Bank of New York Mellon Corp Has $21.13 Million Holdings in Avis Budget Group, Inc. $CAR

Bank of New York Mellon Corp cut its position in shares of Avis Budget Group, Inc. (NASDAQ:CAR) by 5.3% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 125,015 shares of the business services provider’s stock after selling 6,998 shares during the period. Bank of New York Mellon Corp’s holdings in Avis Budget Group were worth $21,134,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Fifth Third Bancorp boosted its stake in Avis Budget Group by 32.6% during the second quarter. Fifth Third Bancorp now owns 228 shares of the business services provider’s stock worth $39,000 after buying an additional 56 shares in the last quarter. Parallel Advisors LLC raised its stake in shares of Avis Budget Group by 233.5% in the 2nd quarter. Parallel Advisors LLC now owns 527 shares of the business services provider’s stock valued at $89,000 after buying an additional 369 shares in the last quarter. Caitong International Asset Management Co. Ltd lifted its holdings in shares of Avis Budget Group by 421.1% during the 1st quarter. Caitong International Asset Management Co. Ltd now owns 839 shares of the business services provider’s stock worth $64,000 after acquiring an additional 678 shares during the period. GAMMA Investing LLC lifted its holdings in shares of Avis Budget Group by 101.6% during the 2nd quarter. GAMMA Investing LLC now owns 901 shares of the business services provider’s stock worth $152,000 after acquiring an additional 454 shares during the period. Finally, Quarry LP boosted its position in shares of Avis Budget Group by 399.5% during the 1st quarter. Quarry LP now owns 909 shares of the business services provider’s stock valued at $69,000 after acquiring an additional 727 shares in the last quarter. 96.35% of the stock is owned by institutional investors.

Avis Budget Group Trading Up 0.7%

NASDAQ:CAR opened at $138.56 on Friday. The stock has a market capitalization of $4.88 billion, a P/E ratio of -2.32 and a beta of 2.12. Avis Budget Group, Inc. has a 1 year low of $54.03 and a 1 year high of $212.81. The firm has a 50 day moving average of $150.56 and a 200-day moving average of $149.20.

Avis Budget Group (NASDAQ:CAR) last issued its quarterly earnings data on Monday, October 27th. The business services provider reported $10.11 earnings per share (EPS) for the quarter, beating the consensus estimate of $8.11 by $2.00. The business had revenue of $3.52 billion during the quarter, compared to the consensus estimate of $3.47 billion. The company’s revenue for the quarter was up 1.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $6.65 EPS. As a group, analysts forecast that Avis Budget Group, Inc. will post 8.91 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms recently issued reports on CAR. Zacks Research lowered shares of Avis Budget Group from a “hold” rating to a “strong sell” rating in a research report on Monday, October 20th. Bank of America reiterated an “underperform” rating and issued a $113.00 price objective (down from $120.00) on shares of Avis Budget Group in a research note on Wednesday, August 20th. Barclays dropped their target price on Avis Budget Group from $150.00 to $120.00 and set an “equal weight” rating for the company 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 for the company in a research report on Wednesday, October 29th. Finally, Weiss Ratings reiterated a “sell (d)” rating on shares of Avis Budget Group in a research report on Wednesday, October 8th. One equities research analyst has rated the stock with a Buy rating, four have issued a Hold rating and four have assigned a Sell rating to the stock. Based on data from MarketBeat.com, Avis Budget Group currently has a consensus rating of “Reduce” and an average target price of $136.83.

Avis Budget Group Company Profile

Avis Budget Group, Inc engages in the provision of vehicle sharing and rental services. It operates through the following segments: Americas, International, and Corporate and Other. The Americas segment includes the vehicle rental and car sharing operations in North America, South America, Central America, and the Caribbean.