Philadelphia Financial Management Of San Francisco Lowers stake in Avis Budget Group (CAR)

Avis Budget Group (CAR) : Philadelphia Financial Management Of San Francisco reduced its stake in Avis Budget Group by 21.1% during the most recent quarter end. The investment management company now holds a total of 489,161 shares of Avis Budget Group which is valued at $17,795,677 after selling 130,839 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 3.83% of Philadelphia Financial Management Of San Francisco’s portfolio.

Other Hedge Funds, Including , Banco Btg Pactual S.a. sold out all of its stake in CAR during the most recent quarter. The investment firm sold 39,653 shares of CAR which is valued $1,521,089. Lombardia Capital Partners sold out all of its stake in CAR during the most recent quarter. The investment firm sold 168,949 shares of CAR which is valued $6,480,884.State Board Of Administration Of Florida Retirement System boosted its stake in CAR in the latest quarter, The investment management firm added 29,152 additional shares and now holds a total of 158,718 shares of Avis Budget Group which is valued at $6,088,422. Avis Budget Group makes up approx 0.02% of State Board Of Administration Of Florida Retirement System’s portfolio. Sg Americas Securities sold out all of its stake in CAR during the most recent quarter. The investment firm sold 96,208 shares of CAR which is valued $3,549,113.

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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