Fmr LLC Has $293.83 Million Stake in Avis Budget Group, Inc. (NASDAQ:CAR)

Fmr LLC boosted its position in Avis Budget Group, Inc. (NASDAQ:CAR) by 4.0% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,354,546 shares of the business services provider’s stock after purchasing an additional 129,805 shares during the period. Fmr LLC owned 9.55% of Avis Budget Group worth $293,825,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. SummerHaven Investment Management LLC raised its stake in shares of Avis Budget Group by 4.5% during the second quarter. SummerHaven Investment Management LLC now owns 3,223 shares of the business services provider’s stock valued at $337,000 after acquiring an additional 138 shares during the last quarter. Strategic Investment Solutions Inc. IL increased 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 purchasing an additional 240 shares in the last quarter. Central Valley Advisors LLC bought a new stake in Avis Budget Group in the 2nd quarter valued at about $25,000. Algert Global LLC raised its position in shares of Avis Budget Group by 2.5% during the second quarter. Algert Global LLC now owns 10,165 shares of the business services provider’s stock worth $1,062,000 after purchasing an additional 245 shares during the period. Finally, International Assets Investment Management LLC raised its holdings in Avis Budget Group by 13.7% during the second quarter. International Assets Investment Management LLC now owns 2,492 shares of the business services provider’s stock worth $260,000 after buying an additional 300 shares during the last quarter. Institutional investors and hedge funds own 96.35% of the company’s stock.

Avis Budget Group Stock Up 0.2 %

NASDAQ CAR opened at $109.07 on Monday. The firm has a market cap of $3.83 billion, a P/E ratio of 9.96 and a beta of 2.14. The company’s 50 day moving average is $91.02 and its 200-day moving average is $95.26. Avis Budget Group, Inc. has a 12-month low of $65.73 and a 12-month high of $204.77.

Avis Budget Group (NASDAQ:CAR) last issued its 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 business had revenue of $3.48 billion for the quarter, compared to the consensus estimate of $3.53 billion. During the same period in the previous year, the firm earned $16.78 EPS. The company’s revenue was down 2.4% compared to the same quarter last year. Equities analysts expect that Avis Budget Group, Inc. will post 3.59 EPS for the current year.

Wall Street Analyst Weigh In

Several analysts have recently commented on the company. The Goldman Sachs Group lowered their price objective on Avis Budget Group from $105.00 to $90.00 and set a “neutral” rating for the company in a research note on Friday, October 11th. Deutsche Bank Aktiengesellschaft cut their price target on shares of Avis Budget Group from $145.00 to $143.00 and set a “buy” rating on the stock in a report on Tuesday, November 5th. Northcoast Research downgraded shares of Avis Budget Group from a “buy” rating to a “neutral” rating in a report on Monday, November 18th. Susquehanna dropped their target price on shares of 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, StockNews.com upgraded shares of Avis Budget Group from a “sell” rating to a “hold” rating in a research note on Monday, November 4th. Five analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, Avis Budget Group has an average rating of “Hold” and an average price target of $133.13.

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.