Chase Investment Counsel Corp Makes New Investment in Avis Budget Group, Inc. (NASDAQ:CAR)

Chase Investment Counsel Corp bought a new stake in shares of Avis Budget Group, Inc. (NASDAQ:CAR) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 12,000 shares of the business services provider’s stock, valued at approximately $1,254,000.

Other institutional investors have also recently made changes to their positions in the company. Creative Planning lifted its position in Avis Budget Group by 117.8% in the second quarter. Creative Planning now owns 12,672 shares of the business services provider’s stock worth $1,324,000 after buying an additional 6,855 shares during the last quarter. Algert Global LLC grew its holdings in Avis Budget Group by 2.5% during the 2nd quarter. Algert Global LLC now owns 10,165 shares of the business services provider’s stock valued at $1,062,000 after purchasing an additional 245 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. bought a new stake in Avis Budget Group in the second quarter worth about $75,000. Point72 Hong Kong Ltd bought a new position in shares of Avis Budget Group during the second quarter valued at approximately $203,000. Finally, Toronto Dominion Bank bought a new stake in shares of Avis Budget Group during the 2nd quarter worth approximately $10,452,000. Institutional investors own 96.35% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently commented on CAR shares. Deutsche Bank Aktiengesellschaft cut their price target on shares of Avis Budget Group from $155.00 to $146.00 and set a “buy” rating on the stock in a report on Friday, August 30th. StockNews.com downgraded shares of Avis Budget Group from a “hold” rating to a “sell” rating in a research note on Wednesday, August 14th. JPMorgan Chase & Co. decreased their price target on shares of Avis Budget Group from $205.00 to $175.00 and set an “overweight” rating for the company in a research note on Wednesday, August 7th. Susquehanna dropped their price objective on Avis Budget Group from $120.00 to $95.00 and set a “neutral” rating on the stock in a research note on Friday, August 9th. Finally, Barclays began coverage on Avis Budget Group in a report on Thursday, September 19th. They set an “equal weight” rating and a $105.00 price objective on the stock. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $138.50.

Avis Budget Group Stock Up 2.3 %

Shares of Avis Budget Group stock opened at $87.59 on Monday. Avis Budget Group, Inc. has a 52-week low of $65.73 and a 52-week high of $204.77. The firm’s 50 day moving average price is $85.84 and its 200-day moving average price is $102.50. The company has a market cap of $3.12 billion, a P/E ratio of 2.76 and a beta of 2.14.

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

About Avis Budget Group

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.