Cwm LLC Trims Holdings in Avis Budget Group, Inc. (NASDAQ:CAR)

Cwm LLC lowered its position in Avis Budget Group, Inc. (NASDAQ:CAR) by 50.3% during the second quarter, Holdings Channel.com reports. The institutional investor owned 286 shares of the business services provider’s stock after selling 290 shares during the period. Cwm LLC’s holdings in Avis Budget Group were worth $30,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Norges Bank acquired a new position in shares of Avis Budget Group in the 4th quarter valued at about $30,234,000. Par Capital Management Inc. boosted its position in Avis Budget Group by 16.1% in the 4th quarter. Par Capital Management Inc. now owns 848,959 shares of the business services provider’s stock worth $150,486,000 after purchasing an additional 117,600 shares in the last quarter. Massachusetts Financial Services Co. MA grew its stake in shares of Avis Budget Group by 47.8% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 327,275 shares of the business services provider’s stock worth $58,013,000 after purchasing an additional 105,867 shares during the period. Natixis grew 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 purchasing an additional 94,208 shares during the period. Finally, International Assets Investment Management LLC purchased a new position in shares of Avis Budget Group during the 4th quarter valued at approximately $12,317,000. Institutional investors and hedge funds own 96.35% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the stock. StockNews.com downgraded shares of Avis Budget Group from a “hold” rating to a “sell” rating in a report on Wednesday, August 14th. Bank of America lowered their target price on shares of Avis Budget Group from $170.00 to $140.00 and set a “buy” rating on the stock in a research note on Wednesday, May 1st. Susquehanna cut their price target on 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 price target on Avis Budget Group from $205.00 to $175.00 and set an “overweight” rating for the company in a report on Wednesday, August 7th. Finally, The Goldman Sachs Group dropped their price objective on Avis Budget Group from $120.00 to $105.00 and set a “neutral” rating on the stock in a report on Thursday, August 8th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and five have issued a buy rating to the stock. According to MarketBeat, Avis Budget Group presently has a consensus rating of “Moderate Buy” and an average target price of $148.57.

Avis Budget Group Stock Down 7.0 %

CAR opened at $84.89 on Friday. The company has a market cap of $3.03 billion, a PE ratio of 2.68 and a beta of 2.21. Avis Budget Group, Inc. has a twelve month low of $79.03 and a twelve month high of $231.93. The company has a 50-day moving average price of $99.51 and a 200 day moving average price of $110.26.

Avis Budget Group (NASDAQ:CAR) last announced its earnings results on Monday, August 5th. The business services provider reported $0.41 EPS for the quarter, missing analysts’ consensus estimates of $2.60 by ($2.19). The firm had revenue of $3.05 billion for the quarter, compared to analyst estimates of $3.13 billion. Avis Budget Group had a net margin of 10.05% and a negative return on equity of 480.48%. Avis Budget Group’s revenue was down 2.4% compared to the same quarter last year. During the same period in the previous year, the company earned $11.01 EPS. As a group, sell-side analysts expect that Avis Budget Group, Inc. will post 12.28 earnings per share for the current 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.