Parametric Portfolio Associates LLC boosted its holdings in Avis Budget Group, Inc. (NASDAQ:CAR) by 4.7% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 506,060 shares of the business services provider’s stock after buying an additional 22,654 shares during the period. Parametric Portfolio Associates LLC owned approximately 0.60% of Avis Budget Group worth $13,800,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also modified their holdings of CAR. FNY Managed Accounts LLC acquired a new stake in Avis Budget Group in the 1st quarter valued at $102,000. Harel Insurance Investments & Financial Services Ltd. acquired a new position in Avis Budget Group in the second quarter worth $191,000. Cambridge Investment Research Advisors Inc. acquired a new position in Avis Budget Group in the second quarter worth $225,000. LS Investment Advisors LLC boosted its stake in Avis Budget Group by 13.0% in the second quarter. LS Investment Advisors LLC now owns 8,881 shares of the business services provider’s stock worth $242,000 after purchasing an additional 1,024 shares in the last quarter. Finally, Pacer Advisors Inc. boosted its stake in Avis Budget Group by 4.0% in the second quarter. Pacer Advisors Inc. now owns 9,261 shares of the business services provider’s stock worth $253,000 after purchasing an additional 356 shares in the last quarter.
Avis Budget Group, Inc. (NASDAQ CAR) opened at 41.21 on Wednesday. The stock’s 50 day moving average price is $37.57 and its 200-day moving average price is $30.42. Avis Budget Group, Inc. has a 52 week low of $20.71 and a 52 week high of $41.53. The company has a market cap of $3.41 billion, a price-to-earnings ratio of 48.54 and a beta of 2.48.
Avis Budget Group (NASDAQ:CAR) last announced its quarterly earnings results on Monday, August 7th. The business services provider reported $0.30 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.62 by ($0.32). The firm had revenue of $2.24 billion for the quarter, compared to the consensus estimate of $2.27 billion. Avis Budget Group had a net margin of 0.86% and a return on equity of 74.80%. Avis Budget Group’s revenue was down .2% on a year-over-year basis. During the same period last year, the business earned $0.63 EPS. On average, equities research analysts forecast that Avis Budget Group, Inc. will post $2.61 earnings per share for the current fiscal year.
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CAR has been the topic of a number of recent analyst reports. Morgan Stanley reduced their price objective on Avis Budget Group from $19.00 to $18.00 and set an “underweight” rating on the stock in a research note on Friday, August 25th. Deutsche Bank AG reiterated a “buy” rating on shares of Avis Budget Group in a report on Monday, June 26th. ValuEngine upgraded Avis Budget Group from a “hold” rating to a “buy” rating in a report on Thursday, July 6th. Credit Suisse Group reiterated a “hold” rating on shares of Avis Budget Group in a report on Thursday, September 14th. Finally, MKM Partners restated a “buy” rating and issued a $40.00 price target on shares of Avis Budget Group in a report on Wednesday, June 28th. One research analyst has rated the stock with a sell rating, four have given a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Avis Budget Group has an average rating of “Buy” and an average price target of $37.33.
In other Avis Budget Group news, Director John D. Jr. Hardy sold 908 shares of Avis Budget Group stock in a transaction that occurred on Friday, August 11th. The shares were sold at an average price of $32.78, for a total value of $29,764.24. Following the completion of the sale, the director now owns 908 shares of the company’s stock, valued at approximately $29,764.24. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, SVP David T. Calabria sold 1,300 shares of Avis Budget Group stock in a transaction that occurred on Wednesday, September 6th. The stock was sold at an average price of $35.86, for a total transaction of $46,618.00. Following the completion of the sale, the senior vice president now directly owns 5,662 shares of the company’s stock, valued at approximately $203,039.32. The disclosure for this sale can be found here. Insiders have sold 435,708 shares of company stock valued at $17,133,212 in the last three months. 2.80% of the stock is owned by insiders.
Avis Budget Group Profile
Avis Budget Group Inc is a provider of vehicle rental and car sharing services. The Company operates three brands, which include Avis, Budget and Zipcar. Avis and Budget are a rental car supplier. It also owns Payless, which a car rental brand; Apex, which is a car rental brand in New Zealand and Australia; Maggiore, a vehicle rental brand in Italy, and France Cars, which operates light commercial vehicle fleets in France.
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