New Jersey Better Educational Savings Trust Holds Position in Avis Budget Group, Inc. (NASDAQ:CAR)

New Jersey Better Educational Savings Trust held its stake in Avis Budget Group, Inc. (NASDAQ:CAR) during the second quarter, according to its most recent disclosure with the SEC. The firm owned 12,000 shares of the business services provider’s stock at the end of the second quarter. New Jersey Better Educational Savings Trust’s holdings in Avis Budget Group were worth $327,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in the stock. Schwab Charles Investment Management Inc. boosted its stake in Avis Budget Group by 22.5% in the second quarter. Schwab Charles Investment Management Inc. now owns 490,631 shares of the business services provider’s stock worth $13,380,000 after buying an additional 90,203 shares during the period. Canada Pension Plan Investment Board boosted its stake in Avis Budget Group by 38.6% in the second quarter. Canada Pension Plan Investment Board now owns 1,310,500 shares of the business services provider’s stock worth $35,737,000 after buying an additional 365,200 shares during the period. Stoneridge Investment Partners LLC acquired a new stake in Avis Budget Group during the second quarter worth $492,000. State of New Jersey Common Pension Fund D boosted its stake in Avis Budget Group by 7.1% in the second quarter. State of New Jersey Common Pension Fund D now owns 750,000 shares of the business services provider’s stock worth $20,453,000 after buying an additional 50,000 shares during the period. Finally, NJ State Employees Deferred Compensation Plan boosted its stake in Avis Budget Group by 120.0% in the second quarter. NJ State Employees Deferred Compensation Plan now owns 55,000 shares of the business services provider’s stock worth $1,500,000 after buying an additional 30,000 shares during the period.

Shares of Avis Budget Group, Inc. (NASDAQ:CAR) opened at 34.79 on Friday. Avis Budget Group, Inc. has a one year low of $20.71 and a one year high of $41.53. The company’s 50-day moving average price is $30.34 and its 200 day moving average price is $29.78. The company has a market cap of $2.88 billion, a PE ratio of 40.98 and a beta of 2.49.

Avis Budget Group (NASDAQ:CAR) last announced its quarterly earnings data on Monday, August 7th. The business services provider reported $0.30 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.62 by $0.32. Avis Budget Group had a net margin of 0.86% and a return on equity of 74.80%. The business had revenue of $2.24 billion during the quarter, compared to analyst estimates of $2.27 billion. During the same quarter in the prior year, the company earned $0.63 earnings per share. The company’s quarterly revenue was down .2% on a year-over-year basis. Equities analysts forecast that Avis Budget Group, Inc. will post $2.70 EPS for the current fiscal year.

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A number of research firms have recently weighed in on CAR. ValuEngine cut Avis Budget Group from a “buy” rating to a “hold” rating in a report on Monday, August 7th. J P Morgan Chase & Co began coverage on Avis Budget Group in a report on Friday, August 4th. They set an “overweight” rating and a $39.00 price target on the stock. Zacks Investment Research cut Avis Budget Group from a “hold” rating to a “sell” rating in a report on Wednesday, August 2nd. BidaskClub raised Avis Budget Group from a “hold” rating to a “buy” rating in a report on Wednesday, July 19th. Finally, MKM Partners reissued a “buy” rating and set a $40.00 target price on shares of Avis Budget Group in a report on Wednesday, June 28th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and six have given a buy rating to the company. Avis Budget Group presently has a consensus rating of “Hold” and an average target price of $36.40.

In related news, Director John D. Jr. Hardy sold 908 shares of the stock in a transaction that occurred on Friday, August 11th. The shares were sold at an average price of $32.78, for a total value of $29,764.24. Following the transaction, the director now directly owns 908 shares in the company, valued at $29,764.24. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 2.80% of the company’s stock.

About Avis Budget Group

Avis Budget Group Inc is a provider of vehicle rental and car sharing services. The Company operates three brands, which include Avis, Budget and Zipcar. Avis and Budget are a rental car supplier. It also owns Payless, which a car rental brand; Apex, which is a car rental brand in New Zealand and Australia; Maggiore, a vehicle rental brand in Italy, and France Cars, which operates light commercial vehicle fleets in France.

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Institutional Ownership by Quarter for Avis Budget Group (NASDAQ:CAR)

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