Analysts expect Avis Budget Group, Inc. (NASDAQ:CAR) to post $1.96 billion in sales for the current fiscal quarter, Zacks Investment Research reports. Two analysts have provided estimates for Avis Budget Group’s earnings. The highest sales estimate is $1.97 billion and the lowest is $1.94 billion. Avis Budget Group posted sales of $1.88 billion during the same quarter last year, which suggests a positive year over year growth rate of 4.3%. The company is expected to issue its next quarterly earnings results on Wednesday, February 21st.
According to Zacks, analysts expect that Avis Budget Group will report full-year sales of $1.96 billion for the current year, with estimates ranging from $8.77 billion to $8.80 billion. For the next fiscal year, analysts expect that the firm will report sales of $9.08 billion per share, with estimates ranging from $9.04 billion to $9.11 billion. Zacks Investment Research’s sales averages are an average based on a survey of research firms that cover Avis Budget Group.
Avis Budget Group (NASDAQ:CAR) last announced its earnings results on Monday, November 6th. The business services provider reported $3.10 EPS for the quarter, beating analysts’ consensus estimates of $2.99 by $0.11. The company had revenue of $2.75 billion during the quarter, compared to the consensus estimate of $2.78 billion. Avis Budget Group had a return on equity of 95.28% and a net margin of 1.26%. The firm’s revenue for the quarter was up 3.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.47 earnings per share.
A number of brokerages recently commented on CAR. Barclays PLC upped their target price on Avis Budget Group from $30.00 to $32.00 and gave the company an “equal weight” rating in a report on Wednesday, November 1st. Zacks Investment Research upgraded Avis Budget Group from a “hold” rating to a “buy” rating and set a $46.00 target price for the company in a report on Wednesday, October 18th. BidaskClub downgraded Avis Budget Group from a “strong-buy” rating to a “buy” rating in a report on Friday, November 3rd. MKM Partners increased their price objective on Avis Budget Group from $36.00 to $49.00 and gave the stock a “buy” rating in a report on Thursday, October 12th. Finally, ValuEngine upgraded Avis Budget Group from a “hold” rating to a “buy” rating in a report on Thursday, October 5th. One analyst has rated the stock with a sell rating, six have issued a hold rating and seven have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $37.70.
In other news, SVP David T. Calabria sold 1,300 shares of the stock in a transaction on Wednesday, September 6th. The stock was sold at an average price of $35.86, for a total value of $46,618.00. Following the sale, the senior vice president now directly owns 5,662 shares of the company’s stock, valued at $203,039.32. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director John D. Jr. Hardy sold 831 shares of the stock in a transaction on Friday, November 10th. The stock was sold at an average price of $35.36, for a total value of $29,384.16. Following the completion of the sale, the director now directly owns 831 shares in the company, valued at $29,384.16. The disclosure for this sale can be found here. In the last quarter, insiders sold 460,631 shares of company stock valued at $18,182,832. 2.80% of the stock is owned by corporate insiders.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in CAR. Wellington Management Group LLP grew its stake in shares of Avis Budget Group by 295.6% in the first quarter. Wellington Management Group LLP now owns 53,950 shares of the business services provider’s stock worth $1,596,000 after acquiring an additional 40,311 shares during the last quarter. Thrivent Financial For Lutherans boosted its position in shares of Avis Budget Group by 6.6% during the first quarter. Thrivent Financial For Lutherans now owns 16,240 shares of the business services provider’s stock valued at $480,000 after buying an additional 1,000 shares during the last quarter. Schwab Charles Investment Management Inc. boosted its position in shares of Avis Budget Group by 10.7% during the first quarter. Schwab Charles Investment Management Inc. now owns 400,428 shares of the business services provider’s stock valued at $11,845,000 after buying an additional 38,739 shares during the last quarter. Tudor Investment Corp ET AL purchased a new stake in shares of Avis Budget Group during the first quarter valued at $300,000. Finally, Oregon Public Employees Retirement Fund boosted its position in shares of Avis Budget Group by 3.9% during the second quarter. Oregon Public Employees Retirement Fund now owns 34,301 shares of the business services provider’s stock valued at $935,000 after buying an additional 1,301 shares during the last quarter.
Shares of Avis Budget Group (CAR) traded down $0.76 during trading on Wednesday, hitting $32.56. The company had a trading volume of 2,680,800 shares, compared to its average volume of 2,861,829. The company has a debt-to-equity ratio of 35.24, a quick ratio of 1.28 and a current ratio of 1.28. The company has a market capitalization of $2,650.00, a P/E ratio of 12.77 and a beta of 2.57. Avis Budget Group has a one year low of $20.71 and a one year high of $42.40.
The company also recently disclosed a monthly dividend, which was paid on Monday, October 16th. Shareholders of record on Friday, September 29th were issued a $0.107 dividend. The ex-dividend date of this dividend was Thursday, September 28th. This represents a $1.28 dividend on an annualized basis and a yield of 3.94%.
Avis Budget Group Company Profile
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 and Budget are a rental car supplier. It also owns Payless, which a car rental brand; Apex, which is a car rental brand in New Zealand and Australia; Maggiore, a vehicle rental brand in Italy, and France Cars, which operates light commercial vehicle fleets in France.
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