Pacer Advisors Inc. Reduces Stock Holdings in Avis Budget Group, Inc. (NASDAQ:CAR)

Key Points

• Pacer Advisors Inc. has reduced its stake in Avis Budget Group, Inc. by 52.8% in Q1, ending with 2,015 shares valued at $153,000.
• Avis Budget Group reported earnings of $0.10 per share, significantly missing analyst estimates of $2.02, and experienced a 19.06% negative net margin.
• Stocks of Avis Budget Group have been subject to mixed ratings, with Deutsche Bank issuing a "buy" rating and a price target increase to $196.00, while others have given it a "sell" or "hold" rating.

Pacer Advisors Inc. decreased its stake in Avis Budget Group, Inc. (NASDAQ:CAR - Free Report) by 52.8% in the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 2,015 shares of the business services provider's stock after selling 2,254 shares during the quarter. Pacer Advisors Inc.'s holdings in Avis Budget Group were worth $153,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of CAR. SummerHaven Investment Management LLC lifted its holdings in shares of Avis Budget Group by 2.1% in the 1st quarter. SummerHaven Investment Management LLC now owns 7,623 shares of the business services provider's stock worth $579,000 after buying an additional 160 shares during the period. Quadrant Capital Group LLC lifted its holdings in shares of Avis Budget Group by 41.0% in the 4th quarter. Quadrant Capital Group LLC now owns 681 shares of the business services provider's stock worth $55,000 after buying an additional 198 shares during the period. Xponance Inc. lifted its holdings in shares of Avis Budget Group by 7.8% in the 1st quarter. Xponance Inc. now owns 2,922 shares of the business services provider's stock worth $222,000 after buying an additional 211 shares during the period. Sterling Capital Management LLC lifted its holdings in shares of Avis Budget Group by 41.3% in the 4th quarter. Sterling Capital Management LLC now owns 736 shares of the business services provider's stock worth $59,000 after buying an additional 215 shares during the period. Finally, UMB Bank n.a. lifted its holdings in shares of Avis Budget Group by 106.9% in the 1st quarter. UMB Bank n.a. now owns 478 shares of the business services provider's stock worth $36,000 after buying an additional 247 shares during the period. Hedge funds and other institutional investors own 96.35% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on CAR shares. 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. JPMorgan Chase & Co. reissued a "neutral" rating and issued a $155.00 price target on shares of Avis Budget Group in a research report on Thursday. The Goldman Sachs Group lowered Avis Budget Group from a "neutral" rating to a "sell" rating and boosted their price target for the stock from $87.00 to $105.00 in a research report on Friday. Finally, Wall Street Zen raised Avis Budget Group from a "sell" rating to a "hold" rating in a research report on Saturday, May 3rd. One research analyst has rated the stock with a sell rating, five have given a hold rating and one has issued a buy rating to the company. According to MarketBeat, Avis Budget Group presently has a consensus rating of "Hold" and an average target price of $131.20.

Avis Budget Group Trading Down 3.6%

CAR opened at $164.07 on Friday. The firm has a market cap of $5.77 billion, a price-to-earnings ratio of -2.59 and a beta of 2.19. Avis Budget Group, Inc. has a 12 month low of $54.03 and a 12 month high of $212.81. The stock has a fifty day moving average price of $160.22 and a 200-day moving average price of $110.53.

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

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