State Board of Administration of Florida Retirement System Buys 270 Shares of Avis Budget Group, Inc. (NASDAQ:CAR)

State Board of Administration of Florida Retirement System lifted its stake in shares of Avis Budget Group, Inc. (NASDAQ:CAR) by 1.3% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 20,355 shares of the business services provider’s stock after purchasing an additional 270 shares during the period. State Board of Administration of Florida Retirement System’s holdings in Avis Budget Group were worth $1,585,000 at the end of the most recent quarter.

Other institutional investors also recently made changes to their positions in the company. K.J. Harrison & Partners Inc acquired a new position in shares of Avis Budget Group during the 1st quarter worth approximately $3,735,000. Principal Financial Group Inc. increased its holdings in shares of Avis Budget Group by 13.8% during the 1st quarter. Principal Financial Group Inc. now owns 185,403 shares of the business services provider’s stock worth $13,449,000 after acquiring an additional 22,421 shares during the last quarter. Harel Insurance Investments & Financial Services Ltd. acquired a new position in shares of Avis Budget Group during the 2nd quarter worth approximately $229,000. Rafferty Asset Management LLC increased its holdings in shares of Avis Budget Group by 120.9% during the 2nd quarter. Rafferty Asset Management LLC now owns 31,919 shares of the business services provider’s stock worth $2,486,000 after acquiring an additional 17,468 shares during the last quarter. Finally, Quantitative Investment Management LLC acquired a new position in shares of Avis Budget Group during the 1st quarter worth approximately $314,000.

CAR stock opened at $111.61 on Friday. The company has a 50 day simple moving average of $88.75 and a 200 day simple moving average of $82.47. The stock has a market cap of $7.43 billion, a price-to-earnings ratio of 43.94, a P/E/G ratio of 0.11 and a beta of 2.34. Avis Budget Group, Inc. has a 1 year low of $25.54 and a 1 year high of $112.50. The company has a debt-to-equity ratio of 159.62, a current ratio of 1.11 and a quick ratio of 1.11.

Avis Budget Group (NASDAQ:CAR) last released its quarterly earnings data on Monday, August 2nd. The business services provider reported $5.90 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.21 by $4.69. The business had revenue of $2.37 billion during the quarter, compared to analysts’ expectations of $2.08 billion. Avis Budget Group had a net margin of 2.76% and a negative return on equity of 385.05%. On average, equities research analysts anticipate that Avis Budget Group, Inc. will post 13.73 EPS for the current fiscal year.

A number of research analysts have commented on CAR shares. Deutsche Bank Aktiengesellschaft upped their price objective on Avis Budget Group from $75.00 to $91.00 and gave the company a “hold” rating in a report on Monday, August 2nd. Morgan Stanley lifted their price objective on shares of Avis Budget Group from $73.00 to $85.00 and gave the stock an “equal weight” rating in a research note on Monday, June 14th. Bank of America raised shares of Avis Budget Group from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $90.00 to $125.00 in a report on Thursday, September 16th. Barclays cut their price objective on shares of Avis Budget Group from $83.00 to $70.00 and set an “equal weight” rating for the company in a report on Wednesday, July 21st. They noted that the move was a valuation call. Finally, JPMorgan Chase & Co. raised shares of Avis Budget Group from a “neutral” rating to an “overweight” rating and boosted their price objective for the company from $75.00 to $100.00 in a report on Thursday, August 5th. Three investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $93.17.

About Avis Budget Group

Avis Budget Group, Inc engages in the provision of vehicle sharing and rental services. It operates through the Americas and International segments. The Americas segment licenses the company’s brands to third parties for vehicle rentals and ancillary products and services in North America, South America, Central America, and the Caribbean.

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

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