Geode Capital Management LLC Sells 1,345 Shares of Avis Budget Group, Inc. $CAR

Geode Capital Management LLC lessened its stake in shares of Avis Budget Group, Inc. (NASDAQ:CAR) by 0.4% in the second quarter, according to the company in its most recent filing with the SEC. The fund owned 331,788 shares of the business services provider’s stock after selling 1,345 shares during the quarter. Geode Capital Management LLC owned about 0.94% of Avis Budget Group worth $56,097,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of CAR. Vanguard Group Inc. lifted its position in Avis Budget Group by 2.9% during the first quarter. Vanguard Group Inc. now owns 1,610,186 shares of the business services provider’s stock worth $122,213,000 after acquiring an additional 46,038 shares during the last quarter. Mizuho Markets Americas LLC bought a new position in shares of Avis Budget Group during the first quarter worth approximately $18,975,000. Assenagon Asset Management S.A. lifted its holdings in Avis Budget Group by 92.1% during the 2nd quarter. Assenagon Asset Management S.A. now owns 236,308 shares of the business services provider’s stock worth $39,948,000 after purchasing an additional 113,278 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in Avis Budget Group by 6.9% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 217,262 shares of the business services provider’s stock valued at $16,490,000 after purchasing an additional 13,988 shares during the period. Finally, Allianz Asset Management GmbH boosted its stake in Avis Budget Group by 291.3% in the 2nd quarter. Allianz Asset Management GmbH now owns 168,143 shares of the business services provider’s stock valued at $28,425,000 after purchasing an additional 125,169 shares during the period. Institutional investors and hedge funds own 96.35% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on CAR. Bank of America reissued an “underperform” rating and set a $113.00 target price (down previously from $120.00) on shares of Avis Budget Group in a report on Wednesday, August 20th. Barclays dropped their price objective on shares of Avis Budget Group from $150.00 to $120.00 and set an “equal weight” rating for the company in a research note on Monday, November 3rd. The Goldman Sachs Group reaffirmed a “sell” rating and issued a $105.00 price objective (up from $87.00) on shares of Avis Budget Group in a report on Friday, August 1st. JPMorgan Chase & Co. increased their price target on shares of Avis Budget Group from $155.00 to $157.00 and gave the stock a “neutral” rating in a research report on Monday, October 20th. Finally, Susquehanna decreased their target price on Avis Budget Group from $145.00 to $130.00 and set a “neutral” rating on the stock in a research report on Wednesday, October 29th. One investment analyst has rated the stock with a Buy rating, four have assigned a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat.com, Avis Budget Group currently has a consensus rating of “Reduce” and a consensus target price of $136.83.

Avis Budget Group Stock Performance

CAR stock opened at $131.74 on Tuesday. The company has a market capitalization of $4.64 billion, a P/E ratio of -2.20 and a beta of 2.12. The business has a 50-day simple moving average of $147.43 and a two-hundred day simple moving average of $150.98. Avis Budget Group, Inc. has a 52-week low of $54.03 and a 52-week high of $212.81.

Avis Budget Group (NASDAQ:CAR) last issued its quarterly earnings data on Monday, October 27th. The business services provider reported $10.11 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $8.11 by $2.00. The firm had revenue of $3.52 billion during the quarter, compared to the consensus estimate of $3.47 billion. The company’s revenue for the quarter was up 1.1% on a year-over-year basis. During the same period in the previous year, the company posted $6.65 earnings per share. As a group, sell-side analysts forecast that Avis Budget Group, Inc. will post 8.91 earnings per share for the current fiscal year.

Avis Budget Group Company Profile

Avis Budget Group, Inc engages in the provision of vehicle sharing and rental services. It operates through the following segments: Americas, International, and Corporate and Other. The Americas segment includes the vehicle rental and car sharing operations in North America, South America, Central America, and the Caribbean.