Massachusetts Financial Services Co. MA Raises Position in Avis Budget Group, Inc. (NASDAQ:CAR)

Massachusetts Financial Services Co. MA increased its position in shares of Avis Budget Group, Inc. (NASDAQ:CAR - Free Report) by 47.8% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 327,275 shares of the business services provider's stock after acquiring an additional 105,867 shares during the period. Massachusetts Financial Services Co. MA owned about 0.90% of Avis Budget Group worth $58,013,000 at the end of the most recent reporting period.

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

Analyst Upgrades and Downgrades

A number of analysts have weighed in on CAR shares. JPMorgan Chase & Co. decreased their target price on shares of Avis Budget Group from $280.00 to $240.00 and set an "overweight" rating for the company in a research report on Wednesday, February 14th. The Goldman Sachs Group upgraded shares of Avis Budget Group from a "sell" rating to a "neutral" rating and increased their price objective for the stock from $118.00 to $130.00 in a research report on Thursday, April 4th. StockNews.com lowered shares of Avis Budget Group from a "hold" rating to a "sell" rating in a report on Thursday, May 2nd. Susquehanna decreased their price target on Avis Budget Group from $145.00 to $117.00 and set a "neutral" rating for the company in a report on Tuesday, April 30th. Finally, Morgan Stanley lowered their price objective on Avis Budget Group from $190.00 to $187.00 and set an "overweight" rating for the company in a research report on Wednesday, April 10th. One analyst has rated the stock with a sell rating, two have issued a hold rating and five have given a buy rating to the company's stock. Based on data from MarketBeat.com, Avis Budget Group currently has an average rating of "Moderate Buy" and a consensus target price of $164.57.

Avis Budget Group Price Performance

Shares of CAR traded down $3.51 during trading hours on Friday, hitting $118.31. The stock had a trading volume of 841,329 shares, compared to its average volume of 839,374. Avis Budget Group, Inc. has a 1-year low of $93.53 and a 1-year high of $244.95. The firm has a market capitalization of $4.22 billion, a P/E ratio of 3.73 and a beta of 2.28. The firm has a 50 day simple moving average of $114.34 and a 200-day simple moving average of $147.21.

Avis Budget Group (NASDAQ:CAR - Get Free Report) last announced its quarterly earnings data on Wednesday, May 1st. The business services provider reported ($3.21) EPS for the quarter, missing analysts' consensus estimates of ($2.65) by ($0.56). Avis Budget Group had a net margin of 10.05% and a negative return on equity of 480.48%. The firm had revenue of $2.55 billion during the quarter, compared to analyst estimates of $2.41 billion. During the same period last year, the business posted $7.72 EPS. The company's revenue was down .2% on a year-over-year basis. Equities analysts predict that Avis Budget Group, Inc. will post 13.21 EPS for the current fiscal year.

About Avis Budget Group

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.