ING Groep NV Reduces Stake in Avis Budget Group, Inc. (NASDAQ:CAR)

Key Points

• ING Groep NV reduced its stake in Avis Budget Group by 1.5%, now owning approximately 320,000 shares valued at $24.29 million.
• Avis Budget Group reported a net loss of 19.06% and EPS of $0.10, which missed analysts' expectations of $2.02 for the quarter.
• Despite the challenges, several hedge funds, including Nomura Holdings and Jefferies Financial Group, have significantly increased their stakes in Avis Budget Group.

ING Groep NV lowered its stake in Avis Budget Group, Inc. (NASDAQ:CAR - Free Report) by 1.5% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 320,000 shares of the business services provider's stock after selling 5,000 shares during the quarter. ING Groep NV owned approximately 0.91% of Avis Budget Group worth $24,288,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in the stock. Nomura Holdings Inc. raised its position in shares of Avis Budget Group by 93.2% in the fourth 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 in the last quarter. Steadfast Capital Management LP bought a new position in Avis Budget Group in the 4th quarter worth about $25,747,000. Jefferies Financial Group Inc. raised its holdings in shares of 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 valued at $20,410,000 after acquiring an additional 236,218 shares in the last quarter. Northern Trust Corp boosted its position in shares of Avis Budget Group by 21.0% during the 4th quarter. Northern Trust Corp now owns 156,176 shares of the business services provider's stock valued at $12,589,000 after acquiring an additional 27,127 shares during the last quarter. Finally, Invesco Ltd. increased its position in shares of Avis Budget Group by 9.1% in the fourth quarter. Invesco Ltd. now owns 148,972 shares of the business services provider's stock worth $12,009,000 after purchasing an additional 12,440 shares during the last quarter. Hedge funds and other institutional investors own 96.35% of the company's stock.

Avis Budget Group Stock Down 3.6%

Shares of NASDAQ:CAR opened at $164.07 on Monday. The stock has a market cap of $5.77 billion, a PE ratio of -2.59 and a beta of 2.19. The company's fifty day moving average is $160.22 and its 200 day moving average is $110.53. Avis Budget Group, Inc. has a 52 week low of $54.03 and a 52 week high of $212.81.

Avis Budget Group (NASDAQ:CAR - Get Free Report) last announced its quarterly earnings data on Tuesday, July 29th. The business services provider reported $0.10 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.02 by ($1.92). The company had revenue of $3.04 billion for the quarter, compared to the consensus estimate of $3.02 billion. Avis Budget Group had a negative net margin of 19.06% and a negative return on equity of 14.74%. The firm's quarterly revenue was down .3% compared to the same quarter last year. During the same period last year, the business posted $0.41 earnings per share. Sell-side analysts anticipate that Avis Budget Group, Inc. will post 8.91 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on CAR shares. JPMorgan Chase & Co. reissued a "neutral" rating and issued a $155.00 price target on shares of Avis Budget Group in a research note on Thursday. Wall Street Zen upgraded shares of Avis Budget Group from a "sell" rating to a "hold" rating in a research report on Saturday, May 3rd. Deutsche Bank Aktiengesellschaft restated a "buy" rating and set a $196.00 price target (up previously from $130.00) on shares of Avis Budget Group in a research report on Thursday, July 10th. Finally, The Goldman Sachs Group reiterated a "sell" rating and issued a $105.00 price objective (up from $87.00) on shares of Avis Budget Group in a report on Friday. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and one has issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $131.20.

Avis Budget Group 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.

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