Massachusetts Financial Services Co. MA Cuts Stake in Avis Budget Group, Inc. (NASDAQ:CAR)

Massachusetts Financial Services Co. MA lessened its position in Avis Budget Group, Inc. (NASDAQ:CAR) by 0.3% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 590,563 shares of the business services provider’s stock after selling 1,778 shares during the period. Massachusetts Financial Services Co. MA owned approximately 1.68% of Avis Budget Group worth $47,605,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in CAR. State Street Corp lifted its position in shares of Avis Budget Group by 2.5% during the 3rd quarter. State Street Corp now owns 672,227 shares of the business services provider’s stock valued at $58,880,000 after acquiring an additional 16,221 shares during the period. Assenagon Asset Management S.A. increased its stake in Avis Budget Group by 139.9% in the 4th quarter. Assenagon Asset Management S.A. now owns 379,805 shares of the business services provider’s stock valued at $30,616,000 after purchasing an additional 221,456 shares in the last quarter. National Bank of Canada FI raised its holdings in Avis Budget Group by 266.7% during the fourth 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. ING Groep NV boosted its position in Avis Budget Group by 310.4% during the fourth 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. Finally, Charles Schwab Investment Management Inc. grew its holdings in Avis Budget Group by 9.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 203,274 shares of the business services provider’s stock valued at $16,386,000 after purchasing an additional 17,473 shares during the last quarter. Hedge funds and other institutional investors own 96.35% of the company’s stock.

Analysts Set New Price Targets

Separately, The Goldman Sachs Group boosted their price objective on shares of Avis Budget Group from $85.00 to $95.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 10th. Five research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $130.71.

Insider Transactions at Avis Budget Group

In related news, Director Lynn Krominga sold 661 shares of Avis Budget Group stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $95.00, for a total transaction of $62,795.00. Following the transaction, the director now owns 3,355 shares in the company, valued at approximately $318,725. The trade was a 16.46 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 52.00% of the company’s stock.

Avis Budget Group Stock Performance

Shares of CAR stock opened at $69.20 on Friday. The firm has a market capitalization of $2.44 billion, a price-to-earnings ratio of -1.34 and a beta of 2.37. The company has a 50 day moving average price of $78.03 and a 200 day moving average price of $85.77. Avis Budget Group, Inc. has a one year low of $54.03 and a one year high of $132.25.

Avis Budget Group (NASDAQ:CAR) last issued its earnings results on Tuesday, February 11th. The business services provider reported ($0.23) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.50) by $0.27. Avis Budget Group had a negative return on equity of 14.74% and a negative net margin of 15.45%. As a group, equities analysts forecast that Avis Budget Group, Inc. will post 8.91 EPS for the current fiscal year.

About Avis Budget Group

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.