Crossmark Global Holdings Inc. purchased a new stake in Avis Budget Group, Inc. (NASDAQ:CAR - Free Report) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 3,616 shares of the business services provider's stock, valued at approximately $274,000.
A number of other hedge funds have also made changes to their positions in CAR. Steadfast Capital Management LP acquired a new stake in shares of Avis Budget Group during the fourth quarter valued at $25,747,000. National Bank of Canada FI boosted its stake 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 during the last quarter. Nomura Holdings Inc. boosted its stake 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 buying an additional 236,576 shares during the last quarter. Jefferies Financial Group Inc. boosted its stake 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 during the last quarter. Finally, Norges Bank acquired a new stake in Avis Budget Group in the 4th quarter worth about $11,234,000. Hedge funds and other institutional investors own 96.35% of the company's stock.
Avis Budget Group Stock Performance
Shares of CAR traded down $2.28 during trading hours on Tuesday, hitting $192.58. 529,645 shares of the company were exchanged, compared to its average volume of 1,000,967. The company has a market cap of $6.78 billion, a PE ratio of -3.06 and a beta of 2.19. The firm's 50 day moving average is $138.19 and its 200-day moving average is $100.68. Avis Budget Group, Inc. has a 52 week low of $54.03 and a 52 week high of $197.72.
Avis Budget Group (NASDAQ:CAR - Get Free Report) last posted its quarterly earnings results on Wednesday, May 7th. The business services provider reported ($14.35) EPS for the quarter, missing the consensus estimate of ($5.72) by ($8.63). The firm 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 18.96% and a negative return on equity of 14.74%. The company's revenue was down 4.7% on a year-over-year basis. During the same period last year, the company earned ($3.21) EPS. As a group, equities analysts forecast that Avis Budget Group, Inc. will post 8.91 earnings per share for the current fiscal year.
Wall Street Analysts Forecast Growth
Several brokerages recently commented on CAR. Wall Street Zen upgraded Avis Budget Group from a "sell" rating to a "hold" rating in a report on Saturday, May 3rd. JPMorgan Chase & Co. lifted their price objective on Avis Budget Group from $145.00 to $155.00 and gave the stock an "overweight" rating in a report on Friday, May 9th. Deutsche Bank Aktiengesellschaft restated a "buy" rating and set a $196.00 price objective (up from $130.00) on shares of Avis Budget Group in a report on Thursday, July 10th. Finally, The Goldman Sachs Group dropped their price objective 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. 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, Avis Budget Group presently has an average rating of "Hold" and an average price target of $127.60.
Read Our Latest Analysis on CAR
Avis Budget Group Company Profile
(
Free Report)
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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