Avis Budget Group, Inc. (NASDAQ:CAR) Shares Acquired by Alaska Permanent Fund Corp

Alaska Permanent Fund Corp increased its stake in Avis Budget Group, Inc. (NASDAQ:CAR) by 38.3% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 17,083 shares of the business services provider’s stock after acquiring an additional 4,730 shares during the period. Alaska Permanent Fund Corp’s holdings in Avis Budget Group were worth $2,092,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of CAR. Aigen Investment Management LP raised its holdings in Avis Budget Group by 4.8% in the fourth quarter. Aigen Investment Management LP now owns 1,303 shares of the business services provider’s stock valued at $231,000 after buying an additional 60 shares during the period. Janney Montgomery Scott LLC raised its holdings in Avis Budget Group by 3.2% in the fourth quarter. Janney Montgomery Scott LLC now owns 2,540 shares of the business services provider’s stock valued at $450,000 after buying an additional 79 shares during the period. New York Life Investment Management LLC raised its holdings in Avis Budget Group by 4.0% in the fourth quarter. New York Life Investment Management LLC now owns 2,265 shares of the business services provider’s stock valued at $401,000 after buying an additional 87 shares during the period. Invst LLC raised its holdings in Avis Budget Group by 3.2% in the third quarter. Invst LLC now owns 3,751 shares of the business services provider’s stock valued at $674,000 after buying an additional 116 shares during the period. Finally, Lazard Asset Management LLC raised its holdings in Avis Budget Group by 12.0% in the third quarter. Lazard Asset Management LLC now owns 2,195 shares of the business services provider’s stock valued at $393,000 after buying an additional 235 shares during the period. 96.35% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research firms have recently issued reports on CAR. Susquehanna dropped their price objective on shares of Avis Budget Group from $145.00 to $117.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 30th. The Goldman Sachs Group upgraded shares of Avis Budget Group from a “sell” rating to a “neutral” rating and lifted their price objective for the company from $118.00 to $130.00 in a research note on Thursday, April 4th. StockNews.com upgraded shares of Avis Budget Group from a “sell” rating to a “hold” rating in a research note on Tuesday. Northcoast Research upgraded shares of Avis Budget Group from a “neutral” rating to a “buy” rating and set a $155.00 price objective on the stock in a research note on Monday, March 25th. Finally, Morgan Stanley dropped their price objective on shares of Avis Budget Group from $190.00 to $187.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 10th. Three research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat, Avis Budget Group currently has a consensus rating of “Moderate Buy” and an average target price of $164.57.

Avis Budget Group Trading Up 7.0 %

Shares of NASDAQ:CAR opened at $111.77 on Friday. The company has a fifty day simple moving average of $110.58 and a 200 day simple moving average of $134.47. The firm has a market cap of $3.98 billion, a PE ratio of 3.53 and a beta of 2.26. Avis Budget Group, Inc. has a 12-month low of $93.53 and a 12-month high of $244.95.

Avis Budget Group (NASDAQ:CAR) last issued its quarterly earnings results on Wednesday, May 1st. The business services provider reported ($3.21) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($2.65) by ($0.56). The company had revenue of $2.55 billion during the quarter, compared to the consensus estimate of $2.41 billion. Avis Budget Group had a negative return on equity of 480.48% and a net margin of 10.05%. The firm’s quarterly revenue was down .2% on a year-over-year basis. During the same quarter last year, the firm posted $7.72 EPS. As a group, equities research analysts forecast that Avis Budget Group, Inc. will post 12.48 EPS for the current fiscal year.

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.