SG Americas Securities LLC Reduces Position in Avis Budget Group, Inc. $CAR

SG Americas Securities LLC decreased its position in Avis Budget Group, Inc. (NASDAQ:CAR) by 85.6% during the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 1,882 shares of the business services provider’s stock after selling 11,167 shares during the period. SG Americas Securities LLC’s holdings in Avis Budget Group were worth $302,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in the company. Hsbc Holdings PLC boosted its position in Avis Budget Group by 48,706.7% during the 2nd quarter. Hsbc Holdings PLC now owns 1,552,542 shares of the business services provider’s stock valued at $256,629,000 after buying an additional 1,549,361 shares during the period. National Bank of Canada FI raised its stake in shares of Avis Budget Group by 166.7% during the second quarter. National Bank of Canada FI now owns 880,239 shares of the business services provider’s stock valued at $148,804,000 after acquiring an additional 550,239 shares during the last quarter. State Street Corp raised its stake in shares of Avis Budget Group by 1.0% during the second quarter. State Street Corp now owns 713,127 shares of the business services provider’s stock valued at $120,554,000 after acquiring an additional 7,318 shares during the last quarter. Maple Rock Capital Partners Inc. boosted its holdings in shares of Avis Budget Group by 31.7% during the second quarter. Maple Rock Capital Partners Inc. now owns 415,584 shares of the business services provider’s stock worth $70,254,000 after purchasing an additional 99,953 shares during the period. Finally, Assenagon Asset Management S.A. grew its stake in shares of Avis Budget Group by 62.7% in the third quarter. Assenagon Asset Management S.A. now owns 384,401 shares of the business services provider’s stock worth $61,725,000 after purchasing an additional 148,093 shares during the last quarter. 96.35% of the stock is owned by hedge funds and other institutional investors.

Avis Budget Group Trading Down 3.9%

CAR opened at $116.88 on Tuesday. The company has a market cap of $4.11 billion, a price-to-earnings ratio of -1.95 and a beta of 2.31. The stock has a fifty day simple moving average of $129.52 and a two-hundred day simple moving average of $148.83. Avis Budget Group, Inc. has a 12-month low of $54.03 and a 12-month high of $212.81.

Avis Budget Group (NASDAQ:CAR) last announced 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 business had revenue of $3.52 billion for the quarter, compared to the consensus estimate of $3.47 billion. The business’s quarterly revenue was up 1.1% on a year-over-year basis. During the same quarter last year, the firm posted $6.65 EPS. On average, analysts predict that Avis Budget Group, Inc. will post 8.91 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the company. Barclays lowered their price target on Avis Budget Group from $150.00 to $120.00 and set an “equal weight” rating for the company in a research report on Monday, November 3rd. 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. JPMorgan Chase & Co. raised their price target on Avis Budget Group from $155.00 to $157.00 and gave the stock a “neutral” rating in a research note on Monday, October 20th. Weiss Ratings reiterated a “sell (d)” rating on shares of Avis Budget Group in a report on Wednesday, January 21st. Finally, Zacks Research upgraded shares of Avis Budget Group from a “strong sell” rating to a “hold” rating in a report on Tuesday, November 18th. One equities research 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. According to MarketBeat.com, the stock has a consensus rating of “Reduce” and a consensus price target of $137.57.

About Avis Budget Group

Avis Budget Group, Inc operates as a leading global provider of vehicle rental and mobility solutions. Through its two core brands, Avis® and Budget®, the company offers a broad range of rental options including daily, weekly and monthly car rentals for leisure and business travelers. In addition to traditional airport and off-airport car rental services, Avis Budget Group delivers innovative mobility platforms such as car-sharing programs and connected fleet solutions designed to meet the evolving needs of corporate, government and individual customers.

The company’s roots trace back to Avis Rent a Car, founded in 1946, and Budget Rent a Car, established in 1958.