Victory Capital Management Inc. Decreases Position in Avis Budget Group, Inc. (NASDAQ:CAR)

Victory Capital Management Inc. decreased its holdings in Avis Budget Group, Inc. (NASDAQ:CAR) by 4.4% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,802 shares of the business services provider’s stock after selling 454 shares during the quarter. Victory Capital Management Inc.’s holdings in Avis Budget Group were worth $1,025,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Par Capital Management Inc. increased its stake in Avis Budget Group by 16.1% during the 4th 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 in the last quarter. Hsbc Holdings PLC raised its stake in Avis Budget Group by 11.1% in the 4th quarter. Hsbc Holdings PLC now owns 403,279 shares of the business services provider’s stock worth $71,305,000 after acquiring an additional 40,314 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in Avis Budget Group by 18.4% in the 4th quarter. Dimensional Fund Advisors LP now owns 296,355 shares of the business services provider’s stock worth $52,534,000 after acquiring an additional 46,021 shares during the last quarter. Assenagon Asset Management S.A. acquired a new stake in Avis Budget Group during the 2nd quarter worth about $19,978,000. Finally, Norges Bank purchased a new stake in Avis Budget Group during the 4th quarter valued at about $30,234,000. 96.35% of the stock is currently owned by hedge funds and other institutional investors.

Avis Budget Group Price Performance

CAR stock opened at $85.90 on Friday. Avis Budget Group, Inc. has a 1 year low of $65.73 and a 1 year high of $204.77. The firm has a market capitalization of $3.06 billion, a PE ratio of 2.71 and a beta of 2.14. The business has a 50 day simple moving average of $88.09 and a 200-day simple moving average of $103.38.

Avis Budget Group (NASDAQ:CAR) last announced its quarterly 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 net margin of 6.58% and a negative return on equity of 230.71%. The firm had revenue of $3.05 billion for the quarter, compared to analyst estimates of $3.13 billion. During the same period in the previous year, the firm posted $11.01 EPS. The company’s revenue was down 2.4% compared to the same quarter last year. On average, equities research analysts expect that Avis Budget Group, Inc. will post 7.68 EPS for the current year.

Wall Street Analyst Weigh In

Several analysts have recently commented on CAR shares. Susquehanna dropped their price objective on shares of Avis Budget Group from $120.00 to $95.00 and set a “neutral” rating on the stock in a report on Friday, August 9th. JPMorgan Chase & Co. cut their price target on 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. Deutsche Bank Aktiengesellschaft decreased their price objective on Avis Budget Group from $155.00 to $146.00 and set a “buy” rating for the company in a report on Friday, August 30th. Barclays assumed coverage on Avis Budget Group in a report on Thursday. They set an “equal weight” rating and a $105.00 target price on the stock. Finally, The Goldman Sachs Group decreased their price target on Avis Budget Group from $120.00 to $105.00 and set a “neutral” rating for the company in a report on Thursday, August 8th. One analyst has rated the stock with a sell rating, three have issued a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, Avis Budget Group has an average rating of “Hold” and a consensus price target of $138.50.

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.