Avis Budget Group, Inc. (NASDAQ:CAR) Shares Sold by New York State Teachers Retirement System

New York State Teachers Retirement System cut its holdings in Avis Budget Group, Inc. (NASDAQ:CAR) by 1.0% in the 3rd quarter, according to its most recent 13F filing with the SEC. The fund owned 24,357 shares of the business services provider’s stock after selling 246 shares during the period. New York State Teachers Retirement System’s holdings in Avis Budget Group were worth $2,133,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the business. Rubric Capital Management LP raised its holdings in Avis Budget Group by 220.9% in the 2nd quarter. Rubric Capital Management LP now owns 690,273 shares of the business services provider’s stock valued at $72,147,000 after acquiring an additional 475,181 shares during the last quarter. Massachusetts Financial Services Co. MA raised its holdings in Avis Budget Group by 17.6% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 589,780 shares of the business services provider’s stock valued at $61,644,000 after acquiring an additional 88,279 shares during the last quarter. International Assets Investment Management LLC raised its holdings in Avis Budget Group by 19,203.5% in the 3rd quarter. International Assets Investment Management LLC now owns 481,044 shares of the business services provider’s stock valued at $421,350,000 after acquiring an additional 478,552 shares during the last quarter. Assenagon Asset Management S.A. acquired a new position in Avis Budget Group in the 2nd quarter valued at $19,978,000. Finally, Hsbc Holdings PLC grew its stake in shares of Avis Budget Group by 16.3% during the 2nd quarter. Hsbc Holdings PLC now owns 126,380 shares of the business services provider’s stock valued at $13,036,000 after buying an additional 17,750 shares during the period. 96.35% of the stock is currently owned by institutional investors and hedge funds.

Avis Budget Group Trading Down 1.9 %

Shares of Avis Budget Group stock opened at $92.95 on Friday. The company has a fifty day moving average price of $82.82 and a 200 day moving average price of $96.37. Avis Budget Group, Inc. has a twelve month low of $65.73 and a twelve month high of $204.77. The stock has a market cap of $3.27 billion, a price-to-earnings ratio of 8.49 and a beta of 2.14.

Avis Budget Group (NASDAQ:CAR) last announced its quarterly earnings results on Thursday, October 31st. The business services provider reported $6.65 earnings per share for the quarter, missing analysts’ consensus estimates of $8.55 by ($1.90). Avis Budget Group had a negative return on equity of 101.41% and a net margin of 3.34%. The business had revenue of $3.48 billion for the quarter, compared to analysts’ expectations of $3.53 billion. During the same period last year, the company posted $16.78 earnings per share. The firm’s revenue for the quarter was down 2.4% on a year-over-year basis. Analysts forecast that Avis Budget Group, Inc. will post 6.66 earnings per share for the current year.

Analyst Ratings Changes

Several brokerages have recently issued reports on CAR. Susquehanna lowered their price objective on shares of Avis Budget Group from $120.00 to $95.00 and set a “neutral” rating for the company in a research note on Friday, August 9th. Deutsche Bank Aktiengesellschaft lowered their price objective on shares of Avis Budget Group from $145.00 to $143.00 and set a “buy” rating for the company in a research note on Tuesday. Barclays began coverage on shares of Avis Budget Group in a research note on Thursday, September 19th. They set an “equal weight” rating and a $105.00 price objective for the company. StockNews.com raised shares of Avis Budget Group from a “sell” rating to a “hold” rating in a research note on Monday, November 4th. Finally, JPMorgan Chase & Co. lowered their price objective on shares of Avis Budget Group from $175.00 to $150.00 and set an “overweight” rating for the company in a research note on Monday, November 4th. Four analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $133.13.

Avis Budget Group Profile

Avis Budget Group, Inc, together with its subsidiaries, provides car and truck rentals, car sharing, and ancillary products and services to businesses and consumers in the Americas, Europe, the Middle East and Africa, Asia, and Australasia. It operates the Avis brand, that offers vehicle rental and other mobility solutions to the premium commercial and leisure segments of the travel industry; and the Zipcar brand, a car sharing network, as well as the Budget brand, a supplier of vehicle rental and other mobility solutions focused primarily on more value-conscious customers comprising Budget car rental, and Budget Truck, a local, and one-way truck and cargo van rental businesses with a fleet of approximately 19,000 vehicles, which are rented through a network of dealer-operated and company-operated locations that serve the light commercial and consumer sectors in the continental United States.