Bank of America Corp DE Has $10.50 Million Holdings in Avis Budget Group, Inc. (NASDAQ:CAR)

Bank of America Corp DE trimmed its position in Avis Budget Group, Inc. (NASDAQ:CAR) by 13.5% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 130,211 shares of the business services provider’s stock after selling 20,304 shares during the period. Bank of America Corp DE owned about 0.37% of Avis Budget Group worth $10,496,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in CAR. ING Groep NV grew its position in Avis Budget Group by 310.4% in the 4th quarter. ING Groep NV now owns 325,000 shares of the business services provider’s stock worth $26,198,000 after purchasing an additional 245,800 shares in the last quarter. National Bank of Canada FI increased its stake in shares of Avis Budget Group by 266.7% during the 4th quarter. National Bank of Canada FI now owns 330,000 shares of the business services provider’s stock worth $26,601,000 after purchasing an additional 240,000 shares during the last quarter. Wealthfront Advisers LLC purchased a new stake in shares of Avis Budget Group during the 4th quarter worth approximately $12,164,000. Wolverine Asset Management LLC increased its stake in shares of Avis Budget Group by 870.6% during the 4th quarter. Wolverine Asset Management LLC now owns 162,771 shares of the business services provider’s stock worth $13,121,000 after purchasing an additional 146,000 shares during the last quarter. Finally, Norges Bank purchased a new stake in shares of Avis Budget Group during the 4th quarter worth approximately $11,234,000. 96.35% of the stock is owned by institutional investors.

Avis Budget Group Stock Up 1.7%

Shares of Avis Budget Group stock opened at $119.71 on Friday. The company’s fifty day simple moving average is $85.04 and its two-hundred day simple moving average is $87.36. The firm has a market cap of $4.21 billion, a PE ratio of -2.31 and a beta of 2.10. Avis Budget Group, Inc. has a 12-month low of $54.03 and a 12-month high of $121.38.

Avis Budget Group (NASDAQ:CAR) last released its quarterly earnings results on Wednesday, May 7th. The business services provider reported ($14.35) earnings per share for the quarter, missing the consensus estimate of ($5.72) by ($8.63). Avis Budget Group had a negative net margin of 15.45% and a negative return on equity of 14.74%. The company had revenue of $2.43 billion during the quarter, compared to the consensus estimate of $2.49 billion. During the same quarter last year, the firm earned ($3.21) EPS. The business’s revenue was down 4.7% on a year-over-year basis. As a group, sell-side analysts expect that Avis Budget Group, Inc. will post 8.91 earnings per share for the current fiscal year.

Analysts Set New Price Targets

CAR has been the subject of several analyst reports. The Goldman Sachs Group cut their price objective on shares of Avis Budget Group from $100.00 to $87.00 and set a “neutral” rating for the company in a report on Friday, May 9th. JPMorgan Chase & Co. upped their target price on shares of Avis Budget Group from $145.00 to $155.00 and gave the stock an “overweight” rating in a research report on Friday, May 9th. Finally, Wall Street Zen raised shares of Avis Budget Group from a “sell” rating to a “hold” rating in a research note on Saturday, May 3rd. Five investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat, Avis Budget Group presently has an average rating of “Hold” and an average target price of $117.00.

Avis Budget Group Company Profile

Avis Budget Group, Inc engages in the provision of vehicle sharing and rental services. It operates through the following segments: Americas, International, and Corporate and Other. The Americas segment includes the vehicle rental and car sharing operations in North America, South America, Central America, and the Caribbean.