State Street Corp Acquires 16,221 Shares of Avis Budget Group, Inc. (NASDAQ:CAR)

State Street Corp boosted its holdings in shares of Avis Budget Group, Inc. (NASDAQ:CAR) by 2.5% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 672,227 shares of the business services provider’s stock after purchasing an additional 16,221 shares during the quarter. State Street Corp owned about 1.91% of Avis Budget Group worth $58,880,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Strategic Investment Solutions Inc. IL boosted its position 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 valued at $32,000 after acquiring an additional 240 shares during the period. Nisa Investment Advisors LLC grew its position in Avis Budget Group by 293.3% in the 3rd quarter. Nisa Investment Advisors LLC now owns 409 shares of the business services provider’s stock worth $36,000 after purchasing an additional 305 shares during the last quarter. Signaturefd LLC grew its position in Avis Budget Group by 180.0% in the 2nd quarter. Signaturefd LLC now owns 714 shares of the business services provider’s stock worth $75,000 after purchasing an additional 459 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Avis Budget Group during the 2nd quarter worth about $75,000. Finally, Carolina Wealth Advisors LLC raised its position in shares of Avis Budget Group by 184.5% during the third quarter. Carolina Wealth Advisors LLC now owns 1,118 shares of the business services provider’s stock valued at $98,000 after buying an additional 725 shares during the last quarter. Institutional investors and hedge funds own 96.35% of the company’s stock.

Avis Budget Group Stock Down 6.4 %

Shares of Avis Budget Group stock opened at $83.48 on Thursday. Avis Budget Group, Inc. has a 12-month low of $65.73 and a 12-month high of $191.10. The stock has a market capitalization of $2.93 billion, a P/E ratio of 7.62 and a beta of 2.20. The company has a 50-day simple moving average of $93.85 and a 200 day simple moving average of $93.96.

Avis Budget Group (NASDAQ:CAR) last posted its quarterly earnings data 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). The firm had revenue of $3.48 billion for the quarter, compared to analyst estimates of $3.53 billion. Avis Budget Group had a negative return on equity of 101.41% and a net margin of 3.34%. The business’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. On average, equities analysts anticipate that Avis Budget Group, Inc. will post 3.59 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on CAR shares. The Goldman Sachs Group boosted their price target on Avis Budget Group from $85.00 to $95.00 and gave the company a “neutral” rating in a research note on Tuesday, December 10th. Barclays initiated coverage on Avis Budget Group in a research note on Thursday, September 19th. They issued an “equal weight” rating and a $105.00 target price for the company. StockNews.com upgraded shares of Avis Budget Group from a “sell” rating to a “hold” rating in a research note on Monday, November 4th. JPMorgan Chase & Co. dropped their price objective on shares of Avis Budget Group from $175.00 to $150.00 and set an “overweight” rating for the company in a research note on Monday, November 4th. Finally, Deutsche Bank Aktiengesellschaft decreased 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. 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.com, Avis Budget Group has an average rating of “Hold” and an average target price of $133.75.

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.