Gabelli Funds LLC Has $3.97 Million Stake in Avis Budget Group, Inc. (NASDAQ:CAR)

Gabelli Funds LLC grew its stake in shares of Avis Budget Group, Inc. (NASDAQ:CAR) by 145.2% in the second quarter, according to its most recent disclosure with the SEC. The fund owned 38,000 shares of the business services provider’s stock after buying an additional 22,500 shares during the period. Gabelli Funds LLC owned approximately 0.11% of Avis Budget Group worth $3,972,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in CAR. Par Capital Management Inc. increased its holdings in Avis Budget Group by 16.1% in the 4th quarter. Par Capital Management Inc. now owns 848,959 shares of the business services provider’s stock valued at $150,486,000 after buying an additional 117,600 shares during the period. Rubric Capital Management LP increased its stake in Avis Budget Group by 220.9% in the second 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 period. Massachusetts Financial Services Co. MA raised its position in Avis Budget Group by 17.6% in the second quarter. Massachusetts Financial Services Co. MA now owns 589,780 shares of the business services provider’s stock worth $61,644,000 after purchasing an additional 88,279 shares in the last quarter. Hsbc Holdings PLC lifted its stake in Avis Budget Group by 11.1% during the fourth quarter. Hsbc Holdings PLC now owns 403,279 shares of the business services provider’s stock worth $71,305,000 after purchasing an additional 40,314 shares during the period. Finally, Dimensional Fund Advisors LP boosted its holdings in Avis Budget Group by 18.4% during the fourth quarter. Dimensional Fund Advisors LP now owns 296,355 shares of the business services provider’s stock valued at $52,534,000 after purchasing an additional 46,021 shares in the last quarter. Institutional investors own 96.35% of the company’s stock.

Wall Street Analysts Forecast Growth

CAR has been the subject of several analyst reports. The Goldman Sachs Group cut their target price on Avis Budget Group from $120.00 to $105.00 and set a “neutral” rating for the company in a research report on Thursday, August 8th. JPMorgan Chase & Co. cut their price objective on Avis Budget Group from $205.00 to $175.00 and set an “overweight” rating for the company in a report on Wednesday, August 7th. Deutsche Bank Aktiengesellschaft lowered their target price on shares of Avis Budget Group from $155.00 to $146.00 and set a “buy” rating on the stock in a report on Friday, August 30th. Susquehanna cut their price target on shares of Avis Budget Group from $120.00 to $95.00 and set a “neutral” rating for the company in a report on Friday, August 9th. Finally, Barclays assumed 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 on the stock. One analyst has rated the stock with a sell rating, three have issued a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $138.50.

Avis Budget Group Trading Up 0.7 %

CAR opened at $87.16 on Wednesday. Avis Budget Group, Inc. has a 1-year low of $65.73 and a 1-year high of $204.77. The stock has a market capitalization of $3.11 billion, a PE ratio of 2.75 and a beta of 2.14. The firm has a 50-day moving average price of $87.19 and a two-hundred day moving average price of $103.00.

Avis Budget Group (NASDAQ:CAR) last issued its quarterly earnings results on Monday, August 5th. The business services provider reported $0.41 earnings per share for the quarter, missing analysts’ consensus estimates of $2.60 by ($2.19). Avis Budget Group had a net margin of 6.58% and a negative return on equity of 230.71%. The company had revenue of $3.05 billion during the quarter, compared to analyst estimates of $3.13 billion. During the same period in the prior year, the business earned $11.01 EPS. The business’s revenue for the quarter was down 2.4% on a year-over-year basis. On average, research analysts predict that Avis Budget Group, Inc. will post 7.68 EPS for the current 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.