Retirement Systems of Alabama Grows Position in Avis Budget Group, Inc. $CAR

Retirement Systems of Alabama grew its holdings in shares of Avis Budget Group, Inc. (NASDAQ:CAR) by 49.3% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 30,825 shares of the business services provider’s stock after buying an additional 10,179 shares during the period. Retirement Systems of Alabama’s holdings in Avis Budget Group were worth $4,950,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of the business. Deseret Mutual Benefit Administrators raised its stake in Avis Budget Group by 102.3% during the third quarter. Deseret Mutual Benefit Administrators now owns 174 shares of the business services provider’s stock valued at $28,000 after buying an additional 88 shares during the last quarter. Mitsubishi UFJ Trust & Banking Corp increased its holdings in shares of Avis Budget Group by 1,443.0% during the third quarter. Mitsubishi UFJ Trust & Banking Corp now owns 15,955 shares of the business services provider’s stock valued at $2,562,000 after acquiring an additional 14,921 shares in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in shares of Avis Budget Group in the 3rd quarter worth about $2,726,000. Ritholtz Wealth Management boosted its stake in Avis Budget Group by 190.9% in the 3rd quarter. Ritholtz Wealth Management now owns 10,309 shares of the business services provider’s stock worth $1,655,000 after purchasing an additional 6,765 shares in the last quarter. Finally, Pacer Advisors Inc. purchased a new stake in Avis Budget Group during the 3rd quarter valued at about $357,000. 96.35% of the stock is currently owned by institutional investors.

Avis Budget Group Stock Performance

NASDAQ CAR opened at $114.99 on Friday. The business’s fifty day moving average is $128.39 and its 200 day moving average is $147.30. Avis Budget Group, Inc. has a fifty-two week low of $54.03 and a fifty-two week high of $212.81. The company has a market capitalization of $4.05 billion, a PE ratio of -1.92 and a beta of 2.31.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on CAR shares. Barclays cut their price target on shares of Avis Budget Group from $150.00 to $120.00 and set an “equal weight” rating on the stock in a report on Monday, November 3rd. Susquehanna cut their target price on Avis Budget Group from $145.00 to $130.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 29th. Weiss Ratings restated a “sell (d)” rating on shares of Avis Budget Group in a research note on Wednesday, January 21st. JPMorgan Chase & Co. upped their price target on Avis Budget Group from $155.00 to $157.00 and gave the company a “neutral” rating in a report on Monday, October 20th. Finally, Morgan Stanley reiterated an “equal weight” rating and issued a $142.00 price objective (up from $115.00) on shares of Avis Budget Group in a report on Monday, December 8th. One equities research analyst has rated the stock with a Buy rating, five have issued a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Reduce” and a consensus price target of $137.57.

Avis Budget Group Company Profile

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.