United Services Automobile Association Trims Stake in Avis Budget Group Inc. (NASDAQ:CAR)

United Services Automobile Association lowered its stake in shares of Avis Budget Group Inc. (NASDAQ:CAR) by 4.0% during the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 21,397 shares of the business services provider’s stock after selling 896 shares during the period. United Services Automobile Association’s holdings in Avis Budget Group were worth $752,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Renaissance Technologies LLC grew its holdings in Avis Budget Group by 28.4% in the second quarter. Renaissance Technologies LLC now owns 3,436,700 shares of the business services provider’s stock worth $120,834,000 after purchasing an additional 760,520 shares during the period. Pzena Investment Management LLC grew its holdings in Avis Budget Group by 1.2% in the second quarter. Pzena Investment Management LLC now owns 2,901,389 shares of the business services provider’s stock worth $102,013,000 after purchasing an additional 34,494 shares during the period. Tremblant Capital Group purchased a new stake in Avis Budget Group in the second quarter worth about $40,082,000. Bank of Montreal Can grew its holdings in Avis Budget Group by 31.9% in the second quarter. Bank of Montreal Can now owns 976,994 shares of the business services provider’s stock worth $34,352,000 after purchasing an additional 236,302 shares during the period. Finally, Bank of New York Mellon Corp grew its holdings in Avis Budget Group by 5.5% in the second quarter. Bank of New York Mellon Corp now owns 894,098 shares of the business services provider’s stock worth $31,436,000 after purchasing an additional 46,385 shares during the period. Institutional investors own 99.77% of the company’s stock.

Shares of CAR opened at $28.28 on Friday. The firm’s 50-day simple moving average is $26.79 and its two-hundred day simple moving average is $31.84. Avis Budget Group Inc. has a fifty-two week low of $21.63 and a fifty-two week high of $37.27. The company has a debt-to-equity ratio of 46.72, a quick ratio of 0.86 and a current ratio of 0.86. The stock has a market cap of $2.01 billion, a PE ratio of 7.75 and a beta of 2.08.



Avis Budget Group (NASDAQ:CAR) last posted its quarterly earnings results on Monday, August 5th. The business services provider reported $0.79 EPS for the quarter, beating the Zacks’ consensus estimate of $0.73 by $0.06. Avis Budget Group had a net margin of 2.17% and a return on equity of 75.35%. The firm had revenue of $2.34 billion for the quarter, compared to analysts’ expectations of $2.35 billion. During the same quarter in the prior year, the company posted $0.57 earnings per share. The business’s revenue for the quarter was up .4% on a year-over-year basis. Equities research analysts predict that Avis Budget Group Inc. will post 4.05 EPS for the current year.

A number of equities research analysts have weighed in on CAR shares. BidaskClub cut shares of Avis Budget Group from a “sell” rating to a “strong sell” rating in a report on Saturday, October 5th. ValuEngine upgraded shares of Avis Budget Group from a “strong sell” rating to a “sell” rating in a report on Wednesday, October 2nd. Northcoast Research restated a “buy” rating on shares of Avis Budget Group in a report on Tuesday, August 6th. Morgan Stanley set a $32.00 price objective on shares of Avis Budget Group and gave the stock a “sell” rating in a report on Friday, August 9th. Finally, TheStreet cut shares of Avis Budget Group from a “b-” rating to a “c” rating in a report on Monday, September 16th. Three analysts have rated the stock with a sell rating, one has assigned a hold rating and three have issued a buy rating to the company. Avis Budget Group currently has an average rating of “Hold” and an average price target of $39.00.

Avis Budget Group Company Profile

Avis Budget Group, Inc, together with its subsidiaries, provides car and truck rentals, car sharing, and ancillary services to businesses and consumers worldwide. It operates the Avis brand, a vehicle rental system with approximately 5,500 locations that supply rental cars to the premium commercial and leisure segments of the travel industry; the Budget brand, a vehicle rental and other mobility solutions primarily focuses on the value-conscious segments of the industry; the Zipcar brand, a membership-based car sharing network; and the Budget Truck brand, a local and one-way truck rental businesses with a fleet of approximately 18,000 vehicles, which are rented through a network of approximately 640 dealer-operated and 430 company-operated locations that serve the consumer and light commercial sectors in the continental United States.

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Institutional Ownership by Quarter for Avis Budget Group (NASDAQ:CAR)

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