III Capital Management Sells 34,500 Shares of Avis Budget Group, Inc. $CAR

III Capital Management cut its stake in shares of Avis Budget Group, Inc. (NASDAQ:CAR) by 76.7% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 10,500 shares of the business services provider’s stock after selling 34,500 shares during the quarter. III Capital Management’s holdings in Avis Budget Group were worth $1,775,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also bought and sold shares of CAR. Fifth Third Bancorp lifted its position in Avis Budget Group by 32.6% in the second quarter. Fifth Third Bancorp now owns 228 shares of the business services provider’s stock valued at $39,000 after purchasing an additional 56 shares during the last quarter. EverSource Wealth Advisors LLC raised its holdings in Avis Budget Group by 19.6% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 427 shares of the business services provider’s stock valued at $72,000 after buying an additional 70 shares during the last quarter. State of Michigan Retirement System raised its holdings in Avis Budget Group by 2.5% during the 2nd quarter. State of Michigan Retirement System now owns 4,073 shares of the business services provider’s stock valued at $689,000 after buying an additional 100 shares during the last quarter. Retirement Systems of Alabama boosted its position in Avis Budget Group by 0.6% during the 2nd quarter. Retirement Systems of Alabama now owns 20,646 shares of the business services provider’s stock valued at $3,490,000 after buying an additional 117 shares during the period. Finally, Quadrant Capital Group LLC grew its holdings in Avis Budget Group by 4.7% in the 2nd quarter. Quadrant Capital Group LLC now owns 2,624 shares of the business services provider’s stock worth $444,000 after acquiring an additional 117 shares during the last quarter. 96.35% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

CAR has been the subject of several recent analyst reports. Barclays lowered their price objective on shares of Avis Budget Group from $150.00 to $120.00 and set an “equal weight” rating for the company in a research note on Monday, November 3rd. Zacks Research upgraded Avis Budget Group from a “strong sell” rating to a “hold” rating in a report on Tuesday, November 18th. JPMorgan Chase & Co. lifted their price objective on Avis Budget Group from $155.00 to $157.00 and gave the stock a “neutral” rating in a research report on Monday, October 20th. Susquehanna decreased their target price on Avis Budget Group from $145.00 to $130.00 and set a “neutral” rating for the company in a report on Wednesday, October 29th. Finally, Weiss Ratings reiterated a “sell (d)” rating on shares of Avis Budget Group in a report on Wednesday, October 8th. One analyst has rated the stock with a Buy rating, five have assigned a Hold rating and three have issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Reduce” and a consensus target price of $137.57.

Avis Budget Group Stock Performance

CAR stock opened at $131.03 on Friday. Avis Budget Group, Inc. has a fifty-two week low of $54.03 and a fifty-two week high of $212.81. The business’s 50 day moving average price is $140.43 and its two-hundred day moving average price is $152.67. The company has a market capitalization of $4.61 billion, a price-to-earnings ratio of -2.19 and a beta of 2.29.

Avis Budget Group (NASDAQ:CAR) last released its earnings results on Monday, October 27th. The business services provider reported $10.11 EPS for the quarter, beating analysts’ consensus estimates of $8.11 by $2.00. The firm had revenue of $3.52 billion during the quarter, compared to analysts’ expectations of $3.47 billion. During the same quarter in the previous year, the business earned $6.65 EPS. The company’s revenue for the quarter was up 1.1% compared to the same quarter last year. Sell-side analysts forecast that Avis Budget Group, Inc. will post 8.91 earnings per share for the current year.

Avis Budget Group Company Profile

Avis Budget Group, Inc engages in the provision of vehicle sharing and rental services. It operates through the following segments: Americas, International, and Corporate and Other. The Americas segment includes the vehicle rental and car sharing operations in North America, South America, Central America, and the Caribbean.