Charles Schwab Investment Management Inc. Purchases 17,666 Shares of Avis Budget Group, Inc. (NASDAQ:CAR)

Charles Schwab Investment Management Inc. boosted its position in Avis Budget Group, Inc. (NASDAQ:CAR) by 10.5% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 185,801 shares of the business services provider’s stock after buying an additional 17,666 shares during the period. Charles Schwab Investment Management Inc. owned approximately 0.53% of Avis Budget Group worth $16,274,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Wolverine Asset Management LLC raised its stake in shares of Avis Budget Group by 93.4% in the third quarter. Wolverine Asset Management LLC now owns 16,771 shares of the business services provider’s stock worth $1,469,000 after purchasing an additional 8,100 shares during the last quarter. Assenagon Asset Management S.A. bought a new position in Avis Budget Group during the second quarter valued at $19,978,000. Lecap Asset Management Ltd. bought a new position in shares of Avis Budget Group in the second quarter worth $1,400,000. Canada Pension Plan Investment Board raised its position in shares of Avis Budget Group by 266.9% in the second quarter. Canada Pension Plan Investment Board now owns 63,100 shares of the business services provider’s stock worth $6,595,000 after buying an additional 45,900 shares in the last quarter. Finally, Toronto Dominion Bank purchased a new stake in Avis Budget Group during the second quarter valued at about $10,452,000. 96.35% of the stock is owned by institutional investors.

Avis Budget Group Stock Up 3.7 %

Shares of CAR opened at $102.46 on Friday. The business’s 50 day moving average price is $92.67 and its 200-day moving average price is $94.87. Avis Budget Group, Inc. has a 52 week low of $65.73 and a 52 week high of $204.77. The stock has a market cap of $3.60 billion, a P/E ratio of 9.36 and a beta of 2.20.

Avis Budget Group (NASDAQ:CAR) last issued its quarterly earnings results on Thursday, October 31st. The business services provider reported $6.65 EPS for the quarter, missing analysts’ consensus estimates of $8.55 by ($1.90). Avis Budget Group had a negative return on equity of 101.41% and a net margin of 3.34%. The company had revenue of $3.48 billion during the quarter, compared to the consensus estimate of $3.53 billion. During the same period in the prior year, the firm earned $16.78 earnings per share. The business’s revenue for the quarter was down 2.4% compared to the same quarter last year. On average, equities analysts anticipate that Avis Budget Group, Inc. will post 3.59 EPS for the current year.

Analyst Upgrades and Downgrades

Several research firms have recently commented on CAR. Barclays began coverage on Avis Budget Group in a report on Thursday, September 19th. They issued an “equal weight” rating and a $105.00 price objective on the stock. Northcoast Research cut Avis Budget Group from a “buy” rating to a “neutral” rating in a research note on Monday, November 18th. JPMorgan Chase & Co. cut their target price on Avis Budget Group from $175.00 to $150.00 and set an “overweight” rating on the stock in a research note on Monday, November 4th. The Goldman Sachs Group cut their target price on Avis Budget Group from $105.00 to $90.00 and set a “neutral” rating on the stock in a research note on Friday, October 11th. Finally, Deutsche Bank Aktiengesellschaft cut their target price on Avis Budget Group from $145.00 to $143.00 and set a “buy” rating on the stock in a research note on Tuesday, November 5th. Five research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $133.13.

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.