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

New York State Teachers Retirement System decreased its position in shares of Avis Budget Group, Inc. (NASDAQ:CAR - Free Report) by 13.2% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 19,934 shares of the business services provider's stock after selling 3,024 shares during the quarter. New York State Teachers Retirement System owned approximately 0.06% of Avis Budget Group worth $1,513,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of CAR. Steadfast Capital Management LP acquired a new position in shares of Avis Budget Group during the 4th quarter valued at about $25,747,000. National Bank of Canada FI raised its stake in shares of Avis Budget Group by 266.7% in the 4th quarter. National Bank of Canada FI now owns 330,000 shares of the business services provider's stock valued at $26,601,000 after acquiring an additional 240,000 shares during the period. Nomura Holdings Inc. raised its stake in shares of Avis Budget Group by 93.2% in the 4th quarter. Nomura Holdings Inc. now owns 490,473 shares of the business services provider's stock valued at $39,537,000 after acquiring an additional 236,576 shares during the period. Jefferies Financial Group Inc. boosted its position in shares of Avis Budget Group by 1,391.0% during the 4th quarter. Jefferies Financial Group Inc. now owns 253,200 shares of the business services provider's stock worth $20,410,000 after purchasing an additional 236,218 shares during the period. Finally, Wealthfront Advisers LLC purchased a new position in shares of Avis Budget Group during the 4th quarter worth approximately $12,164,000. Institutional investors and hedge funds own 96.35% of the company's stock.

Avis Budget Group Price Performance

Shares of NASDAQ CAR traded up $2.19 during mid-day trading on Friday, hitting $191.38. The company had a trading volume of 1,084,894 shares, compared to its average volume of 999,278. The company has a market capitalization of $6.73 billion, a PE ratio of -3.04 and a beta of 2.19. The business's 50-day simple moving average is $134.31 and its 200 day simple moving average is $99.12. Avis Budget Group, Inc. has a 1-year low of $54.03 and a 1-year high of $194.94.

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 (EPS) for the quarter, missing the consensus estimate of ($5.72) by ($8.63). Avis Budget Group had a negative net margin of 18.96% and a negative return on equity of 14.74%. The company had revenue of $2.43 billion during the quarter, compared to analysts' expectations of $2.49 billion. During the same quarter in the previous year, the business posted ($3.21) EPS. The business's quarterly revenue was down 4.7% compared to the same quarter last year. On average, analysts expect that Avis Budget Group, Inc. will post 8.91 EPS for the current year.

Analyst Ratings Changes

CAR has been the topic of a number of research analyst reports. JPMorgan Chase & Co. boosted their target price on Avis Budget Group from $145.00 to $155.00 and gave the company an "overweight" rating in a research report on Friday, May 9th. Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating and issued a $196.00 price objective (up from $130.00) on shares of Avis Budget Group in a research note on Thursday. Wall Street Zen raised Avis Budget Group from a "sell" rating to a "hold" rating in a research note on Saturday, May 3rd. Finally, The Goldman Sachs Group decreased their target price 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 research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, Avis Budget Group has an average rating of "Hold" and a consensus price target of $127.60.

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.