BlackRock Inc. increased its stake in shares of Avis Budget Group, Inc. (NASDAQ:CAR) by 18.0% during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor owned 8,895,289 shares of the business services provider’s stock after acquiring an additional 1,355,238 shares during the period. BlackRock Inc. owned approximately 10.56% of Avis Budget Group worth $242,574,000 at the end of the most recent reporting period.

Other institutional investors also recently added to or reduced their stakes in the company. Nationwide Fund Advisors increased its holdings in Avis Budget Group by 27.7% during the 2nd quarter. Nationwide Fund Advisors now owns 185,765 shares of the business services provider’s stock worth $5,066,000 after purchasing an additional 40,243 shares during the last quarter. Ameriprise Financial Inc. increased its holdings in Avis Budget Group by 7.1% during the 2nd quarter. Ameriprise Financial Inc. now owns 252,995 shares of the business services provider’s stock worth $6,891,000 after purchasing an additional 16,821 shares during the last quarter. GRT Capital Partners L.L.C. increased its holdings in Avis Budget Group by 10.7% during the 2nd quarter. GRT Capital Partners L.L.C. now owns 34,650 shares of the business services provider’s stock worth $945,000 after purchasing an additional 3,350 shares during the last quarter. Teachers Advisors LLC increased its holdings in Avis Budget Group by 10.1% during the 2nd quarter. Teachers Advisors LLC now owns 340,983 shares of the business services provider’s stock worth $9,299,000 after purchasing an additional 31,318 shares during the last quarter. Finally, Alliancebernstein L.P. increased its holdings in Avis Budget Group by 145.1% during the 2nd quarter. Alliancebernstein L.P. now owns 147,486 shares of the business services provider’s stock worth $4,022,000 after purchasing an additional 87,304 shares during the last quarter.

Shares of Avis Budget Group, Inc. (CAR) opened at 38.69 on Friday. Avis Budget Group, Inc. has a 12-month low of $20.71 and a 12-month high of $41.53. The firm’s 50-day moving average price is $36.16 and its 200 day moving average price is $29.93. The stock has a market capitalization of $3.20 billion, a P/E ratio of 45.57 and a beta of 2.48.

Avis Budget Group (NASDAQ:CAR) last announced its earnings results on Monday, August 7th. The business services provider reported $0.30 earnings per share for the quarter, missing the consensus estimate of $0.62 by ($0.32). Avis Budget Group had a net margin of 0.86% and a return on equity of 74.80%. The business had revenue of $2.24 billion for the quarter, compared to the consensus estimate of $2.27 billion. During the same quarter in the previous year, the company earned $0.63 EPS. Avis Budget Group’s revenue for the quarter was down .2% compared to the same quarter last year. Analysts predict that Avis Budget Group, Inc. will post $2.59 EPS for the current fiscal year.

In other Avis Budget Group news, insider Ronald L. Nelson sold 150,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 12th. The stock was sold at an average price of $37.30, for a total value of $5,595,000.00. Following the completion of the transaction, the insider now owns 510,714 shares of the company’s stock, valued at approximately $19,049,632.20. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director John D. Jr. Hardy sold 908 shares of the company’s stock in a transaction that occurred on Friday, August 11th. The shares were sold at an average price of $32.78, for a total value of $29,764.24. Following the completion of the transaction, the director now directly owns 908 shares of the company’s stock, valued at approximately $29,764.24. The disclosure for this sale can be found here. In the last ninety days, insiders sold 185,708 shares of company stock valued at $6,878,212. Insiders own 2.80% of the company’s stock.

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CAR has been the topic of several analyst reports. Morgan Stanley dropped their price objective on Avis Budget Group from $19.00 to $18.00 and set an “underweight” rating on the stock in a report on Friday, August 25th. Deutsche Bank AG restated a “buy” rating on shares of Avis Budget Group in a report on Monday, June 26th. ValuEngine upgraded Avis Budget Group from a “hold” rating to a “buy” rating in a report on Thursday, July 6th. Credit Suisse Group AG restated a “hold” rating on shares of Avis Budget Group in a report on Thursday, September 14th. Finally, MKM Partners restated a “buy” rating and set a $40.00 price objective on shares of Avis Budget Group in a report on Wednesday, June 28th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. Avis Budget Group currently has an average rating of “Buy” and an average target price of $35.89.

Avis Budget Group Profile

Avis Budget Group Inc is a provider of vehicle rental and car sharing services. The Company operates three brands, which include Avis, Budget and Zipcar. Avis and Budget are a rental car supplier. It also owns Payless, which a car rental brand; Apex, which is a car rental brand in New Zealand and Australia; Maggiore, a vehicle rental brand in Italy, and France Cars, which operates light commercial vehicle fleets in France.

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Institutional Ownership by Quarter for Avis Budget Group (NASDAQ:CAR)

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