Wall Street analysts expect that Avis Budget Group Inc. (NASDAQ:CAR) will announce sales of $2.84 billion for the current fiscal quarter, according to Zacks Investment Research. Two analysts have made estimates for Avis Budget Group’s earnings. The lowest sales estimate is $2.82 billion and the highest is $2.87 billion. Avis Budget Group reported sales of $2.75 billion during the same quarter last year, which indicates a positive year over year growth rate of 3.3%. The company is expected to announce its next earnings report after the market closes on Monday, November 5th.
According to Zacks, analysts expect that Avis Budget Group will report full year sales of $9.19 billion for the current financial year, with estimates ranging from $9.14 billion to $9.28 billion. For the next financial year, analysts expect that the business will post sales of $9.41 billion, with estimates ranging from $9.29 billion to $9.59 billion. Zacks Investment Research’s sales averages are an average based on a survey of sell-side analysts that that provide coverage for Avis Budget Group.
Avis Budget Group (NASDAQ:CAR) last released its earnings results on Tuesday, August 7th. The business services provider reported $0.57 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.57. The company had revenue of $2.33 billion during the quarter, compared to analyst estimates of $2.39 billion. Avis Budget Group had a return on equity of 63.08% and a net margin of 4.46%. During the same quarter in the prior year, the company earned $0.30 earnings per share.
Several analysts recently issued reports on the company. Zacks Investment Research lowered Avis Budget Group from a “strong-buy” rating to a “hold” rating in a report on Wednesday, August 1st. ValuEngine lowered Avis Budget Group from a “hold” rating to a “sell” rating in a report on Monday, July 2nd. BidaskClub lowered Avis Budget Group from a “buy” rating to a “hold” rating in a report on Wednesday, August 29th. Barclays cut their price objective on Avis Budget Group from $41.00 to $38.00 and set an “equal weight” rating for the company in a report on Wednesday, August 22nd. Finally, Morgan Stanley assumed coverage on Avis Budget Group in a report on Tuesday, June 26th. They set an “underweight” rating and a $30.00 price objective for the company. Three investment analysts have rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating to the company. The company has an average rating of “Hold” and an average price target of $42.83.
In other Avis Budget Group news, Director Leonard S. Coleman, Jr. sold 13,000 shares of the stock in a transaction on Friday, August 17th. The shares were sold at an average price of $34.63, for a total transaction of $450,190.00. Following the transaction, the director now directly owns 2,339 shares of the company’s stock, valued at $80,999.57. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 1.60% of the company’s stock.
Several large investors have recently modified their holdings of the company. BlackRock Inc. grew its position in shares of Avis Budget Group by 4.1% in the second quarter. BlackRock Inc. now owns 8,416,207 shares of the business services provider’s stock valued at $273,525,000 after purchasing an additional 330,997 shares during the last quarter. Bank of New York Mellon Corp grew its position in shares of Avis Budget Group by 9.8% in the second quarter. Bank of New York Mellon Corp now owns 4,436,114 shares of the business services provider’s stock valued at $144,174,000 after purchasing an additional 396,831 shares during the last quarter. Pzena Investment Management LLC grew its position in shares of Avis Budget Group by 8.6% in the second quarter. Pzena Investment Management LLC now owns 1,967,077 shares of the business services provider’s stock valued at $63,930,000 after purchasing an additional 156,577 shares during the last quarter. Diamond Hill Capital Management Inc. grew its position in shares of Avis Budget Group by 6.5% in the second quarter. Diamond Hill Capital Management Inc. now owns 1,692,509 shares of the business services provider’s stock valued at $55,007,000 after purchasing an additional 102,778 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its stake in shares of Avis Budget Group by 0.9% in the second quarter. Dimensional Fund Advisors LP now owns 1,604,504 shares of the business services provider’s stock valued at $52,146,000 after buying an additional 14,568 shares during the period.
Shares of CAR traded up $0.67 during mid-day trading on Monday, reaching $31.37. The company’s stock had a trading volume of 1,499,065 shares, compared to its average volume of 2,113,043. The firm has a market capitalization of $2.55 billion, a P/E ratio of 11.01 and a beta of 1.89. Avis Budget Group has a 1 year low of $29.94 and a 1 year high of $50.88. The company has a quick ratio of 1.20, a current ratio of 1.20 and a debt-to-equity ratio of 41.18.
About Avis Budget Group
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 5,450 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 19,000 vehicles, which are rented through a network of approximately 925 dealer-operated and 450 company-operated locations that serve the consumer and light commercial sectors in the continental United States.
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