Mackenzie Financial Corp Invests $687,000 in Avis Budget Group, Inc. (NASDAQ:CAR)

Mackenzie Financial Corp bought a new position in shares of Avis Budget Group, Inc. (NASDAQ:CAR) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 3,877 shares of the business services provider’s stock, valued at approximately $687,000.

A number of other institutional investors have also made changes to their positions in CAR. Hudson Bay Capital Management LP acquired a new position in shares of Avis Budget Group during the third quarter worth $62,892,000. Hsbc Holdings PLC raised its holdings in Avis Budget Group by 1,573.0% in the third quarter. Hsbc Holdings PLC now owns 362,965 shares of the business services provider’s stock valued at $64,799,000 after acquiring an additional 341,269 shares in the last quarter. Bank of Nova Scotia raised its holdings in Avis Budget Group by 63.1% in 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 acquiring an additional 112,073 shares in the last quarter. ING Groep NV acquired a new stake in Avis Budget Group in the third quarter valued at $16,172,000. Finally, JS Capital Management LLC acquired a new stake in Avis Budget Group in the third quarter valued at $12,578,000. 96.35% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on CAR shares. Morgan Stanley cut 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. StockNews.com raised shares of Avis Budget Group from a “sell” rating to a “hold” rating in a report on Monday, February 12th. Susquehanna lowered their target price on shares of Avis Budget Group from $195.00 to $145.00 and set a “neutral” rating for the company in a research note on Wednesday, February 14th. Deutsche Bank Aktiengesellschaft lowered their target price 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. Finally, Northcoast Research upgraded shares of Avis Budget Group from a “neutral” rating to a “buy” rating and set a $155.00 target price for the company in a research note on Monday, March 25th. Three equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $172.86.

Avis Budget Group Stock Performance

Avis Budget Group stock opened at $99.57 on Friday. The company has a 50-day simple moving average of $111.89 and a 200-day simple moving average of $153.66. The firm has a market capitalization of $3.55 billion, a P/E ratio of 2.34 and a beta of 2.22. Avis Budget Group, Inc. has a one year low of $93.53 and a one year high of $244.95.

Avis Budget Group (NASDAQ:CAR) last released its quarterly earnings results on Tuesday, February 13th. The business services provider reported $7.10 EPS for the quarter, topping the consensus estimate of $4.15 by $2.95. The business had revenue of $2.76 billion during 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 quarterly revenue was down .3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $10.46 earnings per share. As a group, sell-side analysts forecast that Avis Budget Group, Inc. will post 14.73 earnings per share for the current 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.