Coronation Fund Managers Ltd. Makes New $3.67 Million Investment in Avis Budget Group Inc. (NASDAQ:CAR)

Coronation Fund Managers Ltd. bought a new position in Avis Budget Group Inc. (NASDAQ:CAR) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 104,365 shares of the business services provider’s stock, valued at approximately $3,669,000. Coronation Fund Managers Ltd. owned 0.14% of Avis Budget Group as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of the business. Strs Ohio increased its stake in shares of Avis Budget Group by 1,806.3% during the second quarter. Strs Ohio now owns 30,500 shares of the business services provider’s stock valued at $1,072,000 after buying an additional 28,900 shares during the period. Arizona State Retirement System increased its stake in shares of Avis Budget Group by 1.3% during the second quarter. Arizona State Retirement System now owns 46,280 shares of the business services provider’s stock valued at $1,627,000 after buying an additional 578 shares during the period. Convergence Investment Partners LLC purchased a new position in shares of Avis Budget Group during the second quarter valued at approximately $132,000. World Asset Management Inc increased its stake in shares of Avis Budget Group by 4.3% during the second quarter. World Asset Management Inc now owns 7,791 shares of the business services provider’s stock valued at $274,000 after buying an additional 319 shares during the period. Finally, Exane Derivatives purchased a new position in shares of Avis Budget Group during the second quarter valued at approximately $132,000.

Shares of NASDAQ CAR traded down $1.47 during mid-day trading on Monday, hitting $33.27. 8,253 shares of the stock traded hands, compared to its average volume of 914,495. The company has a debt-to-equity ratio of 51.70, a quick ratio of 0.95 and a current ratio of 0.95. Avis Budget Group Inc. has a 52 week low of $21.63 and a 52 week high of $39.15. The company has a market capitalization of $2.64 billion, a P/E ratio of 9.14 and a beta of 2.08. The stock has a fifty day moving average of $35.16.

Several equities analysts have recently issued reports on CAR shares. Zacks Investment Research cut Avis Budget Group from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, April 30th. BidaskClub raised Avis Budget Group from a “hold” rating to a “buy” rating in a research note on Friday, June 21st. Finally, ValuEngine cut Avis Budget Group from a “sell” rating to a “strong sell” rating in a research note on Thursday. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and three have given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $40.50.

Avis Budget Group Company Profile

Avis Budget Group, Inc, together with its subsidiaries, provides car and truck rentals, car sharing, and ancillary services to businesses and consumers worldwide. It operates the Avis brand, a vehicle rental system with approximately 5,500 locations that supply rental cars to the premium commercial and leisure segments of the travel industry; the Budget brand, a vehicle rental and other mobility solutions primarily focuses on the value-conscious segments of the industry; the Zipcar brand, a membership-based car sharing network; and the Budget Truck brand, a local and one-way truck rental businesses with a fleet of approximately 18,000 vehicles, which are rented through a network of approximately 640 dealer-operated and 430 company-operated locations that serve the consumer and light commercial sectors in the continental United States.

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

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