Avis Budget Group, Inc. (NASDAQ:CAR) Shares Sold by New York State Teachers Retirement System

New York State Teachers Retirement System reduced its stake in Avis Budget Group, Inc. (NASDAQ:CAR) by 1.0% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 24,357 shares of the business services provider’s stock after selling 246 shares during the period. New York State Teachers Retirement System owned approximately 0.07% of Avis Budget Group worth $2,133,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the stock. Central Valley Advisors LLC acquired a new stake in Avis Budget Group in the second quarter valued at $25,000. EntryPoint Capital LLC raised its stake in Avis Budget Group by 119.2% in the first quarter. EntryPoint Capital LLC now owns 228 shares of the business services provider’s stock valued at $28,000 after buying an additional 124 shares in the last quarter. Strategic Investment Solutions Inc. IL raised its stake in Avis Budget Group by 198.3% in the third quarter. Strategic Investment Solutions Inc. IL now owns 361 shares of the business services provider’s stock valued at $32,000 after buying an additional 240 shares in the last quarter. Nisa Investment Advisors LLC raised its stake in Avis Budget Group by 293.3% in the third quarter. Nisa Investment Advisors LLC now owns 409 shares of the business services provider’s stock valued at $36,000 after buying an additional 305 shares in the last quarter. Finally, Signaturefd LLC raised its stake in Avis Budget Group by 180.0% in the second quarter. Signaturefd LLC now owns 714 shares of the business services provider’s stock valued at $75,000 after buying an additional 459 shares in the last quarter. 96.35% of the stock is currently owned by institutional investors and hedge funds.

Avis Budget Group Trading Down 1.9 %

Shares of CAR opened at $92.95 on Friday. Avis Budget Group, Inc. has a twelve month low of $65.73 and a twelve month high of $204.77. The stock’s 50 day moving average is $82.82 and its two-hundred day moving average is $96.37. The firm has a market capitalization of $3.27 billion, a PE ratio of 8.49 and a beta of 2.14.

Avis Budget Group (NASDAQ:CAR) last posted its quarterly earnings results on Thursday, October 31st. The business services provider reported $6.65 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $8.55 by ($1.90). Avis Budget Group had a net margin of 3.34% and a negative return on equity of 101.41%. The company had revenue of $3.48 billion for the quarter, compared to analyst estimates of $3.53 billion. During the same quarter in the previous year, the business posted $16.78 earnings per share. Avis Budget Group’s revenue was down 2.4% on a year-over-year basis. On average, sell-side analysts predict that Avis Budget Group, Inc. will post 6.66 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the company. The Goldman Sachs Group cut their price target on Avis Budget Group from $105.00 to $90.00 and set a “neutral” rating on the stock in a research note on Friday, October 11th. 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 report on Friday, August 9th. Deutsche Bank Aktiengesellschaft dropped their price objective on Avis Budget Group from $145.00 to $143.00 and set a “buy” rating on the stock in a report on Tuesday. Barclays initiated 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. Finally, JPMorgan Chase & Co. dropped their price objective on Avis Budget Group from $175.00 to $150.00 and set an “overweight” rating on the stock in a report on Monday, November 4th. Four analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, Avis Budget Group currently has a consensus rating of “Moderate Buy” and an average target price of $133.13.

Avis Budget Group Company 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.