New York State Teachers Retirement System Reduces Stock Position in Avis Budget Group, Inc. (NASDAQ:CAR)

New York State Teachers Retirement System cut its holdings in Avis Budget Group, Inc. (NASDAQ:CAR - Free Report) by 13.2% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 19,934 shares of the business services provider's stock after selling 3,024 shares during the period. New York State Teachers Retirement System owned about 0.06% of Avis Budget Group worth $1,513,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the business. SummerHaven Investment Management LLC grew its holdings in shares of Avis Budget Group by 2.1% in the first quarter. SummerHaven Investment Management LLC now owns 7,623 shares of the business services provider's stock valued at $579,000 after acquiring an additional 160 shares in the last quarter. Quadrant Capital Group LLC grew its holdings in shares of Avis Budget Group by 41.0% in the fourth quarter. Quadrant Capital Group LLC now owns 681 shares of the business services provider's stock valued at $55,000 after acquiring an additional 198 shares in the last quarter. Sterling Capital Management LLC grew its holdings in shares of Avis Budget Group by 41.3% in the fourth quarter. Sterling Capital Management LLC now owns 736 shares of the business services provider's stock valued at $59,000 after acquiring an additional 215 shares in the last quarter. Signaturefd LLC grew its holdings in shares of Avis Budget Group by 31.8% in the fourth quarter. Signaturefd LLC now owns 936 shares of the business services provider's stock valued at $75,000 after acquiring an additional 226 shares in the last quarter. Finally, UMB Bank n.a. grew its holdings in shares of Avis Budget Group by 106.9% in the first quarter. UMB Bank n.a. now owns 478 shares of the business services provider's stock valued at $36,000 after acquiring an additional 247 shares in the last quarter. 96.35% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the company. JPMorgan Chase & Co. upped their target price on Avis Budget Group from $145.00 to $155.00 and gave the company an "overweight" rating in a report on Friday, May 9th. Deutsche Bank Aktiengesellschaft reaffirmed 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. Wall Street Zen raised Avis Budget Group from a "sell" rating to a "hold" rating in a report on Saturday, May 3rd. Finally, The Goldman Sachs Group reduced their price objective on Avis Budget Group from $100.00 to $87.00 and set a "neutral" rating for the company in a report on Friday, May 9th. Five investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and an average target price of $127.60.

Avis Budget Group Stock Performance

NASDAQ CAR traded up $2.19 on Friday, hitting $191.38. 1,084,894 shares of the stock traded hands, compared to its average volume of 999,278. The business's fifty day moving average is $134.31 and its two-hundred day moving average is $99.24. Avis Budget Group, Inc. has a 12 month low of $54.03 and a 12 month high of $194.94. The firm has a market capitalization of $6.73 billion, a price-to-earnings ratio of -3.04 and a beta of 2.19.

Avis Budget Group (NASDAQ:CAR - Get Free Report) last announced its quarterly earnings data on Wednesday, May 7th. The business services provider reported ($14.35) earnings per share for the quarter, missing the consensus estimate of ($5.72) by ($8.63). The firm had revenue of $2.43 billion for the quarter, compared to the consensus estimate of $2.49 billion. Avis Budget Group had a negative net margin of 18.96% and a negative return on equity of 14.74%. Avis Budget Group's revenue for the quarter was down 4.7% on a year-over-year basis. During the same period last year, the company posted ($3.21) earnings per share. Analysts expect that Avis Budget Group, Inc. will post 8.91 EPS for the current fiscal year.

Avis Budget Group Company 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.