Teacher Retirement System of Texas Cuts Stake in Avis Budget Group, Inc. (NASDAQ:CAR)

Teacher Retirement System of Texas decreased its holdings in Avis Budget Group, Inc. (NASDAQ:CAR) by 17.7% in the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 4,740 shares of the business services provider’s stock after selling 1,019 shares during the period. Teacher Retirement System of Texas’ holdings in Avis Budget Group were worth $840,000 as of its most recent SEC filing.

A number of other institutional investors also recently made changes to their positions in the business. Toronto Dominion Bank boosted its stake in shares of 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 purchasing an additional 55,000 shares in the last quarter. Hsbc Holdings PLC boosted its position in Avis Budget Group by 1,573.0% during the 3rd quarter. Hsbc Holdings PLC now owns 362,965 shares of the business services provider’s stock valued at $64,799,000 after buying an additional 341,269 shares during the period. Hudson Bay Capital Management LP purchased a new stake in Avis Budget Group during the 3rd quarter valued at $62,892,000. Bank of Nova Scotia boosted its position in Avis Budget Group by 63.1% during the 3rd quarter. Bank of Nova Scotia now owns 289,648 shares of the business services provider’s stock valued at $52,047,000 after buying an additional 112,073 shares during the period. Finally, Barclays PLC boosted its position in Avis Budget Group by 9.8% during the 3rd quarter. Barclays PLC now owns 190,582 shares of the business services provider’s stock valued at $34,242,000 after buying an additional 17,082 shares during the period. Hedge funds and other institutional investors own 96.35% of the company’s stock.

Avis Budget Group Price Performance

Shares of Avis Budget Group stock opened at $113.65 on Thursday. The company has a 50-day moving average of $114.50 and a 200 day moving average of $145.66. The firm has a market cap of $4.05 billion, a price-to-earnings ratio of 3.59 and a beta of 2.28. Avis Budget Group, Inc. has a 1 year low of $93.53 and a 1 year high of $244.95.

Avis Budget Group (NASDAQ:CAR) last issued 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 negative return on equity of 480.48% and a net margin of 10.05%. The firm’s revenue was down .2% compared to the same quarter last year. During the same quarter in the previous year, the business earned $7.72 earnings per share. On average, equities analysts anticipate that Avis Budget Group, Inc. will post 13.21 EPS for the current year.

Analyst Ratings Changes

Several brokerages have weighed in on CAR. JPMorgan Chase & Co. dropped their price target on shares of Avis Budget Group from $280.00 to $240.00 and set an “overweight” rating for the company in a research report on Wednesday, February 14th. The Goldman Sachs Group raised shares of Avis Budget Group from a “sell” rating to a “neutral” rating and increased their price target for the company from $118.00 to $130.00 in a research report on Thursday, April 4th. Morgan Stanley decreased their price objective 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. Northcoast Research upgraded shares of Avis Budget Group from a “neutral” rating to a “buy” rating and set a $155.00 price objective for the company in a report on Monday, March 25th. Finally, Bank of America decreased their price objective on shares of Avis Budget Group from $170.00 to $140.00 and set a “buy” rating for the company in a report on Wednesday, May 1st. One analyst has rated the stock with a sell rating, two have assigned a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $164.57.

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.