Strs Ohio lifted its stake in shares of Avis Budget Group Inc. (NASDAQ:CAR) by 1,806.3% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 30,500 shares of the business services provider’s stock after purchasing an additional 28,900 shares during the period. Strs Ohio’s holdings in Avis Budget Group were worth $1,072,000 at the end of the most recent reporting period.
Several other hedge funds also recently made changes to their positions in CAR. Cullen Frost Bankers Inc. acquired a new position in Avis Budget Group in the first quarter valued at approximately $83,000. Exane Derivatives acquired a new position in Avis Budget Group in the second quarter valued at approximately $132,000. Convergence Investment Partners LLC acquired a new position in Avis Budget Group in the second quarter valued at approximately $132,000. Amalgamated Bank acquired a new position in Avis Budget Group in the fourth quarter valued at approximately $235,000. Finally, World Asset Management Inc acquired a new position in Avis Budget Group in the first quarter valued at approximately $260,000.
Shares of NASDAQ:CAR opened at $29.23 on Wednesday. Avis Budget Group Inc. has a 52 week low of $21.63 and a 52 week high of $37.27. The company has a debt-to-equity ratio of 46.72, a current ratio of 0.86 and a quick ratio of 0.86. The company has a market capitalization of $2.39 billion, a P/E ratio of 8.01 and a beta of 2.08. The firm has a 50 day moving average price of $34.73.
Several equities analysts recently weighed in on the stock. BidaskClub lowered shares of Avis Budget Group from a “buy” rating to a “hold” rating in a report on Tuesday. TheStreet upgraded shares of Avis Budget Group from a “c” rating to a “b-” rating in a report on Monday, August 5th. Northcoast Research restated a “buy” rating on shares of Avis Budget Group in a report on Tuesday, August 6th. ValuEngine downgraded shares of Avis Budget Group from a “sell” rating to a “strong sell” rating in a research note on Thursday, August 1st. Finally, Zacks Investment Research downgraded shares of Avis Budget Group from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, April 30th. Two analysts have rated the stock with a sell rating, three have given a hold rating and three have given a buy rating to the company’s stock. Avis Budget Group has a consensus rating of “Hold” and a consensus target price of $38.80.
About Avis Budget Group
Avis Budget Group, Inc, together with its subsidiaries, provides car and truck rentals, car sharing, and ancillary services to businesses and consumers worldwide. It operates the Avis brand, a vehicle rental system with approximately 5,500 locations that supply rental cars to the premium commercial and leisure segments of the travel industry; the Budget brand, a vehicle rental and other mobility solutions primarily focuses on the value-conscious segments of the industry; the Zipcar brand, a membership-based car sharing network; and the Budget Truck brand, a local and one-way truck rental businesses with a fleet of approximately 18,000 vehicles, which are rented through a network of approximately 640 dealer-operated and 430 company-operated locations that serve the consumer and light commercial sectors in the continental United States.
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