Avis Budget Group, Inc. (NASDAQ:CAR) Stake Lessened by Principal Financial Group Inc.

Principal Financial Group Inc. cut its stake in Avis Budget Group, Inc. (NASDAQ:CAR) by 34.6% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 39,627 shares of the business services provider’s stock after selling 20,955 shares during the period. Principal Financial Group Inc.’s holdings in Avis Budget Group were worth $3,471,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in the stock. Strategic Investment Solutions Inc. IL increased its holdings in shares of Avis Budget Group by 198.3% in the 3rd quarter. Strategic Investment Solutions Inc. IL now owns 361 shares of the business services provider’s stock valued at $32,000 after acquiring an additional 240 shares during the last quarter. Nisa Investment Advisors LLC increased its stake in Avis Budget Group by 293.3% during the third quarter. Nisa Investment Advisors LLC now owns 409 shares of the business services provider’s stock valued at $36,000 after purchasing an additional 305 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. bought a new stake in Avis Budget Group during the second quarter valued at $75,000. Headlands Technologies LLC acquired a new stake in shares of Avis Budget Group during the second quarter worth $116,000. Finally, Carolina Wealth Advisors LLC lifted its position in shares of Avis Budget Group by 184.5% in the 3rd quarter. Carolina Wealth Advisors LLC now owns 1,118 shares of the business services provider’s stock worth $98,000 after buying an additional 725 shares during the last quarter. 96.35% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on CAR. The Goldman Sachs Group boosted their price objective on shares of Avis Budget Group from $85.00 to $95.00 and gave the company a “neutral” rating in a research report on Tuesday, December 10th. Deutsche Bank Aktiengesellschaft dropped their price target on Avis Budget Group from $145.00 to $143.00 and set a “buy” rating on the stock in a research report on Tuesday, November 5th. JPMorgan Chase & Co. reduced their price objective on Avis Budget Group from $175.00 to $150.00 and set an “overweight” rating for the company in a research report on Monday, November 4th. Northcoast Research lowered Avis Budget Group from a “buy” rating to a “neutral” rating in a research report on Monday, November 18th. Finally, Barclays initiated coverage on shares of Avis Budget Group in a report on Thursday, September 19th. They set an “equal weight” rating and a $105.00 price target for the company. Five investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $133.75.

Avis Budget Group Stock Performance

Shares of CAR opened at $81.76 on Friday. Avis Budget Group, Inc. has a one year low of $65.73 and a one year high of $176.79. The stock’s fifty day moving average is $93.73 and its 200-day moving average is $91.70. The firm has a market capitalization of $2.87 billion, a price-to-earnings ratio of 7.47 and a beta of 2.20.

Avis Budget Group (NASDAQ:CAR) last released its earnings results on Thursday, October 31st. The business services provider reported $6.65 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 analyst estimates of $3.53 billion. Avis Budget Group had a net margin of 3.34% and a negative return on equity of 101.41%. The firm’s quarterly revenue was down 2.4% on a year-over-year basis. During the same period in the previous year, the business posted $16.78 EPS. Analysts forecast that Avis Budget Group, Inc. will post 3.59 EPS for the current fiscal year.

Avis Budget Group Profile

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.