Allianz Asset Management GmbH Cuts Holdings in Avis Budget Group, Inc. $CAR

Allianz Asset Management GmbH cut its holdings in Avis Budget Group, Inc. (NASDAQ:CAR) by 14.9% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 143,103 shares of the business services provider’s stock after selling 25,040 shares during the period. Allianz Asset Management GmbH’s holdings in Avis Budget Group were worth $22,979,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. Mitsubishi UFJ Trust & Banking Corp lifted its holdings in Avis Budget Group by 1,443.0% during the 3rd quarter. Mitsubishi UFJ Trust & Banking Corp now owns 15,955 shares of the business services provider’s stock worth $2,562,000 after purchasing an additional 14,921 shares in the last quarter. Y Intercept Hong Kong Ltd purchased a new position in Avis Budget Group during the 2nd quarter valued at about $1,297,000. Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in shares of Avis Budget Group during the third quarter valued at about $2,726,000. Retirement Systems of Alabama lifted its holdings in shares of Avis Budget Group by 49.3% in the third quarter. Retirement Systems of Alabama now owns 30,825 shares of the business services provider’s stock worth $4,950,000 after buying an additional 10,179 shares in the last quarter. Finally, Assenagon Asset Management S.A. lifted its holdings 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 buying an additional 148,093 shares in the last quarter. 96.35% of the stock is owned by hedge funds and other institutional investors.

Avis Budget Group Stock Performance

Avis Budget Group stock opened at $120.42 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 stock has a market cap of $4.24 billion, a P/E ratio of -2.01 and a beta of 2.33. The firm’s fifty day moving average price is $126.89 and its 200-day moving average price is $144.74.

Analysts Set New Price Targets

CAR has been the subject of several recent analyst reports. Morgan Stanley reaffirmed an “equal weight” rating and set a $142.00 price objective (up previously from $115.00) on shares of Avis Budget Group in a research note on Monday, December 8th. Weiss Ratings restated a “sell (d)” rating on shares of Avis Budget Group in a research report on Wednesday, January 21st. Barclays lowered their price objective on Avis Budget Group from $150.00 to $120.00 and set an “equal weight” rating on the stock in a research report on Monday, November 3rd. Susquehanna dropped their price objective on Avis Budget Group from $145.00 to $130.00 and set a “neutral” rating for the company in a research note on Wednesday, October 29th. Finally, Zacks Research upgraded Avis Budget Group from a “strong sell” rating to a “hold” rating in a research report on Tuesday, November 18th. One research analyst has rated the stock with a Buy rating, five have assigned a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Reduce” and an average 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.