Ontario Teachers Pension Plan Board Sells 5,583 Shares of Avis Budget Group, Inc. (NASDAQ:CAR)

Ontario Teachers Pension Plan Board trimmed its stake in Avis Budget Group, Inc. (NASDAQ:CAR) by 44.8% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 6,888 shares of the business services provider’s stock after selling 5,583 shares during the quarter. Ontario Teachers Pension Plan Board’s holdings in Avis Budget Group were worth $603,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Central Valley Advisors LLC purchased a new stake in shares of Avis Budget Group during the second quarter valued at approximately $25,000. EntryPoint Capital LLC raised its position in Avis Budget Group by 119.2% in the first quarter. EntryPoint Capital LLC now owns 228 shares of the business services provider’s stock worth $28,000 after acquiring an additional 124 shares during the period. Strategic Investment Solutions Inc. IL increased its stake in shares of Avis Budget Group by 198.3% in the third quarter. Strategic Investment Solutions Inc. IL now owns 361 shares of the business services provider’s stock worth $32,000 after purchasing an additional 240 shares in the last quarter. Nisa Investment Advisors LLC lifted its holdings in shares of Avis Budget Group by 293.3% in the third quarter. Nisa Investment Advisors LLC now owns 409 shares of the business services provider’s stock worth $36,000 after buying an additional 305 shares in the last quarter. Finally, Signaturefd LLC raised its stake in Avis Budget Group by 180.0% during the second quarter. Signaturefd LLC now owns 714 shares of the business services provider’s stock valued at $75,000 after purchasing an additional 459 shares in the last quarter. 96.35% of the stock is currently owned by institutional investors.

Avis Budget Group Price Performance

CAR stock opened at $101.64 on Friday. The firm has a market cap of $3.57 billion, a price-to-earnings ratio of 9.28 and a beta of 2.14. Avis Budget Group, Inc. has a 1-year low of $65.73 and a 1-year high of $204.77. The firm has a fifty day moving average price of $87.42 and a two-hundred day moving average price of $96.20.

Avis Budget Group (NASDAQ:CAR) last released its earnings results on Thursday, October 31st. The business services provider reported $6.65 EPS for the quarter, missing the consensus estimate of $8.55 by ($1.90). Avis Budget Group had a net margin of 3.34% and a negative return on equity of 101.41%. The company had revenue of $3.48 billion for the quarter, compared to analyst estimates of $3.53 billion. During the same period in the previous year, the business posted $16.78 EPS. The firm’s quarterly revenue was down 2.4% on a year-over-year basis. As a group, analysts expect that Avis Budget Group, Inc. will post 5.24 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms have commented on CAR. Deutsche Bank Aktiengesellschaft reduced their price objective on Avis Budget Group from $145.00 to $143.00 and set a “buy” rating on the stock in a report on Tuesday, November 5th. JPMorgan Chase & Co. cut their target price on shares of Avis Budget Group from $175.00 to $150.00 and set an “overweight” rating for the company in a research note on Monday, November 4th. Susquehanna reduced their target price on Avis Budget Group from $120.00 to $95.00 and set a “neutral” rating on the stock in a research report on Friday, August 9th. Northcoast Research lowered Avis Budget Group from a “buy” rating to a “neutral” rating in a report on Monday. Finally, Barclays began coverage on shares of Avis Budget Group in a research report on Thursday, September 19th. They issued an “equal weight” rating and a $105.00 price objective on the stock. Five analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $133.13.

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.