Charles Schwab Investment Management Inc. Increases Holdings in Avis Budget Group, Inc. (NASDAQ:CAR)

Charles Schwab Investment Management Inc. lifted its holdings in shares of Avis Budget Group, Inc. (NASDAQ:CAR - Free Report) by 10.5% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 185,801 shares of the business services provider's stock after purchasing an additional 17,666 shares during the quarter. Charles Schwab Investment Management Inc. owned 0.53% of Avis Budget Group worth $16,274,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the stock. Strategic Investment Solutions Inc. IL increased its position in shares of Avis Budget Group by 198.3% during the 3rd quarter. Strategic Investment Solutions Inc. IL now owns 361 shares of the business services provider's stock valued at $32,000 after purchasing an additional 240 shares during the last quarter. Nisa Investment Advisors LLC grew its position in Avis Budget Group by 293.3% during the third quarter. Nisa Investment Advisors LLC now owns 409 shares of the business services provider's stock valued at $36,000 after acquiring an additional 305 shares during the last quarter. Signaturefd LLC raised its stake in shares of Avis Budget Group by 180.0% during the second quarter. Signaturefd LLC now owns 714 shares of the business services provider's stock worth $75,000 after acquiring an additional 459 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Avis Budget Group in the 2nd quarter worth approximately $75,000. Finally, Carolina Wealth Advisors LLC boosted its stake in shares of Avis Budget Group by 184.5% in the 3rd quarter. Carolina Wealth Advisors LLC now owns 1,118 shares of the business services provider's stock valued at $98,000 after purchasing an additional 725 shares in the last quarter. 96.35% of the stock is currently owned by institutional investors.

Avis Budget Group Stock Performance

CAR stock traded up $3.70 on Friday, reaching $102.46. The company's stock had a trading volume of 446,213 shares, compared to its average volume of 613,440. The business has a fifty day simple moving average of $92.67 and a two-hundred day simple moving average of $94.74. The firm has a market cap of $3.60 billion, a PE ratio of 9.36 and a beta of 2.20. Avis Budget Group, Inc. has a 12-month low of $65.73 and a 12-month high of $204.77.

Avis Budget Group (NASDAQ:CAR - Get Free Report) last announced its quarterly earnings results on Thursday, October 31st. The business services provider reported $6.65 earnings per share (EPS) for the quarter, missing the consensus estimate of $8.55 by ($1.90). The company had revenue of $3.48 billion for the quarter, compared to analysts' expectations of $3.53 billion. Avis Budget Group had a net margin of 3.34% and a negative return on equity of 101.41%. Avis Budget Group's quarterly revenue was down 2.4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $16.78 EPS. As a group, research analysts anticipate that Avis Budget Group, Inc. will post 3.59 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the stock. StockNews.com upgraded shares of Avis Budget Group from a "sell" rating to a "hold" rating in a research report on Monday, November 4th. The Goldman Sachs Group lowered their target price on Avis Budget Group from $105.00 to $90.00 and set a "neutral" rating for the company in a research note on Friday, October 11th. Deutsche Bank Aktiengesellschaft reduced their price target on Avis Budget Group from $145.00 to $143.00 and set a "buy" rating on the stock in a research report on Tuesday, November 5th. JPMorgan Chase & Co. lowered their price objective on Avis Budget Group from $175.00 to $150.00 and set an "overweight" rating for the company in a research report on Monday, November 4th. Finally, Barclays began coverage on shares of Avis Budget Group in a report on Thursday, September 19th. They issued an "equal weight" rating and a $105.00 target price on the stock. Five analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, Avis Budget Group presently has an average 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.