Tower Research Capital LLC TRC Reduces Stock Position in Avis Budget Group Inc. (NASDAQ:CAR)

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Tower Research Capital LLC TRC reduced its holdings in Avis Budget Group Inc. (NASDAQ:CAR) by 24.2% in the first quarter, HoldingsChannel.com reports. The institutional investor owned 5,628 shares of the business services provider’s stock after selling 1,792 shares during the period. Tower Research Capital LLC TRC’s holdings in Avis Budget Group were worth $78,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the business. Truewealth LLC purchased a new position in shares of Avis Budget Group during the 1st quarter worth about $28,000. Nisa Investment Advisors LLC boosted its stake in shares of Avis Budget Group by 247.3% during the 1st quarter. Nisa Investment Advisors LLC now owns 3,230 shares of the business services provider’s stock worth $45,000 after purchasing an additional 2,300 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Avis Budget Group by 53.9% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,434 shares of the business services provider’s stock worth $76,000 after purchasing an additional 1,903 shares during the period. Point72 Hong Kong Ltd purchased a new position in shares of Avis Budget Group during the 4th quarter worth about $83,000. Finally, Commerzbank Aktiengesellschaft FI purchased a new position in shares of Avis Budget Group during the 1st quarter worth about $171,000.

Shares of CAR opened at $22.89 on Wednesday. Avis Budget Group Inc. has a 1-year low of $6.35 and a 1-year high of $52.98. The company has a 50-day moving average of $21.67 and a 200 day moving average of $25.19. The firm has a market capitalization of $1.58 billion, a price-to-earnings ratio of 7.50 and a beta of 2.32. The company has a debt-to-equity ratio of 60.25, a current ratio of 0.85 and a quick ratio of 0.85.

Avis Budget Group (NASDAQ:CAR) last posted its quarterly earnings results on Monday, May 4th. The business services provider reported ($1.40) EPS for the quarter, beating the consensus estimate of ($1.91) by $0.51. Avis Budget Group had a net margin of 2.61% and a return on equity of 51.68%. The business had revenue of $1.75 billion during the quarter, compared to analyst estimates of $770.53 million. During the same quarter in the previous year, the business posted $0.79 EPS. The company’s quarterly revenue was down 8.7% compared to the same quarter last year. On average, equities analysts anticipate that Avis Budget Group Inc. will post -6.01 earnings per share for the current fiscal year.

A number of research firms recently commented on CAR. Consumer Edge cut shares of Avis Budget Group from an “overweight” rating to an “equal weight” rating and set a $20.00 price target for the company. in a research note on Friday, March 27th. BidaskClub cut shares of Avis Budget Group from a “buy” rating to a “hold” rating in a research note on Thursday, June 25th. Deutsche Bank reiterated a “hold” rating and set a $24.00 price objective on shares of Avis Budget Group in a report on Tuesday, June 9th. Morgan Stanley lifted their price objective on shares of Avis Budget Group from $15.00 to $25.00 and gave the company an “equal weight” rating in a report on Friday, May 29th. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Avis Budget Group from $13.00 to $22.00 and gave the company a “neutral” rating in a report on Friday, June 19th. Seven analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $24.80.

In other Avis Budget Group news, Director Srs Investment Management, Llc purchased 282,566 shares of Avis Budget Group stock in a transaction dated Thursday, May 28th. The stock was acquired at an average price of $20.59 per share, for a total transaction of $5,818,033.94. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 23.20% of the company’s stock.

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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Institutional Ownership by Quarter for Avis Budget Group (NASDAQ:CAR)

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