Federated Hermes Inc. Decreases Stake in Avis Budget Group, Inc. (NASDAQ:CAR)

Federated Hermes Inc. cut its holdings in shares of Avis Budget Group, Inc. (NASDAQ:CAR) by 45.4% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,404 shares of the business services provider’s stock after selling 1,169 shares during the quarter. Federated Hermes Inc.’s holdings in Avis Budget Group were worth $249,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in CAR. UBS Group AG lifted its holdings in Avis Budget Group by 33.3% during the 3rd quarter. UBS Group AG now owns 72,683 shares of the business services provider’s stock worth $13,060,000 after purchasing an additional 18,167 shares in the last quarter. Jacobs Levy Equity Management Inc. boosted its position in shares of Avis Budget Group by 165.6% in the third quarter. Jacobs Levy Equity Management Inc. now owns 25,571 shares of the business services provider’s stock valued at $4,595,000 after acquiring an additional 15,943 shares during the period. Campbell & CO Investment Adviser LLC grew its stake in Avis Budget Group by 274.9% during the third quarter. Campbell & CO Investment Adviser LLC now owns 8,502 shares of the business services provider’s stock valued at $1,528,000 after acquiring an additional 6,234 shares in the last quarter. International Assets Investment Management LLC bought a new stake in Avis Budget Group during the 4th quarter worth approximately $12,317,000. Finally, Nisa Investment Advisors LLC lifted its stake in Avis Budget Group by 1,345.4% in the 4th quarter. Nisa Investment Advisors LLC now owns 2,515 shares of the business services provider’s stock worth $446,000 after purchasing an additional 2,341 shares in the last quarter. Institutional investors own 96.35% of the company’s stock.

Avis Budget Group Price Performance

Shares of NASDAQ CAR opened at $115.60 on Monday. The stock has a market capitalization of $4.12 billion, a P/E ratio of 3.65 and a beta of 2.28. Avis Budget Group, Inc. has a one year low of $93.53 and a one year high of $244.95. The firm’s 50 day simple moving average is $111.63 and its two-hundred day simple moving average is $150.15.

Avis Budget Group (NASDAQ:CAR) last released its earnings results on Wednesday, May 1st. The business services provider reported ($3.21) EPS for the quarter, missing the consensus estimate of ($2.65) by ($0.56). The business had revenue of $2.55 billion for the quarter, compared to the consensus estimate of $2.41 billion. Avis Budget Group had a net margin of 10.05% and a negative return on equity of 480.48%. Avis Budget Group’s revenue for the quarter was down .2% on a year-over-year basis. During the same period in the prior year, the business posted $7.72 EPS. As a group, equities analysts expect that Avis Budget Group, Inc. will post 13.55 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the stock. Northcoast Research upgraded shares of Avis Budget Group from a “neutral” rating to a “buy” rating and set a $155.00 price target for the company in a research report on Monday, March 25th. Deutsche Bank Aktiengesellschaft lowered their price target on Avis Budget Group from $202.00 to $183.00 and set a “buy” rating on the stock in a report on Thursday, April 18th. Bank of America cut their price objective on Avis Budget Group from $170.00 to $140.00 and set a “buy” rating for the company in a report on Wednesday, May 1st. JPMorgan Chase & Co. lowered their target price on shares of Avis Budget Group from $280.00 to $240.00 and set an “overweight” rating on the stock in a research note on Wednesday, February 14th. Finally, Morgan Stanley cut their price target on shares of Avis Budget Group from $190.00 to $187.00 and set an “overweight” rating for the company in a research note on Wednesday, April 10th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, Avis Budget Group currently has a consensus rating of “Moderate Buy” and a consensus price target of $164.57.

Avis Budget Group Profile

Avis Budget Group, Inc, together with its subsidiaries, provides car and truck rentals, car sharing, and ancillary products and services to businesses and consumers in the Americas, Europe, the Middle East and Africa, Asia, and Australasia. It operates the Avis brand, that offers vehicle rental and other mobility solutions to the premium commercial and leisure segments of the travel industry; and the Zipcar brand, a car sharing network, as well as the Budget brand, a supplier of vehicle rental and other mobility solutions focused primarily on more value-conscious customers comprising Budget car rental, and Budget Truck, a local, and one-way truck and cargo van rental businesses with a fleet of approximately 19,000 vehicles, which are rented through a network of dealer-operated and company-operated locations that serve the light commercial and consumer sectors in the continental United States.