Bank of America Corp DE Cuts Stock Holdings in Avis Budget Group, Inc. (NASDAQ:CAR)

Bank of America Corp DE reduced its position in Avis Budget Group, Inc. (NASDAQ:CAR - Free Report) by 13.5% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 130,211 shares of the business services provider's stock after selling 20,304 shares during the quarter. Bank of America Corp DE owned approximately 0.37% of Avis Budget Group worth $10,496,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the company. Amalgamated Bank raised its stake in shares of Avis Budget Group by 2.0% in the fourth quarter. Amalgamated Bank now owns 7,973 shares of the business services provider's stock valued at $643,000 after acquiring an additional 155 shares in the last quarter. Yousif Capital Management LLC raised its position in Avis Budget Group by 2.5% in the 4th quarter. Yousif Capital Management LLC now owns 7,592 shares of the business services provider's stock valued at $612,000 after purchasing an additional 187 shares in the last quarter. Quadrant Capital Group LLC boosted its stake in shares of Avis Budget Group by 41.0% in the 4th 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 period. Sterling Capital Management LLC boosted its stake in shares of Avis Budget Group by 41.3% in the 4th 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 period. Finally, Signaturefd LLC grew its position in shares of Avis Budget Group by 31.8% during the fourth quarter. Signaturefd LLC now owns 936 shares of the business services provider's stock worth $75,000 after buying an additional 226 shares in the last quarter. 96.35% of the stock is owned by institutional investors and hedge funds.

Avis Budget Group Price Performance

Shares of NASDAQ:CAR traded down $1.00 during trading on Thursday, hitting $119.49. 779,139 shares of the company were exchanged, compared to its average volume of 896,946. The firm's 50 day moving average price is $89.88 and its 200-day moving average price is $88.06. Avis Budget Group, Inc. has a 12-month low of $54.03 and a 12-month high of $124.37. The stock has a market capitalization of $4.21 billion, a P/E ratio of -2.31 and a beta of 2.10.

Avis Budget Group (NASDAQ:CAR - Get Free Report) last announced its quarterly earnings results on Wednesday, May 7th. The business services provider reported ($14.35) earnings per share 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 analysts' expectations of $2.49 billion. Avis Budget Group had a negative net margin of 15.45% and a negative return on equity of 14.74%. Avis Budget Group's revenue was down 4.7% on a year-over-year basis. During the same period last year, the firm earned ($3.21) earnings per share. As a group, equities research analysts anticipate that Avis Budget Group, Inc. will post 8.91 EPS for the current year.

Wall Street Analysts Forecast Growth

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

Avis Budget Group Company 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.