Principal Financial Group Inc. Cuts Stock Position in Avis Budget Group, Inc. (NASDAQ:CAR)

Principal Financial Group Inc. decreased its position in Avis Budget Group, Inc. (NASDAQ:CAR - Free Report) by 34.6% during the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 39,627 shares of the business services provider's stock after selling 20,955 shares during the quarter. Principal Financial Group Inc. owned approximately 0.11% of Avis Budget Group worth $3,471,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. FMR LLC grew its position in shares of Avis Budget Group by 4.0% during the 3rd quarter. FMR LLC now owns 3,354,546 shares of the business services provider's stock valued at $293,825,000 after acquiring an additional 129,805 shares during the period. Rubric Capital Management LP grew its holdings in Avis Budget Group by 220.9% during the second quarter. Rubric Capital Management LP now owns 690,273 shares of the business services provider's stock valued at $72,147,000 after purchasing an additional 475,181 shares during the period. State Street Corp grew its holdings in Avis Budget Group by 2.5% during the third quarter. State Street Corp now owns 672,227 shares of the business services provider's stock valued at $58,880,000 after purchasing an additional 16,221 shares during the period. Massachusetts Financial Services Co. MA increased its position in Avis Budget Group by 0.4% in the third quarter. Massachusetts Financial Services Co. MA now owns 592,341 shares of the business services provider's stock worth $51,883,000 after buying an additional 2,561 shares in the last quarter. Finally, International Assets Investment Management LLC raised its stake in shares of Avis Budget Group by 19,203.5% in the third quarter. International Assets Investment Management LLC now owns 481,044 shares of the business services provider's stock worth $421,350,000 after buying an additional 478,552 shares during the period. 96.35% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the company. 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 research note on Tuesday, November 5th. The Goldman Sachs Group lifted their target price on Avis Budget Group from $85.00 to $95.00 and gave the company a "neutral" rating in a research note on Tuesday, December 10th. StockNews.com upgraded Avis Budget Group from a "sell" rating to a "hold" rating in a research note on Monday, November 4th. Northcoast Research cut shares of Avis Budget Group from a "buy" rating to a "neutral" rating in a research report on Monday, November 18th. 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 report on Monday, November 4th. Five research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $133.75.

Avis Budget Group Trading Up 1.6 %

Shares of NASDAQ CAR traded up $1.32 during mid-day trading on Friday, reaching $81.76. The company had a trading volume of 603,705 shares, compared to its average volume of 543,953. The stock has a market cap of $2.87 billion, a price-to-earnings ratio of 7.47 and a beta of 2.25. Avis Budget Group, Inc. has a 52 week low of $65.73 and a 52 week high of $176.79. The business's 50-day moving average is $93.73 and its 200-day moving average is $91.70.

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 analysts' consensus estimates of $8.55 by ($1.90). The firm had revenue of $3.48 billion during 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%. The firm's revenue for the quarter was down 2.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $16.78 EPS. As a group, equities research analysts forecast that Avis Budget Group, Inc. will post 3.59 earnings per share for the current year.

Avis Budget Group 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.