Bank of Montreal Can Reduces Stock Position in Avis Budget Group, Inc. (NASDAQ:CAR)

Bank of Montreal Can cut its stake in Avis Budget Group, Inc. (NASDAQ:CAR) by 56.3% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 103,360 shares of the business services provider’s stock after selling 133,267 shares during the quarter. Bank of Montreal Can’s holdings in Avis Budget Group were worth $9,053,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Central Valley Advisors LLC purchased a new stake in Avis Budget Group in the 2nd quarter worth approximately $25,000. Strategic Investment Solutions Inc. IL increased its holdings in shares of Avis Budget Group by 198.3% in the third quarter. Strategic Investment Solutions Inc. IL now owns 361 shares of the business services provider’s stock worth $32,000 after purchasing an additional 240 shares during the period. Nisa Investment Advisors LLC raised its position in shares of Avis Budget Group by 293.3% in the third quarter. Nisa Investment Advisors LLC now owns 409 shares of the business services provider’s stock worth $36,000 after buying an additional 305 shares in the last quarter. Signaturefd LLC boosted its stake in Avis Budget Group by 180.0% during the second quarter. Signaturefd LLC now owns 714 shares of the business services provider’s stock valued at $75,000 after buying an additional 459 shares during the period. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new position in Avis Budget Group during the second quarter worth about $75,000. 96.35% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the company. The Goldman Sachs Group dropped their price target on Avis Budget Group from $105.00 to $90.00 and set a “neutral” rating for the company in a research report on Friday, October 11th. Susquehanna lowered their target price on shares of Avis Budget Group from $120.00 to $95.00 and set a “neutral” rating on the stock in a research note on Friday, August 9th. Barclays began coverage on shares of Avis Budget Group in a research note on Thursday, September 19th. They issued an “equal weight” rating and a $105.00 price target for the company. JPMorgan Chase & Co. lowered their price objective on shares of Avis Budget Group from $175.00 to $150.00 and set an “overweight” rating on the stock in a research report on Monday, November 4th. Finally, Northcoast Research lowered shares of Avis Budget Group from a “buy” rating to a “neutral” rating in a research report on Monday, November 18th. Five analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $133.13.

Avis Budget Group Stock Up 0.2 %

NASDAQ CAR opened at $109.07 on Monday. The firm has a market cap of $3.83 billion, a price-to-earnings ratio of 9.96 and a beta of 2.14. The company has a 50-day simple moving average of $91.02 and a two-hundred day simple moving average of $95.26. Avis Budget Group, Inc. has a 12-month low of $65.73 and a 12-month high of $204.77.

Avis Budget Group (NASDAQ:CAR) last posted its quarterly earnings results on Thursday, October 31st. The business services provider reported $6.65 earnings per share (EPS) for the quarter, missing the consensus estimate of $8.55 by ($1.90). The company had revenue of $3.48 billion for the quarter, compared to the consensus estimate of $3.53 billion. Avis Budget Group had a negative return on equity of 101.41% and a net margin of 3.34%. Avis Budget Group’s revenue was down 2.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned $16.78 earnings per share. Equities analysts expect that Avis Budget Group, Inc. will post 3.59 earnings per share for the current fiscal year.

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.