Raymond James Financial Services Advisors Inc. raised its position in Avis Budget Group Inc. (NASDAQ:CAR) by 56.6% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 43,829 shares of the business services provider’s stock after purchasing an additional 15,842 shares during the quarter. Raymond James Financial Services Advisors Inc. owned approximately 0.06% of Avis Budget Group worth $1,003,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Guggenheim Capital LLC grew its stake in Avis Budget Group by 5.9% in the fourth quarter. Guggenheim Capital LLC now owns 14,887 shares of the business services provider’s stock valued at $480,000 after purchasing an additional 828 shares in the last quarter. Mutual of America Capital Management LLC grew its stake in Avis Budget Group by 3.5% in the first quarter. Mutual of America Capital Management LLC now owns 52,820 shares of the business services provider’s stock valued at $734,000 after purchasing an additional 1,775 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Avis Budget Group by 53.9% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,434 shares of the business services provider’s stock worth $76,000 after acquiring an additional 1,903 shares in the last quarter. Gradient Investments LLC boosted its stake in shares of Avis Budget Group by 299.4% during the 2nd quarter. Gradient Investments LLC now owns 2,668 shares of the business services provider’s stock worth $61,000 after acquiring an additional 2,000 shares in the last quarter. Finally, Truewealth LLC bought a new stake in shares of Avis Budget Group during the 1st quarter worth about $28,000.
Shares of NASDAQ:CAR opened at $25.90 on Friday. The business has a 50 day moving average price of $26.49 and a 200 day moving average price of $24.44. Avis Budget Group Inc. has a twelve month low of $6.35 and a twelve month high of $52.98. The company has a debt-to-equity ratio of 60.25, a quick ratio of 0.85 and a current ratio of 1.07.
Avis Budget Group (NASDAQ:CAR) last announced its earnings results on Tuesday, July 28th. The business services provider reported ($5.60) earnings per share for the quarter, beating the consensus estimate of ($5.84) by $0.24. Avis Budget Group had a negative return on equity of 66.36% and a negative net margin of 4.15%. The firm had revenue of $760.00 million during the quarter, compared to the consensus estimate of $732.05 million. During the same quarter in the prior year, the company earned $0.79 EPS. The firm’s revenue for the quarter was down 67.5% compared to the same quarter last year. Research analysts forecast that Avis Budget Group Inc. will post -6.15 EPS for the current fiscal year.
Several research firms have recently issued reports on CAR. Barclays upped their price target on Avis Budget Group from $18.00 to $24.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 28th. They noted that the move was a valuation call. Deutsche Bank upped their price target on Avis Budget Group from $24.00 to $34.00 and gave the stock a “buy” rating in a research note on Thursday. JPMorgan Chase & Co. upped their price target on Avis Budget Group from $13.00 to $22.00 and gave the stock a “neutral” rating in a research note on Friday, June 19th. BidaskClub downgraded Avis Budget Group from a “buy” rating to a “hold” rating in a research note on Thursday. Finally, ValuEngine upgraded Avis Budget Group from a “hold” rating to a “buy” rating in a research note on Monday, June 1st. Five equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $28.00.
In other news, Director Srs Investment Management, Llc purchased 282,566 shares of the business’s stock in a transaction on Thursday, May 28th. The stock was purchased at an average price of $20.59 per share, with a total value of $5,818,033.94. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 23.20% of the company’s stock.
Avis Budget Group 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.
See Also: Fiduciary
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