State Street Corp Buys 16,221 Shares of Avis Budget Group, Inc. (NASDAQ:CAR)

State Street Corp lifted its position in shares of Avis Budget Group, Inc. (NASDAQ:CAR - Free Report) by 2.5% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 672,227 shares of the business services provider's stock after purchasing an additional 16,221 shares during the period. State Street Corp owned 1.91% of Avis Budget Group worth $58,880,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of CAR. Strategic Investment Solutions Inc. IL lifted its position in shares of Avis Budget Group by 198.3% in the 3rd quarter. Strategic Investment Solutions Inc. IL now owns 361 shares of the business services provider's stock worth $32,000 after purchasing an additional 240 shares during the period. Nisa Investment Advisors LLC boosted its position in Avis Budget Group by 293.3% during the 3rd 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 in the last quarter. Signaturefd LLC grew its holdings in shares of Avis Budget Group by 180.0% during the 2nd quarter. Signaturefd LLC now owns 714 shares of the business services provider's stock worth $75,000 after acquiring an additional 459 shares during the period. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Avis Budget Group in the 2nd quarter worth approximately $75,000. Finally, Headlands Technologies LLC purchased a new position in shares of Avis Budget Group in the 2nd quarter valued at approximately $116,000. 96.35% of the stock is owned by institutional investors.

Avis Budget Group Trading Down 3.0 %

CAR stock traded down $2.54 on Thursday, hitting $80.94. The company had a trading volume of 691,849 shares, compared to its average volume of 708,868. The stock has a market cap of $2.84 billion, a price-to-earnings ratio of 7.39 and a beta of 2.20. The stock's 50-day simple moving average is $93.76 and its 200 day simple moving average is $93.88. Avis Budget Group, Inc. has a 12-month low of $65.73 and a 12-month high of $189.43.

Avis Budget Group (NASDAQ:CAR - Get Free Report) last posted its earnings results on Thursday, October 31st. The business services provider reported $6.65 earnings per share 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 the consensus estimate 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 was down 2.4% compared to the same quarter last year. During the same period in the prior year, the company posted $16.78 EPS. Research analysts forecast that Avis Budget Group, Inc. will post 3.59 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research firms have issued reports on CAR. Barclays assumed coverage on Avis Budget Group in a report on Thursday, September 19th. They issued an "equal weight" rating and a $105.00 price objective for the company. Deutsche Bank Aktiengesellschaft decreased their price target on shares of 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 boosted their price objective on shares of Avis Budget Group from $85.00 to $95.00 and gave the stock a "neutral" rating in a research note on Tuesday, December 10th. StockNews.com raised shares of Avis Budget Group from a "sell" rating to a "hold" rating in a research note on Monday, November 4th. Finally, JPMorgan Chase & Co. dropped their price target on Avis Budget Group from $175.00 to $150.00 and set an "overweight" rating on the stock in a research report on Monday, November 4th. Five equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. Based on data from MarketBeat, Avis Budget Group has an average rating of "Hold" and an average price target of $133.75.

About Avis Budget Group

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.