Handelsbanken Fonder AB Lowers Holdings in Avis Budget Group, Inc. (NASDAQ:CAR)

Handelsbanken Fonder AB reduced its stake in Avis Budget Group, Inc. (NASDAQ:CAR) by 2.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 3,688 shares of the business services provider’s stock after selling 100 shares during the period. Handelsbanken Fonder AB’s holdings in Avis Budget Group were worth $654,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of the stock. Huntington National Bank grew its holdings in shares of Avis Budget Group by 101.0% in the third quarter. Huntington National Bank now owns 209 shares of the business services provider’s stock worth $38,000 after acquiring an additional 105 shares during the period. CWM LLC increased its position in shares of Avis Budget Group by 248.2% during the 3rd quarter. CWM LLC now owns 491 shares of the business services provider’s stock valued at $88,000 after purchasing an additional 350 shares during the last quarter. Covestor Ltd lifted its stake in shares of Avis Budget Group by 733.9% in the 3rd quarter. Covestor Ltd now owns 517 shares of the business services provider’s stock worth $93,000 after purchasing an additional 455 shares during the period. C M Bidwell & Associates Ltd. boosted its holdings in shares of Avis Budget Group by 181.5% in the third quarter. C M Bidwell & Associates Ltd. now owns 881 shares of the business services provider’s stock worth $158,000 after buying an additional 568 shares during the last quarter. Finally, Teza Capital Management LLC bought a new stake in Avis Budget Group during the third quarter valued at approximately $214,000. 96.35% of the stock is owned by hedge funds and other institutional investors.

Avis Budget Group Trading Up 2.8 %

CAR opened at $103.56 on Tuesday. The stock has a 50-day moving average of $111.49 and a 200 day moving average of $152.16. Avis Budget Group, Inc. has a 12 month low of $93.53 and a 12 month high of $244.95. The firm has a market cap of $3.69 billion, a P/E ratio of 2.43 and a beta of 2.22.

Avis Budget Group (NASDAQ:CAR) last released its earnings results on Tuesday, February 13th. The business services provider reported $7.10 earnings per share for the quarter, beating the consensus estimate of $4.15 by $2.95. The firm had revenue of $2.76 billion for the quarter, compared to the consensus estimate of $2.81 billion. Avis Budget Group had a negative return on equity of 696.69% and a net margin of 13.59%. The company’s revenue for the quarter was down .3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $10.46 EPS. On average, research analysts forecast that Avis Budget Group, Inc. will post 14.73 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts have issued reports on CAR shares. Susquehanna cut their price target on Avis Budget Group from $195.00 to $145.00 and set a “neutral” rating for the company in a report on Wednesday, February 14th. Morgan Stanley reduced their target price on shares of Avis Budget Group from $190.00 to $187.00 and set an “overweight” rating for the company in a report on Wednesday, April 10th. Northcoast Research raised shares of Avis Budget Group from a “neutral” rating to a “buy” rating and set a $155.00 target price for the company in a report on Monday, March 25th. Deutsche Bank Aktiengesellschaft lowered their price objective on Avis Budget Group from $202.00 to $183.00 and set a “buy” rating on the stock in a research report on Thursday, April 18th. Finally, Bank of America started coverage on Avis Budget Group in a report on Tuesday, March 19th. They issued a “buy” rating and a $170.00 price target on the stock. Three analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $172.86.

Avis Budget Group Company 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.