Pacer Advisors Inc. Purchases New Position in Avis Budget Group Inc. (NASDAQ:CAR)

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Pacer Advisors Inc. purchased a new stake in Avis Budget Group Inc. (NASDAQ:CAR) in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 25,327 shares of the business services provider’s stock, valued at approximately $890,000.

A number of other institutional investors and hedge funds have also made changes to their positions in CAR. Advisors Preferred LLC acquired a new position in Avis Budget Group in the second quarter valued at approximately $30,000. Pearl River Capital LLC boosted its holdings in shares of Avis Budget Group by 51.6% in the second quarter. Pearl River Capital LLC now owns 1,483 shares of the business services provider’s stock valued at $52,000 after acquiring an additional 505 shares during the period. Oppenheimer Asset Management Inc. boosted its holdings in shares of Avis Budget Group by 13.9% in the second quarter. Oppenheimer Asset Management Inc. now owns 3,294 shares of the business services provider’s stock valued at $116,000 after acquiring an additional 403 shares during the period. Convergence Investment Partners LLC acquired a new stake in shares of Avis Budget Group in the second quarter valued at approximately $132,000. Finally, Exane Derivatives acquired a new stake in shares of Avis Budget Group in the second quarter valued at approximately $132,000. 99.87% of the stock is owned by hedge funds and other institutional investors.

Shares of CAR stock traded down $0.36 during trading hours on Friday, hitting $28.88. The stock had a trading volume of 609,920 shares, compared to its average volume of 999,293. The firm has a market capitalization of $2.22 billion, a PE ratio of 7.56 and a beta of 2.11. Avis Budget Group Inc. has a twelve month low of $21.63 and a twelve month high of $37.27. The stock’s 50 day moving average is $28.95 and its 200 day moving average is $32.84. The company has a debt-to-equity ratio of 46.72, a current ratio of 0.86 and a quick ratio of 0.86.

Avis Budget Group (NASDAQ:CAR) last released its quarterly earnings results on Monday, August 5th. The business services provider reported $0.79 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.73 by $0.06. Avis Budget Group had a return on equity of 75.35% and a net margin of 2.17%. The business had revenue of $2.34 billion during the quarter, compared to analysts’ expectations of $2.35 billion. During the same quarter in the prior year, the business earned $0.57 earnings per share. The company’s quarterly revenue was up .4% compared to the same quarter last year. As a group, equities analysts predict that Avis Budget Group Inc. will post 4.05 earnings per share for the current year.

CAR has been the subject of several research analyst reports. BidaskClub raised Avis Budget Group from a “strong sell” rating to a “sell” rating in a report on Thursday. Northcoast Research reissued a “buy” rating on shares of Avis Budget Group in a report on Tuesday, August 6th. TheStreet raised Avis Budget Group from a “c” rating to a “b-” rating in a report on Monday, August 5th. ValuEngine downgraded Avis Budget Group from a “sell” rating to a “strong sell” rating in a report on Thursday, August 1st. Finally, Morgan Stanley set a $32.00 price objective on Avis Budget Group and gave the company a “sell” rating in a report on Friday, August 9th. Three research analysts have rated the stock with a sell rating, one has issued a hold rating and three have assigned a buy rating to the company’s stock. Avis Budget Group currently has an average rating of “Hold” and an average target price of $39.00.

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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