3,802 Shares in Avis Budget Group, Inc. (NASDAQ:CAR) Bought by M&T Bank Corp

M&T Bank Corp bought a new stake in Avis Budget Group, Inc. (NASDAQ:CAR) in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 3,802 shares of the business services provider’s stock, valued at approximately $333,000.

Other large investors also recently modified their holdings of the company. SummerHaven Investment Management LLC grew its position 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 valued at $337,000 after purchasing an additional 138 shares during the period. Retirement Systems of Alabama boosted its holdings in shares of Avis Budget Group by 50.2% in the second quarter. Retirement Systems of Alabama now owns 34,851 shares of the business services provider’s stock valued at $3,643,000 after buying an additional 11,654 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Avis Budget Group by 27.6% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,664 shares of the business services provider’s stock worth $487,000 after acquiring an additional 1,008 shares in the last quarter. Signaturefd LLC raised its holdings in shares of Avis Budget Group by 180.0% during the second quarter. Signaturefd LLC now owns 714 shares of the business services provider’s stock worth $75,000 after acquiring an additional 459 shares during the period. Finally, International Assets Investment Management LLC lifted its position in Avis Budget Group by 13.7% in the 2nd quarter. International Assets Investment Management LLC now owns 2,492 shares of the business services provider’s stock valued at $260,000 after acquiring an additional 300 shares in the last quarter. 96.35% of the stock is currently owned by institutional investors.

Avis Budget Group Trading Down 6.4 %

Shares of CAR opened at $83.48 on Thursday. The company has a market cap of $2.93 billion, a price-to-earnings ratio of 7.62 and a beta of 2.20. The company’s fifty day simple moving average is $93.76 and its 200 day simple moving average is $93.88. Avis Budget Group, Inc. has a 1-year low of $65.73 and a 1-year high of $191.10.

Avis Budget Group (NASDAQ:CAR) last released its quarterly earnings data on Thursday, October 31st. The business services provider reported $6.65 earnings per share for the quarter, missing the consensus estimate of $8.55 by ($1.90). Avis Budget Group had a negative return on equity of 101.41% and a net margin of 3.34%. The firm had revenue of $3.48 billion for the quarter, compared to analyst estimates of $3.53 billion. During the same quarter in the prior year, the firm earned $16.78 earnings per share. The firm’s revenue for the quarter was down 2.4% on a year-over-year basis. As a group, research analysts forecast that Avis Budget Group, Inc. will post 3.59 earnings per share for the current year.

Analyst Ratings Changes

A number of equities analysts have issued reports on the company. Barclays initiated coverage on Avis Budget Group in a report on Thursday, September 19th. They set an “equal weight” rating and a $105.00 target price for the company. Deutsche Bank Aktiengesellschaft cut their target price on Avis Budget Group from $145.00 to $143.00 and set a “buy” rating on the stock in a research note on Tuesday, November 5th. StockNews.com raised shares of Avis Budget Group from a “sell” rating to a “hold” rating in a research note on Monday, November 4th. JPMorgan Chase & Co. cut their price objective on shares of Avis Budget Group from $175.00 to $150.00 and set an “overweight” rating on the stock in a research report on Monday, November 4th. Finally, The Goldman Sachs Group raised their target price on shares of Avis Budget Group from $85.00 to $95.00 and gave the company a “neutral” rating in a research report on Tuesday, December 10th. Five research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, Avis Budget Group currently has an average rating of “Hold” and an average price target of $133.75.

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.