BNP Paribas Financial Markets Cuts Holdings in Avis Budget Group, Inc. (NASDAQ:CAR)

BNP Paribas Financial Markets lessened its position in shares of Avis Budget Group, Inc. (NASDAQ:CAR) by 43.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 54,301 shares of the business services provider’s stock after selling 42,482 shares during the period. BNP Paribas Financial Markets owned approximately 0.15% of Avis Budget Group worth $4,377,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in CAR. ING Groep NV lifted its holdings in shares of Avis Budget Group by 310.4% during the 4th quarter. ING Groep NV now owns 325,000 shares of the business services provider’s stock valued at $26,198,000 after acquiring an additional 245,800 shares in the last quarter. National Bank of Canada FI lifted its stake in shares of Avis Budget Group by 266.7% during the fourth quarter. National Bank of Canada FI now owns 330,000 shares of the business services provider’s stock worth $26,601,000 after purchasing an additional 240,000 shares in the last quarter. Assenagon Asset Management S.A. boosted its position in shares of Avis Budget Group by 139.9% in the fourth quarter. Assenagon Asset Management S.A. now owns 379,805 shares of the business services provider’s stock worth $30,616,000 after buying an additional 221,456 shares during the period. Wealthfront Advisers LLC purchased a new stake in shares of Avis Budget Group in the fourth quarter worth about $12,164,000. Finally, Wolverine Asset Management LLC grew its stake in shares of Avis Budget Group by 870.6% in the fourth quarter. Wolverine Asset Management LLC now owns 162,771 shares of the business services provider’s stock valued at $13,121,000 after buying an additional 146,000 shares in the last quarter. 96.35% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on CAR. StockNews.com raised Avis Budget Group from a “sell” rating to a “hold” rating in a research report on Saturday, May 3rd. The Goldman Sachs Group cut their target price on shares of Avis Budget Group from $100.00 to $87.00 and set a “neutral” rating on the stock in a research note on Friday, May 9th. Finally, JPMorgan Chase & Co. lifted their price target on Avis Budget Group from $145.00 to $155.00 and gave the stock an “overweight” rating in a research note on Friday, May 9th. Five investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $117.00.

Insiders Place Their Bets

In other Avis Budget Group news, Director Lynn Krominga sold 1,405 shares of Avis Budget Group stock in a transaction on Thursday, February 20th. The shares were sold at an average price of $95.00, for a total transaction of $133,475.00. Following the sale, the director now owns 1,950 shares in the company, valued at $185,250. The trade was a 41.88% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 52.80% of the company’s stock.

Avis Budget Group Price Performance

NASDAQ CAR opened at $106.35 on Wednesday. Avis Budget Group, Inc. has a 12 month low of $54.03 and a 12 month high of $132.25. The firm has a market capitalization of $3.74 billion, a PE ratio of -2.05 and a beta of 2.10. The company’s 50 day simple moving average is $76.70 and its 200 day simple moving average is $85.89.

Avis Budget Group (NASDAQ:CAR) last announced its earnings results on Wednesday, May 7th. The business services provider reported ($14.35) EPS for the quarter, missing the consensus estimate of ($5.72) by ($8.63). Avis Budget Group had a negative return on equity of 14.74% and a negative net margin of 15.45%. The firm had revenue of $2.43 billion during the quarter, compared to analyst estimates of $2.49 billion. During the same quarter in the previous year, the business earned ($3.21) earnings per share. The business’s quarterly revenue was down 4.7% compared to the same quarter last year. Sell-side analysts anticipate that Avis Budget Group, Inc. will post 8.91 earnings per share for the current fiscal year.

Avis Budget Group Company 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.