Avis Budget Group, Inc. (NASDAQ:CAR) Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. reduced its stake in Avis Budget Group, Inc. (NASDAQ:CAR – Get Rating) by 13.2% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 97,659 shares of the business services provider’s stock after selling 14,882 shares during the period. Principal Financial Group Inc.’s holdings in Avis Budget Group were worth $16,009,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in the stock. National Bank of Canada FI grew its stake in shares of Avis Budget Group by 150.4% during the fourth quarter. National Bank of Canada FI now owns 303 shares of the business services provider’s stock valued at $50,000 after acquiring an additional 182 shares in the last quarter. Signaturefd LLC raised its stake in shares of Avis Budget Group by 160.7% in the 3rd quarter. Signaturefd LLC now owns 352 shares of the business services provider’s stock valued at $52,000 after purchasing an additional 217 shares in the last quarter. EverSource Wealth Advisors LLC grew its stake in Avis Budget Group by 1,129.0% in the fourth quarter. EverSource Wealth Advisors LLC now owns 381 shares of the business services provider’s stock worth $62,000 after purchasing an additional 350 shares in the last quarter. C M Bidwell & Associates Ltd. raised its stake in Avis Budget Group by 61.4% during the third quarter. C M Bidwell & Associates Ltd. now owns 439 shares of the business services provider’s stock valued at $65,000 after buying an additional 167 shares in the last quarter. Finally, Lazard Asset Management LLC lifted its holdings in Avis Budget Group by 50.9% during the 3rd quarter. Lazard Asset Management LLC now owns 489 shares of the business services provider’s stock worth $72,000 after buying an additional 165 shares during the last quarter. 98.31% of the stock is owned by hedge funds and other institutional investors.

Avis Budget Group Stock Performance

CAR opened at $167.11 on Wednesday. Avis Budget Group, Inc. has a one year low of $131.83 and a one year high of $251.26. The stock’s fifty day moving average is $175.17 and its 200-day moving average is $193.60. The company has a market capitalization of $6.64 billion, a PE ratio of 3.03 and a beta of 2.31.

Avis Budget Group (NASDAQ:CAR – Get Rating) last announced its quarterly earnings data on Monday, May 1st. The business services provider reported $7.72 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.34 by $4.38. The company had revenue of $2.56 billion for the quarter, compared to analysts’ expectations of $2.54 billion. Avis Budget Group had a net margin of 21.02% and a negative return on equity of 448.41%. The business’s revenue was up 5.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $9.99 EPS. On average, equities research analysts forecast that Avis Budget Group, Inc. will post 33.99 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts have issued reports on CAR shares. Morgan Stanley raised shares of Avis Budget Group from an “underweight” rating to an “equal weight” rating and raised their target price for the stock from $175.00 to $185.00 in a report on Friday, May 5th. StockNews.com assumed coverage on shares of Avis Budget Group in a report on Thursday, May 18th. They set a “hold” rating for the company. JPMorgan Chase & Co. lifted their price target on Avis Budget Group from $270.00 to $275.00 and gave the company an “overweight” rating in a report on Wednesday, February 15th. Susquehanna cut their target price on Avis Budget Group from $240.00 to $195.00 in a research note on Wednesday, May 3rd. Finally, Deutsche Bank Aktiengesellschaft reduced their price target on Avis Budget Group from $261.00 to $239.00 in a research report on Wednesday, May 3rd. Six equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $221.00.

Avis Budget Group Company Profile

(Get Rating)

Avis Budget Group, Inc engages in the provision of vehicle sharing and rental services. It operates through the Americas and International segments. The Americas segment includes the company’s brands to third parties for vehicle rentals and ancillary products and services in North America, South America, Central America, and the Caribbean.