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 5.26% during the most recent quarter end. The investment management company now holds a total of 9,000,000 shares of Avis Budget Group which is valued at $327,420,000 after selling 500,000 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 9.53% of Srs Investment Management’s portfolio.

Other Hedge Funds, Including , Point72 Asia (hong Kong) Ltd added CAR to its portfolio by purchasing 300 company shares during the most recent quarter which is valued at $10,914. Avis Budget Group makes up approx 0.02% of Point72 Asia (hong Kong) Ltd’s portfolio.Diamond Hill Capital Management Inc reduced its stake in CAR by selling 711,574 shares or 10.84% in the most recent quarter. The Hedge Fund company now holds 5,850,944 shares of CAR which is valued at $212,857,343. Avis Budget Group makes up approx 1.28% of Diamond Hill Capital Management Inc’s portfolio.Blackrock Group Ltd reduced its stake in CAR by selling 6,762 shares or 6.54% in the most recent quarter. The Hedge Fund company now holds 96,649 shares of CAR which is valued at $3,516,091. Trexquant Investment Lp sold out all of its stake in CAR during the most recent quarter. The investment firm sold 35,700 shares of CAR which is valued $1,298,766.

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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