International Assets Investment Management LLC Purchases New Position in Avis Budget Group, Inc. (NASDAQ:CAR)

International Assets Investment Management LLC purchased a new stake in shares of Avis Budget Group, Inc. (NASDAQ:CAR) during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 69,486 shares of the business services provider’s stock, valued at approximately $12,317,000. International Assets Investment Management LLC owned approximately 0.19% of Avis Budget Group at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of CAR. Huntington National Bank lifted its stake in shares of Avis Budget Group by 101.0% during the 3rd quarter. Huntington National Bank now owns 209 shares of the business services provider’s stock valued at $38,000 after buying an additional 105 shares in the last quarter. Covestor Ltd increased its holdings in Avis Budget Group by 733.9% during the 3rd quarter. Covestor Ltd now owns 517 shares of the business services provider’s stock worth $93,000 after acquiring an additional 455 shares during the period. C M Bidwell & Associates Ltd. increased its holdings in Avis Budget Group by 181.5% during the 3rd quarter. C M Bidwell & Associates Ltd. now owns 881 shares of the business services provider’s stock worth $158,000 after acquiring an additional 568 shares during the period. Teza Capital Management LLC bought a new stake in Avis Budget Group during the 3rd quarter worth approximately $214,000. Finally, Blueshift Asset Management LLC bought a new stake in Avis Budget Group during the 3rd quarter worth approximately $319,000. 96.35% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms recently weighed in on CAR. Deutsche Bank Aktiengesellschaft decreased their target price 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. Bank of America decreased their price target on shares of Avis Budget Group from $170.00 to $140.00 and set a “buy” rating on the stock in a report on Wednesday, May 1st. StockNews.com lowered shares of Avis Budget Group from a “hold” rating to a “sell” rating in a report on Thursday. Morgan Stanley decreased their price target on shares of Avis Budget Group from $190.00 to $187.00 and set an “overweight” rating on the stock in a report on Wednesday, April 10th. Finally, JPMorgan Chase & Co. decreased their price target on shares of Avis Budget Group from $280.00 to $240.00 and set an “overweight” rating on the stock in a report on Wednesday, February 14th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, Avis Budget Group has a consensus rating of “Moderate Buy” and a consensus price target of $164.57.

Avis Budget Group Stock Performance

CAR stock opened at $115.60 on Monday. Avis Budget Group, Inc. has a 52 week low of $93.53 and a 52 week high of $244.95. The firm’s fifty day moving average is $111.63 and its 200 day moving average is $150.15. The firm has a market cap of $4.12 billion, a P/E ratio of 3.65 and a beta of 2.28.

Avis Budget Group (NASDAQ:CAR) last announced its quarterly earnings results on Wednesday, May 1st. The business services provider reported ($3.21) earnings per share for the quarter, missing the consensus estimate of ($2.65) by ($0.56). The firm had revenue of $2.55 billion for the quarter, compared to analysts’ expectations of $2.41 billion. Avis Budget Group had a net margin of 10.05% and a negative return on equity of 480.48%. The company’s quarterly revenue was down .2% on a year-over-year basis. During the same period in the previous year, the company earned $7.72 EPS. As a group, analysts forecast that Avis Budget Group, Inc. will post 13.55 EPS for the current year.

Avis Budget Group Company 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.