Allianz Asset Management GmbH Has $22.98 Million Stake in Avis Budget Group, Inc. $CAR

Allianz Asset Management GmbH reduced its position in Avis Budget Group, Inc. (NASDAQ:CAR) by 14.9% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 143,103 shares of the business services provider’s stock after selling 25,040 shares during the quarter. Allianz Asset Management GmbH owned approximately 0.41% of Avis Budget Group worth $22,979,000 as of its most recent filing with the SEC.

A number of other hedge funds have also bought and sold shares of the company. Hsbc Holdings PLC boosted its position in Avis Budget Group by 48,706.7% during the second quarter. Hsbc Holdings PLC now owns 1,552,542 shares of the business services provider’s stock valued at $256,629,000 after acquiring an additional 1,549,361 shares during the last quarter. National Bank of Canada FI raised its position in shares of Avis Budget Group by 166.7% in the 2nd quarter. National Bank of Canada FI now owns 880,239 shares of the business services provider’s stock worth $148,804,000 after acquiring an additional 550,239 shares in the last quarter. BNP Paribas Financial Markets lifted its stake in shares of Avis Budget Group by 208.8% in the 2nd quarter. BNP Paribas Financial Markets now owns 318,947 shares of the business services provider’s stock valued at $53,918,000 after purchasing an additional 215,645 shares during the period. Bank of America Corp DE boosted its position in shares of Avis Budget Group by 131.7% during the 2nd quarter. Bank of America Corp DE now owns 332,276 shares of the business services provider’s stock valued at $56,171,000 after purchasing an additional 188,870 shares in the last quarter. Finally, Assenagon Asset Management S.A. boosted its position in shares of Avis Budget Group by 62.7% during the 3rd quarter. Assenagon Asset Management S.A. now owns 384,401 shares of the business services provider’s stock valued at $61,725,000 after purchasing an additional 148,093 shares in the last quarter. Institutional investors own 96.35% of the company’s stock.

Analyst Upgrades and Downgrades

CAR has been the subject of a number of research analyst reports. Zacks Research upgraded Avis Budget Group from a “strong sell” rating to a “hold” rating in a report on Tuesday, November 18th. Weiss Ratings reiterated a “sell (d)” rating on shares of Avis Budget Group in a research note on Wednesday, January 21st. Barclays dropped their target price on shares of Avis Budget Group from $150.00 to $120.00 and set an “equal weight” rating on the stock in a research report on Monday, November 3rd. Morgan Stanley restated an “equal weight” rating and issued a $142.00 price target (up from $115.00) on shares of Avis Budget Group in a report on Monday, December 8th. Finally, JPMorgan Chase & Co. lifted their price target on shares of Avis Budget Group from $155.00 to $157.00 and gave the company a “neutral” rating in a research note on Monday, October 20th. One equities research analyst has rated the stock with a Buy rating, five have issued a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat, Avis Budget Group currently has an average rating of “Reduce” and a consensus target price of $137.57.

Avis Budget Group Stock Up 5.1%

Shares of CAR opened at $120.42 on Friday. The business’s fifty day moving average is $126.89 and its 200 day moving average is $144.74. Avis Budget Group, Inc. has a 12-month low of $54.03 and a 12-month high of $212.81. The stock has a market cap of $4.24 billion, a P/E ratio of -2.01 and a beta of 2.33.

Avis Budget Group Profile

Avis Budget Group, Inc operates as a leading global provider of vehicle rental and mobility solutions. Through its two core brands, Avis® and Budget®, the company offers a broad range of rental options including daily, weekly and monthly car rentals for leisure and business travelers. In addition to traditional airport and off-airport car rental services, Avis Budget Group delivers innovative mobility platforms such as car-sharing programs and connected fleet solutions designed to meet the evolving needs of corporate, government and individual customers.

The company’s roots trace back to Avis Rent a Car, founded in 1946, and Budget Rent a Car, established in 1958.