ING Groep NV Sells 10,800 Shares of Avis Budget Group, Inc. (NASDAQ:CAR)

ING Groep NV cut its holdings in Avis Budget Group, Inc. (NASDAQ:CAR - Free Report) by 12.0% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 79,200 shares of the business services provider's stock after selling 10,800 shares during the period. ING Groep NV owned approximately 0.22% of Avis Budget Group worth $6,937,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in CAR. EntryPoint Capital LLC boosted its position in shares of Avis Budget Group by 119.2% in the first quarter. EntryPoint Capital LLC now owns 228 shares of the business services provider's stock valued at $28,000 after acquiring an additional 124 shares during the period. SummerHaven Investment Management LLC grew its position in Avis Budget Group by 4.5% in the 2nd quarter. SummerHaven Investment Management LLC now owns 3,223 shares of the business services provider's stock worth $337,000 after purchasing an additional 138 shares during the last quarter. US Bancorp DE increased its holdings in shares of Avis Budget Group by 5.2% during the 1st quarter. US Bancorp DE now owns 3,123 shares of the business services provider's stock worth $382,000 after purchasing an additional 155 shares during the period. Strategic Investment Solutions Inc. IL raised its position in shares of Avis Budget Group by 198.3% during the third quarter. Strategic Investment Solutions Inc. IL now owns 361 shares of the business services provider's stock valued at $32,000 after buying an additional 240 shares during the last quarter. Finally, Central Valley Advisors LLC bought a new stake in shares of Avis Budget Group in the second quarter valued at about $25,000. Institutional investors own 96.35% of the company's stock.

Avis Budget Group Stock Down 5.9 %

NASDAQ:CAR traded down $6.31 on Friday, reaching $100.25. The stock had a trading volume of 595,291 shares, compared to its average volume of 725,633. The company has a market capitalization of $3.52 billion, a P/E ratio of 9.16 and a beta of 2.14. Avis Budget Group, Inc. has a 1-year low of $65.73 and a 1-year high of $204.77. The stock has a fifty day moving average price of $85.54 and a 200-day moving average price of $96.36.

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

Analysts Set New Price Targets

Several research firms have commented on CAR. Deutsche Bank Aktiengesellschaft cut their price target on Avis Budget Group from $145.00 to $143.00 and set a "buy" rating for the company in a report on Tuesday, November 5th. Barclays started coverage on Avis Budget Group in a research report on Thursday, September 19th. They issued an "equal weight" rating and a $105.00 target price for the company. Susquehanna lowered their price target on shares of Avis Budget Group from $120.00 to $95.00 and set a "neutral" rating on the stock in a report on Friday, August 9th. The Goldman Sachs Group reduced their price objective on shares of Avis Budget Group from $105.00 to $90.00 and set a "neutral" rating for the company in a report on Friday, October 11th. Finally, JPMorgan Chase & Co. lowered 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. Four investment analysts have rated the stock with a hold rating and five have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target 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.