Swiss National Bank Sells 6,100 Shares of Avis Budget Group, Inc. (NASDAQ:CAR)

Swiss National Bank lowered its stake in shares of Avis Budget Group, Inc. (NASDAQ:CAR - Free Report) by 12.7% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 42,000 shares of the business services provider's stock after selling 6,100 shares during the period. Swiss National Bank owned approximately 0.12% of Avis Budget Group worth $7,445,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently modified their holdings of the company. Huntington National Bank grew its position in shares of Avis Budget Group by 101.0% in the 3rd quarter. Huntington National Bank now owns 209 shares of the business services provider's stock valued at $38,000 after purchasing an additional 105 shares during the period. Headlands Technologies LLC bought a new position in Avis Budget Group during the 4th quarter worth about $79,000. Covestor Ltd raised its stake in shares of Avis Budget Group by 733.9% in the 3rd quarter. Covestor Ltd now owns 517 shares of the business services provider's stock valued at $93,000 after purchasing an additional 455 shares during the period. C M Bidwell & Associates Ltd. lifted its holdings in shares of Avis Budget Group by 181.5% in the third quarter. C M Bidwell & Associates Ltd. now owns 881 shares of the business services provider's stock valued at $158,000 after purchasing an additional 568 shares in the last quarter. Finally, Teza Capital Management LLC acquired a new stake in Avis Budget Group in the 3rd quarter valued at approximately $214,000. 96.35% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts have recently weighed in on CAR shares. Bank of America decreased their price target on shares of Avis Budget Group from $170.00 to $140.00 and set a "buy" rating for the company in a research note on Wednesday, May 1st. The Goldman Sachs Group raised shares of Avis Budget Group from a "sell" rating to a "neutral" rating and raised their target price for the company from $118.00 to $130.00 in a research report on Thursday, April 4th. StockNews.com cut shares of Avis Budget Group from a "hold" rating to a "sell" rating in a research report on Thursday, May 2nd. Susquehanna lowered their target price on Avis Budget Group from $145.00 to $117.00 and set a "neutral" rating on the stock in a research report on Tuesday, April 30th. Finally, JPMorgan Chase & Co. dropped their target price on Avis Budget Group from $280.00 to $240.00 and set an "overweight" rating on the stock in a report on Wednesday, February 14th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and five have given a buy rating to the stock. According to MarketBeat, Avis Budget Group has an average rating of "Moderate Buy" and a consensus price target of $164.57.

Avis Budget Group Stock Performance

NASDAQ:CAR traded down $5.96 during mid-day trading on Wednesday, hitting $121.95. The stock had a trading volume of 552,544 shares, compared to its average volume of 844,305. Avis Budget Group, Inc. has a twelve month low of $93.53 and a twelve month high of $244.95. The stock has a market cap of $4.35 billion, a price-to-earnings ratio of 3.85 and a beta of 2.28. The company's 50 day simple moving average is $114.01 and its 200 day simple moving average is $147.70.

Avis Budget Group (NASDAQ:CAR - Get Free Report) last issued its earnings results on Wednesday, May 1st. The business services provider reported ($3.21) EPS for the quarter, missing the consensus estimate of ($2.65) by ($0.56). The business had revenue of $2.55 billion for the quarter, compared to the consensus estimate of $2.41 billion. Avis Budget Group had a negative return on equity of 480.48% and a net margin of 10.05%. The business's revenue was down .2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $7.72 earnings per share. As a group, equities analysts forecast that Avis Budget Group, Inc. will post 13.21 earnings per share for the current year.

Avis Budget Group Profile

Avis Budget Group, Inc, together with its subsidiaries, provides car and truck rentals, car sharing, and ancillary products and services to businesses and consumers in the Americas, Europe, the Middle East and Africa, Asia, and Australasia. It operates the Avis brand, that offers vehicle rental and other mobility solutions to the premium commercial and leisure segments of the travel industry; and the Zipcar brand, a car sharing network, as well as the Budget brand, a supplier of vehicle rental and other mobility solutions focused primarily on more value-conscious customers comprising Budget car rental, and Budget Truck, a local, and one-way truck and cargo van rental businesses with a fleet of approximately 19,000 vehicles, which are rented through a network of dealer-operated and company-operated locations that serve the light commercial and consumer sectors in the continental United States.