Avis Budget Group, Inc. (NASDAQ:CAR) Position Increased by Canada Pension Plan Investment Board

Canada Pension Plan Investment Board grew its position in Avis Budget Group, Inc. (NASDAQ:CAR) by 266.9% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 63,100 shares of the business services provider’s stock after buying an additional 45,900 shares during the quarter. Canada Pension Plan Investment Board owned approximately 0.18% of Avis Budget Group worth $6,595,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. Par Capital Management Inc. raised 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 worth $150,486,000 after acquiring an additional 117,600 shares during the period. Massachusetts Financial Services Co. MA grew its position in Avis Budget Group by 17.6% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 589,780 shares of the business services provider’s stock worth $61,644,000 after acquiring an additional 88,279 shares during the last quarter. Hsbc Holdings PLC increased its holdings in Avis Budget Group by 11.1% during the 4th quarter. Hsbc Holdings PLC now owns 403,279 shares of the business services provider’s stock valued at $71,305,000 after purchasing an additional 40,314 shares in the last quarter. Dimensional Fund Advisors LP raised its position in Avis Budget Group by 18.4% in the 4th 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 during the last quarter. Finally, Assenagon Asset Management S.A. acquired a new position in Avis Budget Group in the second quarter worth $19,978,000. 96.35% of the stock is owned by hedge funds and other institutional investors.

Avis Budget Group Stock Up 0.7 %

NASDAQ:CAR opened at $87.16 on Wednesday. The stock’s fifty day simple moving average is $87.19 and its 200-day simple moving average is $103.00. The firm has a market capitalization of $3.11 billion, a P/E ratio of 2.75 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 issued its quarterly earnings data on Monday, August 5th. The business services provider reported $0.41 EPS for the quarter, missing the consensus estimate of $2.60 by ($2.19). Avis Budget Group had a negative return on equity of 230.71% and a net margin of 6.58%. The business had revenue of $3.05 billion for the quarter, compared to analyst estimates of $3.13 billion. During the same period in the previous year, the business posted $11.01 EPS. The business’s quarterly revenue was down 2.4% compared to the same quarter last year. As a group, equities research analysts expect that Avis Budget Group, Inc. will post 7.68 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on CAR shares. Barclays assumed 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. Susquehanna dropped their target price on shares of Avis Budget Group from $120.00 to $95.00 and set a “neutral” rating for the company in a research note on Friday, August 9th. JPMorgan Chase & Co. decreased their price target on shares of Avis Budget Group from $205.00 to $175.00 and set an “overweight” rating on the stock in a research note on Wednesday, August 7th. Deutsche Bank Aktiengesellschaft dropped their price objective on shares of Avis Budget Group from $155.00 to $146.00 and set a “buy” rating for the company in a research report on Friday, August 30th. Finally, StockNews.com lowered Avis Budget Group from a “hold” rating to a “sell” rating in a research report on Wednesday, August 14th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $138.50.

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.