Meru Capital Group Lp adds Avis Budget Group (CAR) to its portfolio

Avis Budget Group (CAR) : Meru Capital Group Lp added new position in Avis Budget Group during the most recent quarter end. The investment management firm now holds 140,798 shares of Avis Budget Group which is valued at $5,122,231 , the company said in a statement filed on Aug 12, 2016 with the SEC.Avis Budget Group makes up approximately 1.64% of Meru Capital Group Lp’s portfolio.

Other Hedge Funds, Including , Tiaa Cref Investment Management reduced its stake in CAR by selling 154,035 shares or 20.94% in the most recent quarter. The Hedge Fund company now holds 581,607 shares of CAR which is valued at $21,158,863. Avis Budget Group makes up approx 0.02% of Tiaa Cref Investment 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.Quadrant Capital Group boosted its stake in CAR in the latest quarter, The investment management firm added 36 additional shares and now holds a total of 97 shares of Avis Budget Group which is valued at $3,563.

Avis Budget Group opened for trading at $35.76 and hit $36.49 on the upside on Monday, eventually ending the session at $36.31, with a gain of 1.85% or 0.66 points. The heightened volatility saw the trading volume jump to 6,85,595 shares. Company has a market cap of $3,297 M.

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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