Avis Budget Group, Inc. (NASDAQ:CAR) Shares Acquired by Northern Trust Corp

Northern Trust Corp grew its holdings in shares of Avis Budget Group, Inc. (NASDAQ:CAR - Free Report) by 21.0% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 156,176 shares of the business services provider's stock after acquiring an additional 27,127 shares during the period. Northern Trust Corp owned about 0.44% of Avis Budget Group worth $12,589,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Aster Capital Management DIFC Ltd bought a new stake in Avis Budget Group in the fourth quarter valued at about $25,000. Quadrant Capital Group LLC increased its holdings in Avis Budget Group by 41.0% in the fourth quarter. Quadrant Capital Group LLC now owns 681 shares of the business services provider's stock valued at $55,000 after buying an additional 198 shares during the last quarter. Sterling Capital Management LLC increased its holdings in Avis Budget Group by 41.3% in the fourth quarter. Sterling Capital Management LLC now owns 736 shares of the business services provider's stock valued at $59,000 after buying an additional 215 shares during the last quarter. Signaturefd LLC increased its holdings in Avis Budget Group by 31.8% in the fourth quarter. Signaturefd LLC now owns 936 shares of the business services provider's stock valued at $75,000 after buying an additional 226 shares during the last quarter. Finally, Covestor Ltd increased its holdings in Avis Budget Group by 36.1% in the fourth quarter. Covestor Ltd now owns 1,353 shares of the business services provider's stock valued at $109,000 after buying an additional 359 shares during the last quarter. 96.35% of the stock is currently owned by institutional investors and hedge funds.

Avis Budget Group Stock Up 8.1%

CAR stock traded up $8.78 during midday trading on Thursday, reaching $117.75. The company had a trading volume of 2,240,394 shares, compared to its average volume of 886,721. The stock has a 50 day moving average price of $83.81 and a 200 day moving average price of $87.15. Avis Budget Group, Inc. has a fifty-two week low of $54.03 and a fifty-two week high of $117.81. The firm has a market capitalization of $4.14 billion, a PE ratio of -2.27 and a beta of 2.10.

Avis Budget Group (NASDAQ:CAR - Get Free Report) last issued its earnings results on Wednesday, May 7th. The business services provider reported ($14.35) EPS for the quarter, missing analysts' consensus estimates of ($5.72) by ($8.63). The company had revenue of $2.43 billion during the quarter, compared to analyst estimates of $2.49 billion. Avis Budget Group had a negative net margin of 15.45% and a negative return on equity of 14.74%. The business's revenue was down 4.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($3.21) earnings per share. Research analysts predict that Avis Budget Group, Inc. will post 8.91 EPS for the current year.

Analysts Set New Price Targets

Several analysts recently weighed in on the company. JPMorgan Chase & Co. boosted their price objective on Avis Budget Group from $145.00 to $155.00 and gave the company an "overweight" rating in a report on Friday, May 9th. The Goldman Sachs Group lowered their price objective on Avis Budget Group from $100.00 to $87.00 and set a "neutral" rating for the company in a report on Friday, May 9th. Finally, Wall Street Zen raised Avis Budget Group from a "sell" rating to a "hold" rating in a report on Saturday, May 3rd. Five research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company's stock. According to MarketBeat, Avis Budget Group has a consensus rating of "Hold" and a consensus price target of $117.00.

Avis Budget Group 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.