Nuveen Asset Management LLC Sells 10,583 Shares of Avis Budget Group, Inc. (NASDAQ:CAR)

Nuveen Asset Management LLC reduced its stake in shares of Avis Budget Group, Inc. (NASDAQ:CAR - Free Report) by 21.2% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 39,238 shares of the business services provider's stock after selling 10,583 shares during the quarter. Nuveen Asset Management LLC owned approximately 0.11% of Avis Budget Group worth $3,163,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. National Bank of Canada FI raised its holdings in shares of Avis Budget Group by 266.7% during 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 purchasing an additional 240,000 shares in the last quarter. ING Groep NV lifted its stake in shares of Avis Budget Group by 310.4% in the fourth quarter. ING Groep NV now owns 325,000 shares of the business services provider's stock valued at $26,198,000 after buying an additional 245,800 shares during the period. Jefferies Financial Group Inc. lifted its position 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 worth $20,410,000 after acquiring an additional 236,218 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in Avis Budget Group by 9.4% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 203,274 shares of the business services provider's stock worth $16,386,000 after buying an additional 17,473 shares in the last quarter. Finally, Barclays PLC increased its stake in Avis Budget Group by 30.5% in the third quarter. Barclays PLC now owns 200,576 shares of the business services provider's stock valued at $17,571,000 after acquiring an additional 46,922 shares during the period. 96.35% of the stock is owned by hedge funds and other institutional investors.

Avis Budget Group Stock Down 4.7%

CAR stock traded down $5.52 during midday trading on Wednesday, reaching $111.19. The company's stock had a trading volume of 1,048,228 shares, compared to its average volume of 907,741. The business's 50-day simple moving average is $93.14 and its 200-day simple moving average is $88.30. The stock has a market cap of $3.91 billion, a PE ratio of -2.15 and a beta of 2.10. Avis Budget Group, Inc. has a 52 week low of $54.03 and a 52 week high of $124.37.

Avis Budget Group (NASDAQ:CAR - Get Free Report) last issued its quarterly earnings data 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 firm had revenue of $2.43 billion for the quarter, compared to analyst estimates of $2.49 billion. Avis Budget Group had a negative net margin of 15.45% and a negative return on equity of 14.74%. The firm's revenue for the quarter was down 4.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($3.21) EPS. As a group, equities analysts forecast that Avis Budget Group, Inc. will post 8.91 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research firms have issued reports on CAR. JPMorgan Chase & Co. increased their price objective on Avis Budget Group from $145.00 to $155.00 and gave the stock an "overweight" rating in a research note on Friday, May 9th. The Goldman Sachs Group dropped their price objective on shares of Avis Budget Group from $100.00 to $87.00 and set a "neutral" rating for the company in a report on Friday, May 9th. Finally, Wall Street Zen upgraded Avis Budget Group from a "sell" rating to a "hold" rating in a research note on Saturday, May 3rd. Five investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $117.00.

About Avis Budget Group

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.