Ontario Teachers Pension Plan Board Has $603,000 Stock Holdings in Avis Budget Group, Inc. (NASDAQ:CAR)

Ontario Teachers Pension Plan Board reduced its position in shares of Avis Budget Group, Inc. (NASDAQ:CAR) by 44.8% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 6,888 shares of the business services provider’s stock after selling 5,583 shares during the quarter. Ontario Teachers Pension Plan Board’s holdings in Avis Budget Group were worth $603,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also bought and sold shares of CAR. Rubric Capital Management LP boosted its position in shares of Avis Budget Group by 220.9% during the 2nd quarter. Rubric Capital Management LP now owns 690,273 shares of the business services provider’s stock worth $72,147,000 after acquiring an additional 475,181 shares in the last quarter. Massachusetts Financial Services Co. MA raised its position in shares of Avis Budget Group by 17.6% during the second quarter. Massachusetts Financial Services Co. MA now owns 589,780 shares of the business services provider’s stock worth $61,644,000 after acquiring an additional 88,279 shares during the last quarter. International Assets Investment Management LLC lifted its position in shares of Avis Budget Group by 19,203.5% in the 3rd quarter. International Assets Investment Management LLC now owns 481,044 shares of the business services provider’s stock worth $421,350,000 after purchasing an additional 478,552 shares during the period. Assenagon Asset Management S.A. bought a new position in shares of Avis Budget Group in the 2nd quarter worth about $19,978,000. Finally, Hsbc Holdings PLC grew its position in shares of Avis Budget Group by 16.3% during the 2nd quarter. Hsbc Holdings PLC now owns 126,380 shares of the business services provider’s stock worth $13,036,000 after buying an additional 17,750 shares during the period. 96.35% of the stock is currently owned by institutional investors and hedge funds.

Avis Budget Group Stock Up 2.6 %

Shares of CAR opened at $101.64 on Friday. Avis Budget Group, Inc. has a twelve month low of $65.73 and a twelve month high of $204.77. The firm has a 50 day moving average of $87.42 and a 200 day moving average of $96.20. The company has a market capitalization of $3.57 billion, a P/E ratio of 9.28 and a beta of 2.14.

Avis Budget Group (NASDAQ:CAR) last released its quarterly earnings results on Thursday, October 31st. The business services provider reported $6.65 earnings per share for the quarter, missing the consensus estimate of $8.55 by ($1.90). Avis Budget Group had a net margin of 3.34% and a negative return on equity of 101.41%. The firm had revenue of $3.48 billion for the quarter, compared to the consensus estimate of $3.53 billion. During the same period in the previous year, the company earned $16.78 earnings per share. Avis Budget Group’s quarterly revenue was down 2.4% compared to the same quarter last year. On average, sell-side analysts expect that Avis Budget Group, Inc. will post 5.24 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the company. StockNews.com raised Avis Budget Group from a “sell” rating to a “hold” rating in a research report on Monday, November 4th. Susquehanna decreased their target price on Avis Budget Group from $120.00 to $95.00 and set a “neutral” rating for the company in a research report on Friday, August 9th. Barclays started coverage on shares of Avis Budget Group in a research report on Thursday, September 19th. They set an “equal weight” rating and a $105.00 price target for the company. JPMorgan Chase & Co. dropped their target price on shares of Avis Budget Group from $175.00 to $150.00 and set an “overweight” rating on the stock in a research note on Monday, November 4th. Finally, Northcoast Research cut shares of Avis Budget Group from a “buy” rating to a “neutral” rating in a report on Monday. Five analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, Avis Budget Group currently has a consensus rating of “Hold” and a consensus target price of $133.13.

Avis Budget Group Company 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.