Avis Budget Group, Inc. $CAR Shares Purchased by Engineers Gate Manager LP

Engineers Gate Manager LP increased its stake in shares of Avis Budget Group, Inc. (NASDAQ:CAR) by 129.0% in the second quarter, according to its most recent 13F filing with the SEC. The firm owned 16,821 shares of the business services provider’s stock after purchasing an additional 9,474 shares during the period. Engineers Gate Manager LP’s holdings in Avis Budget Group were worth $2,487,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Pentwater Capital Management LP purchased a new stake in Avis Budget Group in the second quarter valued at approximately $371,541,000. California State Teachers Retirement System boosted its position in shares of Avis Budget Group by 8,329.6% during the second quarter. California State Teachers Retirement System now owns 1,810,770 shares of the business services provider’s stock worth $267,686,000 after buying an additional 1,789,289 shares during the period. Hsbc Holdings PLC acquired a new stake in shares of Avis Budget Group in the second quarter valued at $247,773,000. BlackRock Inc. acquired a new stake in shares of Avis Budget Group in the second quarter valued at $245,413,000. Finally, Cibc World Market Inc. raised its holdings in shares of Avis Budget Group by 75.0% in the 4th quarter. Cibc World Market Inc. now owns 700,005 shares of the business services provider’s stock valued at $89,825,000 after buying an additional 300,000 shares during the period. Institutional investors and hedge funds own 96.35% of the company’s stock.

Avis Budget Group Trading Down 2.5%

Shares of NASDAQ:CAR opened at $118.70 on Tuesday. Avis Budget Group, Inc. has a 52 week low of $85.96 and a 52 week high of $847.70. The company’s 50 day moving average is $145.81 and its two-hundred day moving average is $172.15. The company has a market cap of $4.19 billion, a PE ratio of -6.53 and a beta of 1.91.

Avis Budget Group (NASDAQ:CAR) last released its quarterly earnings data on Tuesday, July 28th. The business services provider reported $0.98 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.05 by ($1.07). The firm had revenue of $3 billion for the quarter, compared to analyst estimates of $3.10 billion. The company’s revenue was down 1.3% on a year-over-year basis. During the same period in the prior year, the business posted $0.10 earnings per share. As a group, equities research analysts expect that Avis Budget Group, Inc. will post 1.34 EPS for the current year.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. Weiss Ratings reissued a “sell (d-)” rating on shares of Avis Budget Group in a research note on Monday, August 17th. Zacks Research raised Avis Budget Group from a “strong sell” rating to a “hold” rating in a research report on Tuesday, September 1st. Barclays set a $160.00 price target on shares of Avis Budget Group and gave the stock an “equal weight” rating in a research note on Monday, June 8th. Wall Street Zen lowered shares of Avis Budget Group from a “hold” rating to a “sell” rating in a research note on Saturday, August 1st. Finally, Morgan Stanley lowered their price objective on shares of Avis Budget Group from $99.00 to $95.00 and set an “equal weight” rating for the company in a research note on Friday. Six analysts have rated the stock with a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Reduce” and a consensus target price of $135.00.

Avis Budget Group Profile

Avis Budget Group, Inc is a global provider of vehicle rental and mobility services. The company operates through a portfolio of well-known brands, including Avis, Budget and Payless, offering car and truck rentals to business and leisure travelers, government customers and other organizations.

The company also provides flexible vehicle access through Zipcar, a car-sharing service that allows members to reserve vehicles for short-term use. Its services are delivered through company-operated locations, licensed operations and franchise partners, with offerings that may include airport and neighborhood rentals, fleet management and related mobility solutions.

Avis Budget Group serves customers across North America, Europe, Australia and New Zealand, Latin America, the Caribbean, Africa and parts of Asia through its operating businesses and partners.