Wells Fargo & Company MN lifted its stake in shares of Avis Budget Group Inc. (NASDAQ:CAR) by 20.6% in the first quarter, according to the company in its most recent filing with the SEC. The fund owned 545,324 shares of the business services provider’s stock after buying an additional 93,125 shares during the quarter. Wells Fargo & Company MN owned about 0.78% of Avis Budget Group worth $7,579,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Schroder Investment Management Group lifted its stake in shares of Avis Budget Group by 19.8% during the 4th quarter. Schroder Investment Management Group now owns 8,795 shares of the business services provider’s stock worth $284,000 after buying an additional 1,453 shares during the last quarter. Texas Permanent School Fund lifted its stake in shares of Avis Budget Group by 24.4% during the 1st quarter. Texas Permanent School Fund now owns 48,357 shares of the business services provider’s stock worth $672,000 after buying an additional 9,474 shares during the last quarter. Virginia Retirement Systems ET AL acquired a new stake in shares of Avis Budget Group during the 1st quarter worth about $257,000. Banco Bilbao Vizcaya Argentaria S.A. acquired a new stake in shares of Avis Budget Group during the 4th quarter worth about $379,000. Finally, Bank of New York Mellon Corp lifted its stake in shares of Avis Budget Group by 4.9% during the 4th quarter. Bank of New York Mellon Corp now owns 873,267 shares of the business services provider’s stock worth $28,154,000 after buying an additional 41,084 shares during the last quarter.
Several brokerages have weighed in on CAR. ValuEngine upgraded shares of Avis Budget Group from a “hold” rating to a “buy” rating in a research note on Monday, June 1st. TheStreet cut shares of Avis Budget Group from a “b-” rating to a “c” rating in a research note on Friday, March 13th. Morgan Stanley lifted their price objective on shares of Avis Budget Group from $15.00 to $25.00 and gave the stock an “equal weight” rating in a research note on Friday, May 29th. BidaskClub cut shares of Avis Budget Group from a “buy” rating to a “hold” rating in a research note on Thursday, June 25th. Finally, Deutsche Bank reiterated a “hold” rating and issued a $24.00 price objective on shares of Avis Budget Group in a research note on Tuesday, June 9th. Seven research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Avis Budget Group has an average rating of “Hold” and a consensus price target of $24.80.
CAR stock opened at $22.71 on Tuesday. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 60.25. Avis Budget Group Inc. has a 12 month low of $6.35 and a 12 month high of $52.98. The firm has a market cap of $1.43 billion, a P/E ratio of 6.69 and a beta of 2.31. The company’s 50-day moving average price is $21.51 and its two-hundred day moving average price is $25.23.
Avis Budget Group (NASDAQ:CAR) last released its earnings results on Monday, May 4th. The business services provider reported ($1.40) EPS for the quarter, beating the consensus estimate of ($1.91) by $0.51. Avis Budget Group had a net margin of 2.61% and a return on equity of 51.68%. The firm had revenue of $1.75 billion for the quarter, compared to analyst estimates of $770.53 million. During the same period last year, the firm earned $0.79 EPS. The business’s quarterly revenue was down 8.7% compared to the same quarter last year. Equities analysts predict that Avis Budget Group Inc. will post -6.01 EPS for the current year.
In related news, Director Srs Investment Management, Llc purchased 282,566 shares of the firm’s stock in a transaction that occurred on Thursday, May 28th. The shares were bought at an average cost of $20.59 per share, with a total value of $5,818,033.94. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 23.20% of the company’s stock.
Avis Budget Group Profile
Avis Budget Group, Inc, together with its subsidiaries, provides car and truck rentals, car sharing, and ancillary services to businesses and consumers worldwide. It operates the Avis brand, a vehicle rental system with approximately 5,500 locations that supply rental cars to the premium commercial and leisure segments of the travel industry; the Budget brand, a vehicle rental and other mobility solutions primarily focuses on the value-conscious segments of the industry; the Zipcar brand, a membership-based car sharing network; and the Budget Truck brand, a local and one-way truck rental businesses with a fleet of approximately 18,000 vehicles, which are rented through a network of approximately 640 dealer-operated and 430 company-operated locations that serve the consumer and light commercial sectors in the continental United States.
Further Reading: How are capital gains distributions different for tax-deferred account?
Receive News & Ratings for Avis Budget Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Avis Budget Group and related companies with MarketBeat.com's FREE daily email newsletter.