Allianz Asset Management GmbH Makes New $3.26 Million Investment in Avis Budget Group, Inc. (NASDAQ:CAR)

Allianz Asset Management GmbH acquired a new position in Avis Budget Group, Inc. (NASDAQ:CAR - Free Report) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 42,974 shares of the business services provider's stock, valued at approximately $3,262,000. Allianz Asset Management GmbH owned approximately 0.12% of Avis Budget Group as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently bought and sold shares of CAR. Aster Capital Management DIFC Ltd acquired a new stake in shares of Avis Budget Group during the fourth quarter valued at $25,000. UMB Bank n.a. boosted its stake in shares of Avis Budget Group by 106.9% during the first quarter. UMB Bank n.a. now owns 478 shares of the business services provider's stock valued at $36,000 after acquiring an additional 247 shares during the last quarter. Quadrant Capital Group LLC boosted its stake in shares of Avis Budget Group by 41.0% during the fourth quarter. Quadrant Capital Group LLC now owns 681 shares of the business services provider's stock valued at $55,000 after acquiring an additional 198 shares during the last quarter. Sterling Capital Management LLC boosted its stake in shares of Avis Budget Group by 41.3% during the fourth quarter. Sterling Capital Management LLC now owns 736 shares of the business services provider's stock valued at $59,000 after acquiring an additional 215 shares during the last quarter. Finally, Covestor Ltd boosted its stake in shares of Avis Budget Group by 36.1% during the fourth quarter. Covestor Ltd now owns 1,353 shares of the business services provider's stock valued at $109,000 after acquiring an additional 359 shares during the last quarter. Institutional investors and hedge funds own 96.35% of the company's stock.

Analyst Ratings Changes

A number of analysts recently commented on CAR shares. JPMorgan Chase & Co. reaffirmed a "neutral" rating and set a $155.00 price objective on shares of Avis Budget Group in a research note on Thursday. Wall Street Zen raised Avis Budget Group from a "sell" rating to a "hold" rating in a research note on Saturday, May 3rd. The Goldman Sachs Group lowered Avis Budget Group from a "neutral" rating to a "sell" rating and increased their price objective for the company from $87.00 to $105.00 in a research note on Friday. Finally, Deutsche Bank Aktiengesellschaft reissued a "buy" rating and issued a $196.00 price target (up from $130.00) on shares of Avis Budget Group in a research note on Thursday, July 10th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and one has given a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $131.20.

Avis Budget Group Price Performance

NASDAQ:CAR traded down $6.17 during mid-day trading on Friday, reaching $164.07. The company's stock had a trading volume of 1,787,688 shares, compared to its average volume of 1,115,597. The company's fifty day simple moving average is $159.33 and its two-hundred day simple moving average is $109.84. Avis Budget Group, Inc. has a twelve month low of $54.03 and a twelve month high of $212.81. The stock has a market cap of $5.77 billion, a P/E ratio of -2.59 and a beta of 2.19.

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