Retirement Systems of Alabama Purchases 10,179 Shares of Avis Budget Group, Inc. $CAR

Retirement Systems of Alabama boosted its position in Avis Budget Group, Inc. (NASDAQ:CAR) by 49.3% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 30,825 shares of the business services provider’s stock after purchasing an additional 10,179 shares during the quarter. Retirement Systems of Alabama owned about 0.09% of Avis Budget Group worth $4,950,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently bought and sold shares of CAR. Y Intercept Hong Kong Ltd purchased a new stake in Avis Budget Group in the second quarter valued at approximately $1,297,000. Assenagon Asset Management S.A. grew its stake in Avis Budget Group by 62.7% in the 3rd quarter. Assenagon Asset Management S.A. now owns 384,401 shares of the business services provider’s stock worth $61,725,000 after buying an additional 148,093 shares in the last quarter. Caxton Associates LLP bought a new position in shares of Avis Budget Group in the 2nd quarter worth $4,628,000. Prescott Group Capital Management L.L.C. purchased a new stake in shares of Avis Budget Group during the 2nd quarter valued at $2,367,000. Finally, Franklin Resources Inc. purchased a new stake in shares of Avis Budget Group during the 2nd quarter valued at $6,326,000. 96.35% of the stock is owned by institutional investors.

Avis Budget Group Price Performance

Shares of Avis Budget Group stock opened at $114.99 on Friday. Avis Budget Group, Inc. has a one year low of $54.03 and a one year high of $212.81. The business’s 50 day simple moving average is $128.39 and its two-hundred day simple moving average is $147.30. The stock has a market capitalization of $4.05 billion, a P/E ratio of -1.92 and a beta of 2.31.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the stock. Weiss Ratings reiterated a “sell (d)” rating on shares of Avis Budget Group in a research report on Wednesday, January 21st. Morgan Stanley reiterated an “equal weight” rating and issued a $142.00 price objective (up from $115.00) on shares of Avis Budget Group in a report on Monday, December 8th. JPMorgan Chase & Co. raised their price objective on Avis Budget Group from $155.00 to $157.00 and gave the company a “neutral” rating in a report on Monday, October 20th. Susquehanna dropped their target price on Avis Budget Group from $145.00 to $130.00 and set a “neutral” rating for the company in a research report on Wednesday, October 29th. Finally, Zacks Research upgraded shares of Avis Budget Group from a “strong sell” rating to a “hold” rating in a research report on Tuesday, November 18th. One analyst has rated the stock with a Buy rating, five have given a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat, Avis Budget Group currently has a consensus rating of “Reduce” and an average price target of $137.57.

Avis Budget Group Company Profile

Avis Budget Group, Inc operates as a leading global provider of vehicle rental and mobility solutions. Through its two core brands, Avis® and Budget®, the company offers a broad range of rental options including daily, weekly and monthly car rentals for leisure and business travelers. In addition to traditional airport and off-airport car rental services, Avis Budget Group delivers innovative mobility platforms such as car-sharing programs and connected fleet solutions designed to meet the evolving needs of corporate, government and individual customers.

The company’s roots trace back to Avis Rent a Car, founded in 1946, and Budget Rent a Car, established in 1958.