Fir Tree Lowers stake in Avis Budget Group (CAR)

Avis Budget Group (CAR) : Fir Tree reduced its stake in Avis Budget Group by 72.83% during the most recent quarter end. The investment management company now holds a total of 1,679,549 shares of Avis Budget Group which is valued at $61,101,993 after selling 4,501,960 shares in Avis Budget Group , the firm said in a disclosure report filed with the SEC on Aug 15, 2016.Avis Budget Group makes up approximately 2.21% of Fir Tree’s portfolio.

Other Hedge Funds, Including , Brookside Capital Management boosted its stake in CAR in the latest quarter, The investment management firm added 156,611 additional shares and now holds a total of 2,454,238 shares of Avis Budget Group which is valued at $89,285,178. Avis Budget Group makes up approx 3.39% of Brookside Capital Management’s portfolio. Atlantic Trust Group sold out all of its stake in CAR during the most recent quarter. The investment firm sold 10,323 shares of CAR which is valued $375,551.Ipg Investment Advisors reduced its stake in CAR by selling 142,155 shares or 36.8% in the most recent quarter. The Hedge Fund company now holds 244,135 shares of CAR which is valued at $8,881,631. Avis Budget Group makes up approx 3.54% of Ipg Investment Advisors’s portfolio.Swiss National Bank reduced its stake in CAR by selling 20,500 shares or 12.14% in the most recent quarter. The Hedge Fund company now holds 148,300 shares of CAR which is valued at $5,470,787. Avis Budget Group makes up approx 0.01% of Swiss National Bank’s portfolio. Artemis Investment Management Llp added CAR to its portfolio by purchasing 31,650 company shares during the most recent quarter which is valued at $1,182,128. Avis Budget Group makes up approx 0.03% of Artemis Investment Management Llp’s portfolio.

Avis Budget Group closed down -0.06 points or -0.17% at $36.07 with 12,28,435 shares getting traded on Thursday. Post opening the session at $36.18, the shares hit an intraday low of $35.65 and an intraday high of $37.07 and the price fluctuated in this range throughout the day.Shares ended Thursday session in Red.

On the company’s financial health, Avis Budget Group reported $0.63 EPS for the quarter, missing the analyst consensus estimate by $ -0.08 based on the information available during the earnings call on Aug 2, 2016. Analyst had a consensus of $0.71. The company had revenue of $2243.00 million for the quarter, compared to analysts expectations of $2214.71 million. The company’s revenue was up 3.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.84 EPS.

Many Wall Street Analysts have commented on Avis Budget Group. Macquarie Initiated Avis Budget Group on Aug 26, 2016 to “Outperform”, Price Target of the shares are set at $44.

Avis Budget Group Inc. is a provider of vehicle rental and car sharing services. The Company operates three brands which include Avis Budget and Zipcar. Avis is a rental car supplier and Budget is a rental vehicle supplier. The Company also own Payless a car rental brand and Apex which is a car rental brand in New Zealand and Australia. The Company operates in three segments: North America International and Truck Rental. North America segment provides car rentals in the United States and vehicle rentals in Canada as well as ancillary products and services. International segment provides and licenses the Company’s brands to third parties for vehicle rentals and ancillary products in Europe the Middle East Africa Asia South America Central America the Caribbean Australia and New Zealand. Truck Rental segment provides truck rentals and ancillary products and services to consumers and commercial users in the United States.

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