4th quarter, HoldingsChannel.com reports. The fund owned 23,136 shares of the business services provider’s stock after selling 1,532 shares during the quarter. Retirement Systems of Alabama’s holdings in Avis Budget Group were worth $4,101,000 as of its most recent filing with the SEC.

Several other institutional investors have also bought and sold shares of CAR. Hudson Bay Capital Management LP acquired a new stake in Avis Budget Group in the third quarter worth about $62,892,000. Hsbc Holdings PLC lifted its holdings in Avis Budget Group by 1,573.0% in the third quarter. Hsbc Holdings PLC now owns 362,965 shares of the business services provider’s stock worth $64,799,000 after purchasing an additional 341,269 shares during the period. Bank of Nova Scotia raised its position in Avis Budget Group by 63.1% in the third quarter. Bank of Nova Scotia now owns 289,648 shares of the business services provider’s stock worth $52,047,000 after acquiring an additional 112,073 shares in the last quarter. ING Groep NV bought a new stake in Avis Budget Group in the third quarter worth about $16,172,000. Finally, JS Capital Management LLC bought a new stake in Avis Budget Group in the third quarter worth about $12,578,000. Institutional investors and hedge funds own 96.35% of the company’s stock.

Avis Budget Group Trading Up 5.1 %

NASDAQ CAR opened at $121.48 on Tuesday. The stock’s 50-day moving average price is $111.92 and its two-hundred day moving average price is $149.81. The company has a market cap of $4.33 billion, a PE ratio of 3.83 and a beta of 2.28. Avis Budget Group, Inc. has a 1 year low of $93.53 and a 1 year high of $244.95.

Avis Budget Group (NASDAQ:CAR) last released its earnings results on Wednesday, May 1st. The business services provider reported ($3.21) earnings per share for the quarter, missing the consensus estimate of ($2.65) by ($0.56). Avis Budget Group had a net margin of 10.05% and a negative return on equity of 480.48%. The business had revenue of $2.55 billion for the quarter, compared to analysts’ expectations of $2.41 billion. During the same period last year, the firm earned $7.72 EPS. The company’s revenue was down .2% compared to the same quarter last year. Research analysts forecast that Avis Budget Group, Inc. will post 13.55 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

CAR has been the topic of several research reports. The Goldman Sachs Group upgraded shares of Avis Budget Group from a “sell” rating to a “neutral” rating and boosted their price target for the stock from $118.00 to $130.00 in a research report on Thursday, April 4th. Deutsche Bank Aktiengesellschaft dropped their price target on shares of Avis Budget Group from $202.00 to $183.00 and set a “buy” rating on the stock in a research report on Thursday, April 18th. Northcoast Research upgraded shares of Avis Budget Group from a “neutral” rating to a “buy” rating and set a $155.00 price target on the stock in a research report on Monday, March 25th. Susquehanna dropped their price target on shares of Avis Budget Group from $145.00 to $117.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 30th. Finally, StockNews.com cut shares of Avis Budget Group from a “hold” rating to a “sell” rating in a research report on Thursday, May 2nd. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $164.57.

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.