BI Asset Management Fondsmaeglerselskab A S Boosts Stock Position in Avis Budget Group, Inc. (NASDAQ:CAR)

BI Asset Management Fondsmaeglerselskab A S raised its stake in Avis Budget Group, Inc. (NASDAQ:CAR) by 63.7% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 9,019 shares of the business services provider’s stock after purchasing an additional 3,508 shares during the period. BI Asset Management Fondsmaeglerselskab A S’s holdings in Avis Budget Group were worth $1,599,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also modified their holdings of CAR. Hudson Bay Capital Management LP purchased a new stake in shares of Avis Budget Group during the third quarter worth about $62,892,000. Hsbc Holdings PLC lifted its holdings in shares of Avis Budget Group by 1,573.0% during the third quarter. Hsbc Holdings PLC now owns 362,965 shares of the business services provider’s stock worth $64,799,000 after purchasing an additional 341,269 shares during the period. Norges Bank acquired a new stake in shares of Avis Budget Group during the fourth quarter worth about $30,234,000. Bank of Nova Scotia lifted its holdings in shares of Avis Budget Group by 63.1% during the third quarter. Bank of Nova Scotia now owns 289,648 shares of the business services provider’s stock worth $52,047,000 after purchasing an additional 112,073 shares during the period. Finally, Massachusetts Financial Services Co. MA lifted its holdings in shares of Avis Budget Group by 47.8% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 327,275 shares of the business services provider’s stock worth $58,013,000 after purchasing an additional 105,867 shares during the period. Hedge funds and other institutional investors own 96.35% of the company’s stock.

Avis Budget Group Price Performance

Avis Budget Group stock opened at $113.85 on Wednesday. The stock has a market capitalization of $4.06 billion, a PE ratio of 3.59 and a beta of 2.28. Avis Budget Group, Inc. has a 12 month low of $93.53 and a 12 month high of $244.95. The business has a 50 day simple moving average of $114.49 and a 200-day simple moving average of $145.89.

Avis Budget Group (NASDAQ:CAR) last posted its quarterly earnings data on Wednesday, May 1st. The business services provider reported ($3.21) EPS for the quarter, missing analysts’ consensus estimates of ($2.65) by ($0.56). The business had revenue of $2.55 billion during the quarter, compared to analysts’ expectations of $2.41 billion. Avis Budget Group had a net margin of 10.05% and a negative return on equity of 480.48%. The firm’s quarterly revenue was down .2% compared to the same quarter last year. During the same quarter last year, the firm earned $7.72 earnings per share. On average, equities research analysts anticipate that Avis Budget Group, Inc. will post 13.21 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on CAR. Morgan Stanley decreased their price target on 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 raised Avis Budget Group from a “neutral” rating to a “buy” rating and set a $155.00 price target for the company in a report on Monday, March 25th. StockNews.com downgraded Avis Budget Group from a “hold” rating to a “sell” rating in a report on Thursday, May 2nd. Susquehanna decreased their price target on Avis Budget Group from $145.00 to $117.00 and set a “neutral” rating for the company in a report on Tuesday, April 30th. Finally, Bank of America decreased their price target on 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 investment analyst has rated the stock with a sell rating, two have issued a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price 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.