Texas Permanent School Fund Sells 6,755 Shares of Avis Budget Group, Inc. (NASDAQ:CAR)

Texas Permanent School Fund cut its stake in shares of Avis Budget Group, Inc. (NASDAQ:CAR) by 14.0% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 41,405 shares of the business services provider’s stock after selling 6,755 shares during the quarter. Texas Permanent School Fund owned approximately 0.06% of Avis Budget Group worth $1,544,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. SRS Investment Management LLC boosted its position in shares of Avis Budget Group by 8.1% in the third quarter. SRS Investment Management LLC now owns 18,048,628 shares of the business services provider’s stock worth $475,040,000 after purchasing an additional 1,359,688 shares during the period. BlackRock Inc. boosted its holdings in Avis Budget Group by 25.7% in the 3rd quarter. BlackRock Inc. now owns 6,373,593 shares of the business services provider’s stock worth $167,753,000 after buying an additional 1,304,257 shares during the period. Arrowstreet Capital Limited Partnership boosted its holdings in Avis Budget Group by 35.0% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 1,632,595 shares of the business services provider’s stock worth $42,970,000 after buying an additional 423,078 shares during the period. Morgan Stanley boosted its stake in shares of Avis Budget Group by 211.2% in the third quarter. Morgan Stanley now owns 438,638 shares of the business services provider’s stock worth $11,545,000 after acquiring an additional 297,694 shares during the period. Finally, Voloridge Investment Management LLC boosted its stake in shares of Avis Budget Group by 33.0% in the third quarter. Voloridge Investment Management LLC now owns 418,490 shares of the business services provider’s stock worth $11,015,000 after acquiring an additional 103,738 shares during the period. Institutional investors own 99.53% of the company’s stock.

In other news, Director Srs Investment Management, Llc acquired 57,310 shares of the firm’s stock in a transaction on Monday, December 7th. The stock was acquired at an average price of $38.53 per share, with a total value of $2,208,154.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In the last three months, insiders acquired 118,358 shares of company stock valued at $4,600,744. 23.20% of the stock is owned by insiders.

Several research firms have weighed in on CAR. Barclays upped their price target on Avis Budget Group from $38.00 to $42.00 and gave the stock an “equal weight” rating in a research note on Monday. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and set a $38.00 price objective (up previously from $34.00) on shares of Avis Budget Group in a report on Friday, October 30th. JPMorgan Chase & Co. dropped their price target on Avis Budget Group from $38.00 to $35.00 and set a “neutral” rating for the company in a research note on Thursday, February 18th. Morgan Stanley increased their target price on Avis Budget Group from $44.00 to $56.00 and gave the company an “overweight” rating in a research report on Thursday, February 18th. Finally, Bank of America began coverage on Avis Budget Group in a research report on Monday, January 25th. They set a “buy” rating and a $50.00 target price for the company. Five investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $39.86.

Shares of CAR opened at $50.50 on Tuesday. The company has a market cap of $3.53 billion, a PE ratio of -7.72 and a beta of 2.31. The business has a fifty day moving average of $41.48 and a 200 day moving average of $35.87. Avis Budget Group, Inc. has a 52-week low of $6.35 and a 52-week high of $52.55.

Avis Budget Group (NASDAQ:CAR) last released its earnings results on Monday, February 15th. The business services provider reported ($0.36) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.40) by $0.04. The firm had revenue of $1.36 billion during the quarter, compared to analyst estimates of $1.38 billion. Avis Budget Group had a negative net margin of 7.28% and a negative return on equity of 199.17%. On average, sell-side analysts anticipate that Avis Budget Group, Inc. will post -6.29 EPS for the current year.

Avis Budget Group Company Profile

Avis Budget Group, Inc, together with its subsidiaries, provides car and truck rentals, car sharing, and ancillary services to businesses and consumers. It operates the Avis brand, a vehicle rental system that supply rental cars to the premium commercial and leisure segments of the travel industry; the Budget Truck brand, a local and one-way truck rental businesses with a fleet of approximately 20,000 vehicles, which are rented through a network of approximately 575 dealer-operated and 420 company-operated locations that serve the consumer and light commercial sectors in the continental United States; and the Zipcar brand, a car sharing network.

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

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