Retirement Systems of Alabama Trims Stock Position in Avis Budget Group, Inc. (NASDAQ:CAR)

Retirement Systems of Alabama cut its stake in shares of Avis Budget Group, Inc. (NASDAQ:CAR) by 6.2% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 23,136 shares of the business services provider’s stock after selling 1,532 shares during the period. Retirement Systems of Alabama owned approximately 0.06% of Avis Budget Group worth $4,101,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in CAR. Huntington National Bank lifted its holdings in shares of Avis Budget Group by 101.0% in 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 during the period. Headlands Technologies LLC acquired a new position in shares of Avis Budget Group during the 4th quarter worth $79,000. Covestor Ltd increased its holdings in shares of Avis Budget Group by 733.9% in the 3rd quarter. Covestor Ltd now owns 517 shares of the business services provider’s stock valued at $93,000 after purchasing an additional 455 shares in the last quarter. C M Bidwell & Associates Ltd. lifted its stake in shares of Avis Budget Group by 181.5% in the third quarter. C M Bidwell & Associates Ltd. now owns 881 shares of the business services provider’s stock valued at $158,000 after purchasing an additional 568 shares during the period. Finally, Teza Capital Management LLC purchased a new stake in Avis Budget Group during the third quarter worth about $214,000. 96.35% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. Susquehanna reduced their price target on shares of Avis Budget Group from $145.00 to $117.00 and set a “neutral” rating for the company in a research report on Tuesday, April 30th. StockNews.com downgraded Avis Budget Group from a “hold” rating to a “sell” rating in a research report on Thursday, May 2nd. Northcoast Research upgraded 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 decreased their price objective on shares of Avis Budget Group from $170.00 to $140.00 and set a “buy” rating on the stock in a research report on Wednesday, May 1st. Finally, Morgan Stanley dropped their target price on shares of Avis Budget Group from $190.00 to $187.00 and set an “overweight” rating for the company in a report on Wednesday, April 10th. One research analyst has rated the stock with a sell rating, two have given a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Avis Budget Group currently has an average rating of “Moderate Buy” and a consensus target price of $164.57.

Avis Budget Group Trading Up 5.1 %

NASDAQ:CAR opened at $121.48 on Tuesday. The firm has a market cap of $4.33 billion, a price-to-earnings ratio of 3.83 and a beta of 2.28. The company’s 50-day moving average is $111.92 and its two-hundred day moving average is $149.81. Avis Budget Group, Inc. has a 12-month low of $93.53 and a 12-month high of $244.95.

Avis Budget Group (NASDAQ:CAR) last released its earnings results on Wednesday, May 1st. The business services provider reported ($3.21) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($2.65) by ($0.56). The firm had revenue of $2.55 billion during 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%. Avis Budget Group’s revenue for the quarter was down .2% on a year-over-year basis. During the same quarter last year, the company posted $7.72 earnings per share. On average, equities research analysts forecast that Avis Budget Group, Inc. will post 13.55 earnings per share for the current fiscal 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.