Dimensional Fund Advisors LP Boosts Stock Holdings in Avis Budget Group, Inc. $CAR

Key Points

• Dimensional Fund Advisors increased its Avis Budget Group stake by 5% in the first quarter, holding 356,900 shares valued at approximately $52 million. Institutional investors collectively own 96.35% of the company.
• Avis Budget Group reported quarterly earnings of $0.98 per share, missing analyst estimates of $2.05, while revenue fell 1.3% year over year to $3 billion.
• Analyst sentiment remains cautious, with six Hold ratings and four Sell ratings. The stock carries an average “Reduce” rating and a $132.75 price target, below its reported opening price of $137.44.

Dimensional Fund Advisors LP grew its holdings in Avis Budget Group, Inc. (NASDAQ:CAR - Free Report) by 5.0% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 356,900 shares of the business services provider's stock after purchasing an additional 17,074 shares during the period. Dimensional Fund Advisors LP owned approximately 1.01% of Avis Budget Group worth $52,036,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Caitong International Asset Management Co. Ltd grew its stake in Avis Budget Group by 1,845.5% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 214 shares of the business services provider's stock valued at $27,000 after buying an additional 203 shares in the last quarter. Quarry LP bought a new stake in Avis Budget Group during the 4th quarter valued at $27,000. Basepoint Wealth LLC purchased a new stake in shares of Avis Budget Group during the fourth quarter worth $32,000. Hantz Financial Services Inc. lifted its position in shares of Avis Budget Group by 70.4% during the fourth quarter. Hantz Financial Services Inc. now owns 431 shares of the business services provider's stock worth $55,000 after acquiring an additional 178 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. lifted its position in shares of Avis Budget Group by 26.5% during the third quarter. Northwestern Mutual Wealth Management Co. now owns 363 shares of the business services provider's stock worth $58,000 after acquiring an additional 76 shares in the last quarter. 96.35% of the stock is currently owned by hedge funds and other institutional investors.

Avis Budget Group Price Performance

Shares of NASDAQ:CAR opened at $137.44 on Monday. The firm has a fifty day moving average price of $167.85 and a two-hundred day moving average price of $167.40. Avis Budget Group, Inc. has a one year low of $85.96 and a one year high of $847.70. The company has a market cap of $4.86 billion, a price-to-earnings ratio of -7.56 and a beta of 1.92.

Avis Budget Group (NASDAQ:CAR - Get Free Report) last released its quarterly earnings results on Tuesday, July 28th. The business services provider reported $0.98 EPS for the quarter, missing analysts' consensus estimates of $2.05 by ($1.07). The firm had revenue of $3 billion for the quarter, compared to analysts' expectations of $3.10 billion. Avis Budget Group's quarterly revenue was down 1.3% on a year-over-year basis. During the same period in the prior year, the business earned $0.10 EPS. Equities research analysts expect that Avis Budget Group, Inc. will post 2.91 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on CAR shares. Wall Street Zen cut Avis Budget Group from a "hold" rating to a "sell" rating in a research report on Saturday. The Goldman Sachs Group increased their price objective on Avis Budget Group from $85.00 to $95.00 and gave the stock a "sell" rating in a report on Friday, July 24th. Morgan Stanley raised their target price on Avis Budget Group from $97.00 to $99.00 and gave the stock an "equal weight" rating in a research note on Wednesday, May 20th. Barclays set a $160.00 target price on Avis Budget Group and gave the company an "equal weight" rating in a report on Monday, June 8th. Finally, Zacks Research raised Avis Budget Group from a "strong sell" rating to a "hold" rating in a report on Wednesday, May 6th. Six equities research analysts have rated the stock with a Hold rating and four have issued a Sell rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Reduce" and an average target price of $132.75.

Avis Budget Group Company Profile

Avis Budget Group, Inc operates as a leading global provider of vehicle rental and mobility solutions. Through its two core brands, Avis® and Budget®, the company offers a broad range of rental options including daily, weekly and monthly car rentals for leisure and business travelers. In addition to traditional airport and off-airport car rental services, Avis Budget Group delivers innovative mobility platforms such as car-sharing programs and connected fleet solutions designed to meet the evolving needs of corporate, government and individual customers.

The company's roots trace back to Avis Rent a Car, founded in 1946, and Budget Rent a Car, established in 1958.

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