Creative Planning Sells 3,469 Shares of Avis Budget Group, Inc. (NASDAQ:CAR)

Creative Planning reduced its holdings in Avis Budget Group, Inc. (NASDAQ:CAR) by 27.4% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,203 shares of the business services provider’s stock after selling 3,469 shares during the quarter. Creative Planning’s holdings in Avis Budget Group were worth $806,000 at the end of the most recent reporting period.

A number of other large investors have also bought and sold shares of the business. Assenagon Asset Management S.A. acquired a new position in Avis Budget Group in the second quarter worth $19,978,000. Russell Investments Group Ltd. boosted its stake in Avis Budget Group by 70,663.6% in the first quarter. Russell Investments Group Ltd. now owns 7,784 shares of the business services provider’s stock worth $954,000 after purchasing an additional 7,773 shares in the last quarter. Capstone Investment Advisors LLC acquired a new position in Avis Budget Group in the first quarter worth $1,069,000. Gabelli Funds LLC acquired a new position in Avis Budget Group in the first quarter worth $1,898,000. Finally, Janney Montgomery Scott LLC boosted its stake in Avis Budget Group by 77.8% in the first quarter. Janney Montgomery Scott LLC now owns 4,517 shares of the business services provider’s stock worth $553,000 after purchasing an additional 1,977 shares in the last quarter. 96.35% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have commented on CAR shares. Barclays started coverage on Avis Budget Group in a research note on Thursday, September 19th. They issued an “equal weight” rating and a $105.00 price objective on the stock. StockNews.com lowered Avis Budget Group from a “hold” rating to a “sell” rating in a research note on Wednesday, August 14th. Deutsche Bank Aktiengesellschaft reduced their price objective on Avis Budget Group from $155.00 to $146.00 and set a “buy” rating on the stock in a research note on Friday, August 30th. The Goldman Sachs Group cut their price target on Avis Budget Group from $105.00 to $90.00 and set a “neutral” rating on the stock in a research note on Friday, October 11th. Finally, Susquehanna cut their price target on 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. One research analyst has rated the stock with a sell rating, three have given a hold rating and five have given a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $136.63.

Avis Budget Group Stock Up 10.9 %

Shares of CAR opened at $92.06 on Friday. Avis Budget Group, Inc. has a 12-month low of $65.73 and a 12-month high of $204.77. The stock’s fifty day simple moving average is $81.98 and its 200-day simple moving average is $96.68. The firm has a market capitalization of $3.28 billion, a PE ratio of 4.37 and a beta of 2.13.

Avis Budget Group (NASDAQ:CAR) last released its earnings results on Thursday, October 31st. The business services provider reported $6.65 earnings per share for the quarter, missing the consensus estimate of $8.55 by ($1.90). Avis Budget Group had a net margin of 6.58% and a negative return on equity of 230.71%. The company had revenue of $3.48 billion during the quarter, compared to analyst estimates of $3.53 billion. During the same period in the previous year, the company posted $16.78 EPS. The company’s quarterly revenue was down 2.4% compared to the same quarter last year. Analysts anticipate that Avis Budget Group, Inc. will post 6.66 EPS for the current year.

About Avis Budget Group

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.