Avis Budget Group, Inc. (NASDAQ:CAR) Stock Holdings Decreased by Amalgamated Bank

Amalgamated Bank cut its stake in shares of Avis Budget Group, Inc. (NASDAQ:CAR) by 30.9% during the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 7,818 shares of the business services provider’s stock after selling 3,489 shares during the period. Amalgamated Bank’s holdings in Avis Budget Group were worth $685,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in CAR. International Assets Investment Management LLC grew its position in Avis Budget Group by 19,203.5% during the third quarter. International Assets Investment Management LLC now owns 481,044 shares of the business services provider’s stock valued at $421,350,000 after purchasing an additional 478,552 shares in the last quarter. Rubric Capital Management LP grew its position in Avis Budget Group by 220.9% during 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 purchasing an additional 475,181 shares in the last quarter. Assenagon Asset Management S.A. purchased a new position in Avis Budget Group during the second quarter valued at approximately $19,978,000. Toronto Dominion Bank acquired a new stake in Avis Budget Group in the second quarter valued at approximately $10,452,000. Finally, Natixis lifted its stake in Avis Budget Group by 1,339.3% in the first quarter. Natixis now owns 101,242 shares of the business services provider’s stock valued at $12,398,000 after acquiring an additional 94,208 shares during the last quarter. 96.35% of the stock is owned by hedge funds and other institutional investors.

Avis Budget Group Stock Down 5.9 %

Shares of NASDAQ CAR opened at $100.25 on Friday. The firm’s 50-day simple moving average is $85.54 and its 200 day simple moving average is $96.36. The company has a market cap of $3.52 billion, a price-to-earnings ratio of 9.16 and a beta of 2.14. 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 released its earnings results on Thursday, October 31st. The business services provider reported $6.65 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $8.55 by ($1.90). Avis Budget Group had a net margin of 3.34% and a negative return on equity of 101.41%. The business had revenue of $3.48 billion for the quarter, compared to analyst estimates of $3.53 billion. During the same quarter in the previous year, the company posted $16.78 earnings per share. The business’s revenue for the quarter was down 2.4% on a year-over-year basis. On average, equities analysts expect that Avis Budget Group, Inc. will post 5.24 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on CAR shares. The Goldman Sachs Group reduced their target price on shares of Avis Budget Group from $105.00 to $90.00 and set a “neutral” rating for the company in a research note on Friday, October 11th. Susquehanna dropped 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 report on Friday, August 9th. JPMorgan Chase & Co. dropped their target price 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. StockNews.com raised shares of Avis Budget Group from a “sell” rating to a “hold” rating in a research report on Monday, November 4th. Finally, Deutsche Bank Aktiengesellschaft dropped their target price on shares of 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. Four analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $133.13.

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.