UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Has $7.22 Million Position in Avis Budget Group, Inc. $CAR

Key Points

• UBS Asset Management reduced its Avis Budget Group stake by 18.8% in the second quarter, selling 11,287 shares and retaining 48,811 shares valued at approximately $7.22 million.
• Institutional investors and hedge funds own 96.35% of CAR shares, with several firms—including Royal Bank of Canada and First Trust Advisors—raising their positions.
• Avis Budget Group reported quarterly earnings of $0.98 per share, below the $2.05 consensus estimate, while revenue fell 1.3% year over year to $3 billion. Analysts’ consensus rating is “Reduce”, with a $135.57 average price target.

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC cut its holdings in Avis Budget Group, Inc. (NASDAQ:CAR - Free Report) by 18.8% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 48,811 shares of the business services provider's stock after selling 11,287 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned approximately 0.14% of Avis Budget Group worth $7,216,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in CAR. Royal Bank of Canada grew its stake in Avis Budget Group by 414.0% during the first quarter. Royal Bank of Canada now owns 17,860 shares of the business services provider's stock worth $1,355,000 after purchasing an additional 14,385 shares during the period. Empowered Funds LLC lifted its stake in Avis Budget Group by 10.1% in the first quarter. Empowered Funds LLC now owns 3,749 shares of the business services provider's stock valued at $285,000 after buying an additional 343 shares during the period. Prudential Financial Inc. acquired a new position in Avis Budget Group in the second quarter valued at approximately $352,000. EverSource Wealth Advisors LLC boosted its holdings in shares of Avis Budget Group by 19.6% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 427 shares of the business services provider's stock worth $72,000 after buying an additional 70 shares in the last quarter. Finally, First Trust Advisors LP boosted its holdings in shares of Avis Budget Group by 107.1% during the 2nd quarter. First Trust Advisors LP now owns 28,501 shares of the business services provider's stock worth $4,818,000 after buying an additional 14,737 shares in the last quarter. 96.35% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

CAR has been the subject of several recent analyst reports. Morgan Stanley raised their price objective on shares of Avis Budget Group from $97.00 to $99.00 and gave the stock an "equal weight" rating in a research report on Wednesday, May 20th. Zacks Research raised shares of Avis Budget Group from a "strong sell" rating to a "hold" rating in a research note on Tuesday, September 1st. JPMorgan Chase & Co. raised their price target on shares of Avis Budget Group from $155.00 to $170.00 and gave the stock an "underweight" rating in a report on Tuesday, June 23rd. Barclays set a $160.00 price target on shares of Avis Budget Group and gave the company an "equal weight" rating in a research note on Monday, June 8th. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of Avis Budget Group in a report on Monday, August 17th. Six equities research analysts have rated the stock with a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Reduce" and a consensus price target of $135.57.

Avis Budget Group Stock Performance

Shares of CAR stock opened at $138.73 on Tuesday. The firm has a market capitalization of $4.90 billion, a PE ratio of -7.64 and a beta of 1.91. The firm has a fifty day simple moving average of $148.74 and a two-hundred day simple moving average of $171.20. Avis Budget Group, Inc. has a 12 month low of $85.96 and a 12 month high of $847.70.

Avis Budget Group (NASDAQ:CAR - Get Free Report) last released its quarterly earnings data on Tuesday, July 28th. The business services provider reported $0.98 earnings per share for the quarter, missing analysts' consensus estimates of $2.05 by ($1.07). The business had revenue of $3 billion for the quarter, compared to analysts' expectations of $3.10 billion. The company's quarterly revenue was down 1.3% on a year-over-year basis. During the same quarter last year, the business earned $0.10 earnings per share. On average, equities analysts predict that Avis Budget Group, Inc. will post 1.36 earnings per share for the current fiscal year.

About Avis Budget Group

Avis Budget Group, Inc operates as a leading global provider of vehicle rental and mobility solutions. Through its two core brands, Avis® and Budget®, the company offers a broad range of rental options including daily, weekly and monthly car rentals for leisure and business travelers. In addition to traditional airport and off-airport car rental services, Avis Budget Group delivers innovative mobility platforms such as car-sharing programs and connected fleet solutions designed to meet the evolving needs of corporate, government and individual customers.

The company's roots trace back to Avis Rent a Car, founded in 1946, and Budget Rent a Car, established in 1958.

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