Amalgamated Bank Sells 1,717 Shares of Avis Budget Group, Inc. (NASDAQ:CAR)

Amalgamated Bank lessened its stake in shares of Avis Budget Group, Inc. (NASDAQ:CAR) by 13.2% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,307 shares of the business services provider’s stock after selling 1,717 shares during the quarter. Amalgamated Bank’s holdings in Avis Budget Group were worth $1,182,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Janney Montgomery Scott LLC grew its position in Avis Budget Group by 3.2% in the 4th quarter. Janney Montgomery Scott LLC now owns 2,540 shares of the business services provider’s stock valued at $450,000 after purchasing an additional 79 shares during the period. State of Michigan Retirement System lifted its stake in shares of Avis Budget Group by 2.2% in the first quarter. State of Michigan Retirement System now owns 4,573 shares of the business services provider’s stock valued at $560,000 after buying an additional 100 shares in the last quarter. Denali Advisors LLC grew its holdings in shares of Avis Budget Group by 94.1% during the first quarter. Denali Advisors LLC now owns 231 shares of the business services provider’s stock valued at $28,000 after buying an additional 112 shares during the last quarter. EntryPoint Capital LLC increased its position in shares of Avis Budget Group by 119.2% during the first quarter. EntryPoint Capital LLC now owns 228 shares of the business services provider’s stock worth $28,000 after acquiring an additional 124 shares in the last quarter. Finally, SummerHaven Investment Management LLC raised its holdings in shares of Avis Budget Group by 4.5% in the 2nd quarter. SummerHaven Investment Management LLC now owns 3,223 shares of the business services provider’s stock worth $337,000 after acquiring an additional 138 shares during the last quarter. Institutional investors own 96.35% of the company’s stock.

Avis Budget Group Stock Performance

CAR opened at $85.62 on Friday. Avis Budget Group, Inc. has a fifty-two week low of $65.73 and a fifty-two week high of $204.77. The firm has a 50-day moving average of $86.12 and a 200 day moving average of $102.74. The firm has a market cap of $3.05 billion, a P/E ratio of 2.70 and a beta of 2.14.

Avis Budget Group (NASDAQ:CAR) last released its earnings results on Monday, August 5th. The business services provider reported $0.41 earnings per share for the quarter, missing analysts’ consensus estimates of $2.60 by ($2.19). The company had revenue of $3.05 billion for the quarter, compared to the consensus estimate of $3.13 billion. Avis Budget Group had a net margin of 6.58% and a negative return on equity of 230.71%. The firm’s revenue was down 2.4% on a year-over-year basis. During the same period in the prior year, the company earned $11.01 earnings per share. Equities research analysts predict that Avis Budget Group, Inc. will post 7.68 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

CAR has been the subject of a number of analyst reports. Susquehanna cut their price target on 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. StockNews.com downgraded Avis Budget Group from a “hold” rating to a “sell” rating in a report on Wednesday, August 14th. The Goldman Sachs Group dropped their price objective on Avis Budget Group from $120.00 to $105.00 and set a “neutral” rating on the stock in a research note on Thursday, August 8th. Deutsche Bank Aktiengesellschaft reduced their target price on shares of Avis Budget Group from $155.00 to $146.00 and set a “buy” rating for the company in a research note on Friday, August 30th. Finally, JPMorgan Chase & Co. dropped 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 report on Wednesday, August 7th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and five have given a buy rating to the stock. According to MarketBeat, Avis Budget Group has a consensus 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.