New York State Common Retirement Fund Sells 3,500 Shares of Avis Budget Group, Inc. (NASDAQ:CAR)

Key Points

• The New York State Common Retirement Fund reduced its holdings in Avis Budget Group, selling 3,500 shares and now owns 5,000 shares valued at approximately $380,000.
• Analysts have mixed ratings for Avis Budget Group, with JPMorgan increasing its price target to $155 and Goldman Sachs reducing it to $87.
• Avis Budget Group reported a significant EPS loss of ($14.35) for the last quarter, missing expectations and indicating a revenue decline of 4.7% compared to the same period last year.

New York State Common Retirement Fund reduced its position in Avis Budget Group, Inc. (NASDAQ:CAR - Free Report) by 41.2% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 5,000 shares of the business services provider's stock after selling 3,500 shares during the quarter. New York State Common Retirement Fund's holdings in Avis Budget Group were worth $380,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Crossmark Global Holdings Inc. bought a new position in shares of Avis Budget Group in the first quarter worth about $274,000. Captrust Financial Advisors bought a new stake in Avis Budget Group during the 4th quarter valued at about $460,000. Northern Trust Corp boosted its position in Avis Budget Group by 21.0% in the 4th quarter. Northern Trust Corp now owns 156,176 shares of the business services provider's stock valued at $12,589,000 after buying an additional 27,127 shares during the period. Norges Bank bought a new position in Avis Budget Group in the 4th quarter worth about $11,234,000. Finally, Envestnet Portfolio Solutions Inc. bought a new position in Avis Budget Group in the 1st quarter worth about $221,000. Institutional investors own 96.35% of the company's stock.

Analysts Set New Price Targets

Several analysts have recently weighed in on the stock. JPMorgan Chase & Co. lifted their price target on shares of Avis Budget Group from $145.00 to $155.00 and gave the company an "overweight" rating in a research note on Friday, May 9th. Wall Street Zen upgraded Avis Budget Group from a "sell" rating to a "hold" rating in a report on Saturday, May 3rd. Deutsche Bank Aktiengesellschaft reiterated a "buy" rating and issued a $196.00 target price (up from $130.00) on shares of Avis Budget Group in a report on Thursday, July 10th. Finally, The Goldman Sachs Group cut their price target on Avis Budget Group from $100.00 to $87.00 and set a "neutral" rating on the stock in a research note on Friday, May 9th. Five investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $127.60.

Avis Budget Group Stock Down 0.4%

Shares of NASDAQ:CAR opened at $206.79 on Friday. The firm has a 50 day moving average of $153.31 and a 200 day moving average of $107.14. The company has a market capitalization of $7.28 billion, a price-to-earnings ratio of -3.28 and a beta of 2.19. Avis Budget Group, Inc. has a 52 week low of $54.03 and a 52 week high of $212.09.

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 (EPS) 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 18.96% and a negative return on equity of 14.74%. The company's revenue was down 4.7% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($3.21) earnings per share. On average, sell-side analysts expect that Avis Budget Group, Inc. will post 8.91 EPS for the current year.

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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