Srs Investment Management Lowers stake in Avis Budget Group (CAR)

Avis Budget Group (CAR) : Srs Investment Management reduced its stake in Avis Budget Group by 5.56% during the most recent quarter end. The investment management company now holds a total of 8,500,000 shares of Avis Budget Group which is valued at $331,670,000 after selling 500,000 shares in Avis Budget Group , the firm said in a disclosure report filed with the SEC on Nov 14, 2016.Avis Budget Group makes up approximately 8.53% of Srs Investment Management’s portfolio.

Other Hedge Funds, Including , Canyon Capital Advisors sold out all of its stake in CAR during the most recent quarter. The investment firm sold 2,048,396 shares of CAR which is valued $79,928,412. Retirement Systems Of Alabama added CAR to its portfolio by purchasing 121,883 company shares during the most recent quarter which is valued at $4,598,646. Avis Budget Group makes up approx 0.03% of Retirement Systems Of Alabama’s portfolio.Meyer Handelman Co reduced its stake in CAR by selling 335 shares or 0.34% in the most recent quarter. The Hedge Fund company now holds 98,325 shares of CAR which is valued at $3,587,879. Avis Budget Group makes up approx 0.17% of Meyer Handelman Co’s portfolio.American Century Companies Inc reduced its stake in CAR by selling 33,975 shares or 28.2% in the most recent quarter. The Hedge Fund company now holds 86,520 shares of CAR which is valued at $2,798,922.Capital Management Corp Va reduced its stake in CAR by selling 15,422 shares or 28.9% in the most recent quarter. The Hedge Fund company now holds 37,950 shares of CAR which is valued at $1,221,611. Avis Budget Group makes up approx 0.46% of Capital Management Corp Va’s portfolio.

Avis Budget Group closed down -0.29 points or -0.75% at $38.48 with 10,02,267 shares getting traded on Monday. Post opening the session at $38.87, the shares hit an intraday low of $38.01 and an intraday high of $39.1299 and the price fluctuated in this range throughout the day.Shares ended Monday session in Red.

On the company’s financial health, Avis Budget Group reported $2.47 EPS for the quarter, beating the analyst consensus estimate by $ 0.14 according to the earnings call on Nov 2, 2016. Analyst had a consensus of $2.33. The company had revenue of $2656.00 million for the quarter, compared to analysts expectations of $2649.92 million. The company’s revenue was up 3.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.98 EPS.

Many Wall Street Analysts have commented on Avis Budget Group. Goldman Initiated Avis Budget Group on Oct 24, 2016 to “Neutral”, Price Target of the shares are set at $30.Company shares were Reiterated by Barclays on Sep 27, 2016 to “Equal Weight”, Firm has raised the Price Target to $ 37 from a previous price target of $33 .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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