California State Teachers Retirement System Cuts Stock Holdings in Avis Budget Group, Inc. (NASDAQ:CAR)

California State Teachers Retirement System trimmed its position in shares of Avis Budget Group, Inc. (NASDAQ:CAR) by 4.9% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 16,642 shares of the business services provider’s stock after selling 855 shares during the quarter. California State Teachers Retirement System’s holdings in Avis Budget Group were worth $1,342,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in CAR. Amalgamated Bank raised its position in shares of Avis Budget Group by 2.0% in the fourth quarter. Amalgamated Bank now owns 7,973 shares of the business services provider’s stock valued at $643,000 after buying an additional 155 shares during the last quarter. Yousif Capital Management LLC boosted its stake in shares of Avis Budget Group by 2.5% in the fourth quarter. Yousif Capital Management LLC now owns 7,592 shares of the business services provider’s stock valued at $612,000 after purchasing an additional 187 shares during the period. Quadrant Capital Group LLC boosted its stake in shares of Avis Budget Group by 41.0% in the fourth quarter. Quadrant Capital Group LLC now owns 681 shares of the business services provider’s stock valued at $55,000 after purchasing an additional 198 shares during the period. Sterling Capital Management LLC boosted its stake in shares of Avis Budget Group by 41.3% in the fourth quarter. Sterling Capital Management LLC now owns 736 shares of the business services provider’s stock valued at $59,000 after purchasing an additional 215 shares during the period. Finally, Signaturefd LLC lifted its stake in Avis Budget Group by 31.8% in the fourth quarter. Signaturefd LLC now owns 936 shares of the business services provider’s stock worth $75,000 after acquiring an additional 226 shares during the last quarter. 96.35% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on CAR. JPMorgan Chase & Co. raised their price objective on shares of Avis Budget Group from $145.00 to $155.00 and gave the stock an “overweight” rating in a report on Friday, May 9th. 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. Finally, The Goldman Sachs Group decreased their target price on shares of Avis Budget Group from $100.00 to $87.00 and set a “neutral” rating on the stock in a research report on Friday, May 9th. Five analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $117.00.

Avis Budget Group Stock Up 2.5%

Avis Budget Group stock opened at $126.10 on Tuesday. Avis Budget Group, Inc. has a 52 week low of $54.03 and a 52 week high of $129.96. The firm’s 50-day simple moving average is $96.64 and its 200 day simple moving average is $88.73. The firm has a market capitalization of $4.44 billion, a PE ratio of -2.43 and a beta of 2.11.

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

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.