Zurcher Kantonalbank Zurich Cantonalbank Trims Stock Position in Avis Budget Group, Inc. (NASDAQ:CAR)

Zurcher Kantonalbank Zurich Cantonalbank trimmed its holdings in Avis Budget Group, Inc. (NASDAQ:CAR) by 22.7% in the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 4,410 shares of the business services provider’s stock after selling 1,294 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Avis Budget Group were worth $782,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Mackenzie Financial Corp purchased a new stake in shares of Avis Budget Group in the 4th quarter valued at approximately $687,000. Louisiana State Employees Retirement System purchased a new stake in Avis Budget Group in the fourth quarter valued at approximately $922,000. Cerity Partners LLC purchased a new stake in Avis Budget Group in the fourth quarter valued at approximately $313,000. Impax Asset Management Group plc acquired a new position in Avis Budget Group during the fourth quarter worth $749,000. Finally, International Assets Investment Management LLC purchased a new position in shares of Avis Budget Group during the fourth quarter worth $12,317,000. Institutional investors and hedge funds own 96.35% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the company. JPMorgan Chase & Co. cut their price objective on Avis Budget Group from $280.00 to $240.00 and set an “overweight” rating on the stock in a report on Wednesday, February 14th. Northcoast Research upgraded shares of Avis Budget Group from a “neutral” rating to a “buy” rating and set a $155.00 price target on the stock in a research note on Monday, March 25th. Deutsche Bank Aktiengesellschaft lowered their price objective on shares of Avis Budget Group from $202.00 to $183.00 and set a “buy” rating for the company in a research note on Thursday, April 18th. StockNews.com upgraded shares of Avis Budget Group from a “sell” rating to a “hold” rating in a report on Monday, February 12th. Finally, Susquehanna reduced their target price on shares of Avis Budget Group from $195.00 to $145.00 and set a “neutral” rating on the stock in a report on Wednesday, February 14th. Three equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, Avis Budget Group currently has a consensus rating of “Moderate Buy” and an average target price of $172.86.

Avis Budget Group Stock Up 2.8 %

Shares of Avis Budget Group stock opened at $103.56 on Tuesday. Avis Budget Group, Inc. has a 52-week low of $93.53 and a 52-week high of $244.95. The company has a market capitalization of $3.69 billion, a P/E ratio of 2.43 and a beta of 2.22. The company has a 50 day moving average of $111.49 and a 200 day moving average of $152.16.

Avis Budget Group (NASDAQ:CAR) last announced its quarterly earnings data on Tuesday, February 13th. The business services provider reported $7.10 earnings per share for the quarter, beating analysts’ consensus estimates of $4.15 by $2.95. The business had revenue of $2.76 billion for the quarter, compared to analyst estimates of $2.81 billion. Avis Budget Group had a net margin of 13.59% and a negative return on equity of 696.69%. The company’s revenue was down .3% on a year-over-year basis. During the same period last year, the business earned $10.46 EPS. As a group, research analysts anticipate that Avis Budget Group, Inc. will post 14.73 earnings per share for the current fiscal 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.