Avis Budget Group, Inc. (NASDAQ:CAR) Position Trimmed by Bank of New York Mellon Corp

Bank of New York Mellon Corp lessened its holdings in shares of Avis Budget Group, Inc. (NASDAQ:CAR - Free Report) by 4.6% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 132,013 shares of the business services provider's stock after selling 6,326 shares during the period. Bank of New York Mellon Corp owned 0.38% of Avis Budget Group worth $10,020,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Nomura Holdings Inc. grew its position in 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 worth $39,537,000 after purchasing an additional 236,576 shares during the last quarter. National Bank of Canada FI grew its holdings in 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 worth $26,601,000 after buying an additional 240,000 shares in the last quarter. Steadfast Capital Management LP bought a new position in Avis Budget Group in the 4th quarter worth approximately $25,747,000. Jefferies Financial Group Inc. grew its holdings in 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 worth $20,410,000 after buying an additional 236,218 shares in the last quarter. Finally, Northern Trust Corp grew its stake in shares of Avis Budget Group by 21.0% in the fourth quarter. Northern Trust Corp now owns 156,176 shares of the business services provider's stock worth $12,589,000 after purchasing an additional 27,127 shares in the last quarter. Institutional investors own 96.35% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on CAR shares. JPMorgan Chase & Co. raised their price objective on shares of Avis Budget Group from $145.00 to $155.00 and gave the company an "overweight" rating in a research report on Friday, May 9th. Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating and issued a $196.00 price target (up previously from $130.00) on shares of Avis Budget Group in a report on Thursday, July 10th. The Goldman Sachs Group decreased their target price on Avis Budget Group from $100.00 to $87.00 and set a "neutral" rating on the stock 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 equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, Avis Budget Group currently has a consensus rating of "Hold" and a consensus target price of $127.60.

Avis Budget Group Trading Down 1.2%

Shares of NASDAQ CAR opened at $190.08 on Tuesday. The firm has a market capitalization of $6.69 billion, a price-to-earnings ratio of -3.02 and a beta of 2.19. The business has a fifty day simple moving average of $145.41 and a 200 day simple moving average of $103.96. Avis Budget Group, Inc. has a one year low of $54.03 and a one year high of $198.52.

Avis Budget Group (NASDAQ:CAR - Get Free Report) last announced its earnings results on Wednesday, May 7th. The business services provider reported ($14.35) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($5.72) by ($8.63). Avis Budget Group had a negative return on equity of 14.74% and a negative net margin of 18.96%. The firm had revenue of $2.43 billion for the quarter, compared to analyst estimates of $2.49 billion. During the same quarter last year, the business earned ($3.21) EPS. The company's revenue for the quarter was down 4.7% compared to the same quarter last year. On average, research analysts anticipate that Avis Budget Group, Inc. will post 8.91 earnings per share for the current fiscal year.

About Avis Budget Group

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.

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