Allianz Asset Management GmbH Buys New Holdings in Avis Budget Group, Inc. (NASDAQ:CAR)

Allianz Asset Management GmbH purchased a new position in Avis Budget Group, Inc. (NASDAQ:CAR - Free Report) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 42,974 shares of the business services provider's stock, valued at approximately $3,262,000. Allianz Asset Management GmbH owned about 0.12% of Avis Budget Group at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Steadfast Capital Management LP purchased a new stake in shares of Avis Budget Group in the 4th quarter valued at $25,747,000. National Bank of Canada FI raised its holdings in shares of Avis Budget Group by 266.7% in the 4th quarter. National Bank of Canada FI now owns 330,000 shares of the business services provider's stock valued at $26,601,000 after buying an additional 240,000 shares during the period. Nomura Holdings Inc. raised its holdings in shares of Avis Budget Group by 93.2% in the 4th quarter. Nomura Holdings Inc. now owns 490,473 shares of the business services provider's stock valued at $39,537,000 after buying an additional 236,576 shares during the period. Jefferies Financial Group Inc. raised its holdings in shares of Avis Budget Group by 1,391.0% in the 4th quarter. Jefferies Financial Group Inc. now owns 253,200 shares of the business services provider's stock valued at $20,410,000 after buying an additional 236,218 shares during the period. Finally, Norges Bank purchased a new stake in shares of Avis Budget Group in the 4th quarter valued at $11,234,000. 96.35% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

CAR has been the topic of several recent research reports. Wall Street Zen upgraded Avis Budget Group from a "sell" rating to a "hold" rating in a report on Saturday, May 3rd. Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating and set a $196.00 price objective (up from $130.00) on shares of Avis Budget Group in a research report on Thursday, July 10th. The Goldman Sachs Group reaffirmed a "sell" rating and set a $105.00 price objective (up from $87.00) on shares of Avis Budget Group in a research report on Friday. Finally, JPMorgan Chase & Co. reaffirmed a "neutral" rating and set a $155.00 price objective on shares of Avis Budget Group in a research report on Thursday. One analyst has rated the stock with a sell rating, five have assigned a hold rating and one has assigned a buy rating to the company. According to MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $131.20.

Avis Budget Group Stock Down 3.6%

CAR traded down $6.17 on Friday, hitting $164.07. 1,787,688 shares of the company traded hands, compared to its average volume of 1,311,003. The company has a 50 day moving average of $159.33 and a 200-day moving average of $109.84. The stock has a market capitalization of $5.77 billion, a PE ratio of -2.59 and a beta of 2.19. Avis Budget Group, Inc. has a 12-month low of $54.03 and a 12-month high of $212.81.

Avis Budget Group (NASDAQ:CAR - Get Free Report) last posted its quarterly earnings data on Tuesday, July 29th. The business services provider reported $0.10 EPS for the quarter, missing the consensus estimate of $2.02 by ($1.92). The company had revenue of $3.04 billion for the quarter, compared to analysts' expectations of $3.02 billion. Avis Budget Group had a negative net margin of 19.06% and a negative return on equity of 14.74%. The firm's revenue was down .3% on a year-over-year basis. During the same period in the prior year, the company earned $0.41 earnings per share. On average, research analysts anticipate that Avis Budget Group, Inc. will post 8.91 EPS for the current year.

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.