Engineers Gate Manager LP Grows Stake in Avis Budget Group, Inc. $CAR

Key Points

• Engineers Gate Manager LP increased its Avis Budget Group stake by 129% in the second quarter, bringing its holdings to 16,821 shares valued at approximately $2.49 million.
• Institutional investors own 96.35% of Avis Budget Group, with several funds—including MUFG Securities, CIBC World Markets and Dimensional Fund Advisors—reporting increased or new positions.
• Avis Budget Group reported quarterly EPS of $0.98, missing the $2.05 consensus estimate, while revenue fell 1.3% year over year to $3 billion. Analysts maintain a “Reduce” consensus rating with an average $135 price target.

Engineers Gate Manager LP boosted its stake in shares of Avis Budget Group, Inc. (NASDAQ:CAR - Free Report) by 129.0% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 16,821 shares of the business services provider's stock after acquiring an additional 9,474 shares during the quarter. Engineers Gate Manager LP's holdings in Avis Budget Group were worth $2,487,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in CAR. MUFG Securities EMEA plc bought a new position in Avis Budget Group during the fourth quarter valued at $25,664,000. Jefferies Financial Group Inc. bought a new stake in shares of Avis Budget Group in the 4th quarter worth about $2,181,000. Northwestern Mutual Wealth Management Co. boosted its stake in shares of Avis Budget Group by 47,007.2% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 170,999 shares of the business services provider's stock worth $21,943,000 after purchasing an additional 170,636 shares during the period. Cibc World Market Inc. boosted its stake in shares of Avis Budget Group by 75.0% during the 4th quarter. Cibc World Market Inc. now owns 700,005 shares of the business services provider's stock worth $89,825,000 after purchasing an additional 300,000 shares during the period. Finally, Dimensional Fund Advisors LP grew its holdings in Avis Budget Group by 5.0% during the 1st quarter. Dimensional Fund Advisors LP now owns 356,900 shares of the business services provider's stock valued at $52,036,000 after purchasing an additional 17,074 shares during the last quarter. 96.35% of the stock is currently owned by hedge funds and other institutional investors.

Avis Budget Group Stock Performance

CAR stock opened at $118.70 on Tuesday. Avis Budget Group, Inc. has a one year low of $85.96 and a one year high of $847.70. The firm has a market cap of $4.19 billion, a PE ratio of -6.53 and a beta of 1.91. The firm's 50 day moving average price is $145.81 and its 200-day moving average price is $172.15.

Avis Budget Group (NASDAQ:CAR - Get Free Report) last posted its earnings results on Tuesday, July 28th. The business services provider reported $0.98 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.05 by ($1.07). The business had revenue of $3 billion during the quarter, compared to the consensus estimate of $3.10 billion. During the same period last year, the business posted $0.10 earnings per share. The firm's revenue was down 1.3% compared to the same quarter last year. Equities research analysts predict that Avis Budget Group, Inc. will post 1.34 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. Wall Street Zen downgraded Avis Budget Group from a "hold" rating to a "sell" rating in a report on Saturday, August 1st. Zacks Research upgraded Avis Budget Group from a "strong sell" rating to a "hold" rating in a research report on Tuesday, September 1st. Barclays set a $160.00 price target on shares of Avis Budget Group and gave the stock an "equal weight" rating in a research note on Monday, June 8th. The Goldman Sachs Group upped their target price on shares of Avis Budget Group from $85.00 to $95.00 and gave the stock a "sell" rating in a research note on Friday, July 24th. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of Avis Budget Group in a report on Monday, August 17th. Six research analysts have rated the stock with a Hold rating and three have given a Sell rating to the company. According to MarketBeat, Avis Budget Group has a consensus rating of "Reduce" and an average target price of $135.00.

Avis Budget Group Company Profile

Avis Budget Group, Inc is a global provider of vehicle rental and mobility services. The company operates through a portfolio of well-known brands, including Avis, Budget and Payless, offering car and truck rentals to business and leisure travelers, government customers and other organizations.

The company also provides flexible vehicle access through Zipcar, a car-sharing service that allows members to reserve vehicles for short-term use. Its services are delivered through company-operated locations, licensed operations and franchise partners, with offerings that may include airport and neighborhood rentals, fleet management and related mobility solutions.

Avis Budget Group serves customers across North America, Europe, Australia and New Zealand, Latin America, the Caribbean, Africa and parts of Asia through its operating businesses and partners.

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