California Public Employees Retirement System Has $6.68 Million Stake in Avis Budget Group, Inc. (NASDAQ:CAR)

California Public Employees Retirement System lowered its holdings in Avis Budget Group, Inc. (NASDAQ:CAR) by 1.9% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 37,678 shares of the business services provider’s stock after selling 734 shares during the quarter. California Public Employees Retirement System owned about 0.10% of Avis Budget Group worth $6,679,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Toronto Dominion Bank raised its position in Avis Budget Group by 13.6% in the 3rd quarter. Toronto Dominion Bank now owns 460,000 shares of the business services provider’s stock valued at $82,657,000 after buying an additional 55,000 shares during the last quarter. Hsbc Holdings PLC grew its stake in shares of Avis Budget Group by 1,573.0% in the 3rd quarter. Hsbc Holdings PLC now owns 362,965 shares of the business services provider’s stock worth $64,799,000 after acquiring an additional 341,269 shares in the last quarter. Hudson Bay Capital Management LP purchased a new stake in shares of Avis Budget Group in the third quarter valued at about $62,892,000. Bank of Nova Scotia lifted its position in shares of Avis Budget Group by 63.1% during the third quarter. Bank of Nova Scotia now owns 289,648 shares of the business services provider’s stock valued at $52,047,000 after purchasing an additional 112,073 shares in the last quarter. Finally, Barclays PLC boosted its holdings in Avis Budget Group by 9.8% during the third quarter. Barclays PLC now owns 190,582 shares of the business services provider’s stock worth $34,242,000 after purchasing an additional 17,082 shares during the last quarter. Institutional investors own 96.35% of the company’s stock.

Avis Budget Group Stock Performance

CAR stock opened at $115.60 on Friday. Avis Budget Group, Inc. has a fifty-two week low of $93.53 and a fifty-two week high of $244.95. The stock has a fifty day moving average of $111.63 and a 200-day moving average of $150.53. The company has a market capitalization of $4.12 billion, a price-to-earnings ratio of 3.65 and a beta of 2.28.

Avis Budget Group (NASDAQ:CAR) last posted its quarterly earnings results on Wednesday, May 1st. The business services provider reported ($3.21) earnings per share (EPS) for the quarter, missing the consensus estimate of ($2.65) by ($0.56). The business had revenue of $2.55 billion during the quarter, compared to the consensus estimate of $2.41 billion. Avis Budget Group had a net margin of 10.05% and a negative return on equity of 729.43%. The business’s revenue for the quarter was down .2% on a year-over-year basis. During the same period last year, the firm earned $7.72 EPS. Equities analysts predict that Avis Budget Group, Inc. will post 13.55 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research firms have commented on CAR. StockNews.com lowered shares of Avis Budget Group from a “hold” rating to a “sell” rating in a research note on Thursday. Northcoast Research raised Avis Budget Group from a “neutral” rating to a “buy” rating and set a $155.00 price target for the company in a research report on Monday, March 25th. Bank of America cut their price objective on Avis Budget Group from $170.00 to $140.00 and set a “buy” rating on the stock in a research report on Wednesday. The Goldman Sachs Group raised Avis Budget Group from a “sell” rating to a “neutral” rating and raised their target price for the company from $118.00 to $130.00 in a research report on Thursday, April 4th. Finally, Deutsche Bank Aktiengesellschaft cut their price target on shares of Avis Budget Group from $202.00 to $183.00 and set a “buy” rating on the stock in a report on Thursday, April 18th. One analyst has rated the stock with a sell rating, two have issued a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $164.57.

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.