Avis Budget Group, Inc. (NASDAQ:CAR) Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. lessened its holdings in shares of Avis Budget Group, Inc. (NASDAQ:CAR) by 13.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 60,582 shares of the business services provider’s stock after selling 9,182 shares during the period. Principal Financial Group Inc. owned approximately 0.17% of Avis Budget Group worth $6,332,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of the business. Assenagon Asset Management S.A. acquired a new stake in shares of Avis Budget Group during the 2nd quarter valued at approximately $19,978,000. Norges Bank purchased a new stake in Avis Budget Group during the fourth quarter worth $30,234,000. Par Capital Management Inc. grew its holdings in Avis Budget Group by 16.1% in the fourth quarter. Par Capital Management Inc. now owns 848,959 shares of the business services provider’s stock valued at $150,486,000 after purchasing an additional 117,600 shares during the last quarter. Massachusetts Financial Services Co. MA increased its position in shares of Avis Budget Group by 47.8% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 327,275 shares of the business services provider’s stock valued at $58,013,000 after buying an additional 105,867 shares in the last quarter. Finally, Natixis raised its stake in shares of Avis Budget Group by 1,339.3% during the 1st quarter. Natixis now owns 101,242 shares of the business services provider’s stock worth $12,398,000 after buying an additional 94,208 shares during the last quarter. Hedge funds and other institutional investors own 96.35% of the company’s stock.

Avis Budget Group Stock Up 0.8 %

Shares of Avis Budget Group stock opened at $69.69 on Tuesday. Avis Budget Group, Inc. has a fifty-two week low of $66.00 and a fifty-two week high of $204.77. The business’s fifty day moving average is $93.43 and its two-hundred day moving average is $105.39. The firm has a market cap of $2.49 billion, a PE ratio of 2.20 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 the consensus estimate of $2.60 by ($2.19). Avis Budget Group had a negative return on equity of 230.71% and a net margin of 6.58%. The business had revenue of $3.05 billion for the quarter, compared to analysts’ expectations of $3.13 billion. During the same quarter last year, the company posted $11.01 earnings per share. The business’s quarterly revenue was down 2.4% compared to the same quarter last year. Equities research analysts anticipate that Avis Budget Group, Inc. will post 7.68 EPS for the current year.

Analyst Ratings Changes

CAR has been the subject of several recent research reports. StockNews.com downgraded shares of Avis Budget Group from a “hold” rating to a “sell” rating in a report on Wednesday, August 14th. Susquehanna dropped their price objective on shares of 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. JPMorgan Chase & Co. reduced their target price on Avis Budget Group from $205.00 to $175.00 and set an “overweight” rating on the stock in a research note on Wednesday, August 7th. The Goldman Sachs Group dropped their price target on Avis Budget Group from $120.00 to $105.00 and set a “neutral” rating for the company in a research report on Thursday, August 8th. Finally, Deutsche Bank Aktiengesellschaft reduced their price objective on Avis Budget Group from $155.00 to $146.00 and set a “buy” rating on the stock in a research report on Friday, August 30th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, Avis Budget Group currently has an average rating of “Moderate Buy” and a consensus target price of $143.29.

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.