Parametric Portfolio Associates LLC cut its position in Avis Budget Group Inc. (NASDAQ:CAR) by 12.1% during the third quarter, Holdings Channel.com reports. The institutional investor owned 538,447 shares of the business services provider’s stock after selling 74,396 shares during the quarter. Parametric Portfolio Associates LLC’s holdings in Avis Budget Group were worth $15,217,000 at the end of the most recent reporting period.
A number of other large investors have also recently added to or reduced their stakes in CAR. Advisors Preferred LLC acquired a new stake in shares of Avis Budget Group during the second quarter worth $30,000. Pearl River Capital LLC increased its position in Avis Budget Group by 51.6% in the 2nd quarter. Pearl River Capital LLC now owns 1,483 shares of the business services provider’s stock valued at $52,000 after buying an additional 505 shares in the last quarter. Oppenheimer Asset Management Inc. increased its position in Avis Budget Group by 13.9% in the 2nd quarter. Oppenheimer Asset Management Inc. now owns 3,294 shares of the business services provider’s stock valued at $116,000 after buying an additional 403 shares in the last quarter. Convergence Investment Partners LLC increased its position in Avis Budget Group by 9.7% in the 3rd quarter. Convergence Investment Partners LLC now owns 4,129 shares of the business services provider’s stock valued at $117,000 after buying an additional 364 shares in the last quarter. Finally, Macquarie Group Ltd. acquired a new position in Avis Budget Group during the 2nd quarter worth approximately $151,000. Hedge funds and other institutional investors own 99.87% of the company’s stock.
Several brokerages have issued reports on CAR. ValuEngine upgraded Avis Budget Group from a “strong sell” rating to a “sell” rating in a report on Tuesday, December 3rd. Deutsche Bank restated a “hold” rating and set a $31.00 price objective on shares of Avis Budget Group in a report on Wednesday, November 20th. Barclays reaffirmed a “hold” rating and set a $33.00 target price on shares of Avis Budget Group in a research report on Wednesday, October 23rd. TheStreet cut Avis Budget Group from a “b-” rating to a “c” rating in a report on Monday, September 16th. Finally, Jefferies Financial Group began coverage on shares of Avis Budget Group in a research report on Thursday, November 21st. They issued a “buy” rating for the company. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and three have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $34.40.
Avis Budget Group (NASDAQ:CAR) last announced its quarterly earnings results on Thursday, October 31st. The business services provider reported $2.96 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $3.65 by ($0.69). The business had revenue of $2.75 billion during the quarter, compared to the consensus estimate of $2.84 billion. Avis Budget Group had a net margin of 1.91% and a return on equity of 66.13%. Avis Budget Group’s revenue was down .9% compared to the same quarter last year. During the same period in the previous year, the business posted $3.33 EPS. On average, equities research analysts expect that Avis Budget Group Inc. will post 3.45 earnings per share for the current fiscal year.
Avis Budget Group Company Profile
Avis Budget Group, Inc, together with its subsidiaries, provides car and truck rentals, car sharing, and ancillary services to businesses and consumers worldwide. It operates the Avis brand, a vehicle rental system with approximately 5,500 locations that supply rental cars to the premium commercial and leisure segments of the travel industry; the Budget brand, a vehicle rental and other mobility solutions primarily focuses on the value-conscious segments of the industry; the Zipcar brand, a membership-based car sharing network; and the Budget Truck brand, a local and one-way truck rental businesses with a fleet of approximately 18,000 vehicles, which are rented through a network of approximately 640 dealer-operated and 430 company-operated locations that serve the consumer and light commercial sectors in the continental United States.
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