Brokerages predict that Avis Budget Group, Inc. (NASDAQ:CAR) will announce $2.58 billion in sales for the current quarter, Zacks Investment Research reports. Two analysts have made estimates for Avis Budget Group’s earnings, with the highest sales estimate coming in at $2.81 billion and the lowest estimate coming in at $2.36 billion. Avis Budget Group posted sales of $1.53 billion in the same quarter last year, which would suggest a positive year over year growth rate of 68.6%. The company is expected to announce its next earnings results on Thursday, November 4th.
According to Zacks, analysts expect that Avis Budget Group will report full-year sales of $7.74 billion for the current financial year, with estimates ranging from $7.43 billion to $8.55 billion. For the next financial year, analysts expect that the business will post sales of $8.79 billion, with estimates ranging from $8.49 billion to $9.16 billion. Zacks’ sales averages are a mean average based on a survey of sell-side research analysts that that provide coverage for Avis Budget Group.
Avis Budget Group (NASDAQ:CAR) last issued its earnings results on Monday, August 2nd. The business services provider reported $5.90 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.21 by $4.69. Avis Budget Group had a net margin of 2.76% and a negative return on equity of 240.22%.
Several brokerages recently issued reports on CAR. Deutsche Bank Aktiengesellschaft raised their target price on shares of Avis Budget Group from $75.00 to $91.00 and gave the stock a “hold” rating in a report on Monday. Morgan Stanley lifted their price objective on shares of Avis Budget Group from $73.00 to $85.00 and gave the company an “equal weight” rating in a report on Monday, June 14th. Barclays cut their price objective on shares of Avis Budget Group from $83.00 to $70.00 and set an “equal weight” rating for the company in a report on Wednesday, July 21st. They noted that the move was a valuation call. TheStreet raised shares of Avis Budget Group from a “d+” rating to a “c” rating in a report on Tuesday. Finally, JPMorgan Chase & Co. raised shares of Avis Budget Group from a “neutral” rating to an “overweight” rating and lifted their price objective for the company from $75.00 to $100.00 in a report on Thursday. Four investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Avis Budget Group has a consensus rating of “Hold” and a consensus target price of $80.67.
In related news, Director Lynn Krominga sold 5,760 shares of the business’s stock in a transaction dated Friday, May 14th. The shares were sold at an average price of $83.50, for a total transaction of $480,960.00. Following the transaction, the director now directly owns 8,623 shares in the company, valued at $720,020.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Chairman Bernardo Hees purchased 63,000 shares of the stock in a transaction that occurred on Wednesday, May 12th. The shares were acquired at an average price of $79.39 per share, for a total transaction of $5,001,570.00. The disclosure for this purchase can be found here. 27.40% of the stock is owned by company insiders.
A number of institutional investors and hedge funds have recently bought and sold shares of CAR. Canada Pension Plan Investment Board boosted its position in Avis Budget Group by 335.1% during the first quarter. Canada Pension Plan Investment Board now owns 1,941,500 shares of the business services provider’s stock worth $140,837,000 after acquiring an additional 1,495,300 shares during the last quarter. UBS Asset Management Americas Inc. boosted its position in Avis Budget Group by 372.5% during the first quarter. UBS Asset Management Americas Inc. now owns 1,036,115 shares of the business services provider’s stock worth $75,160,000 after acquiring an additional 816,853 shares during the last quarter. Norges Bank acquired a new position in Avis Budget Group during the fourth quarter worth about $25,728,000. Morgan Stanley raised its stake in Avis Budget Group by 136.4% during the first quarter. Morgan Stanley now owns 1,119,983 shares of the business services provider’s stock worth $81,244,000 after purchasing an additional 646,253 shares during the period. Finally, BlackRock Inc. raised its stake in Avis Budget Group by 7.2% during the first quarter. BlackRock Inc. now owns 7,031,582 shares of the business services provider’s stock worth $510,072,000 after purchasing an additional 472,186 shares during the period. Hedge funds and other institutional investors own 95.78% of the company’s stock.
Shares of Avis Budget Group stock opened at $82.44 on Friday. The business’s fifty day simple moving average is $81.43. Avis Budget Group has a 1 year low of $25.54 and a 1 year high of $95.10. The stock has a market capitalization of $5.76 billion, a PE ratio of 32.46, a PEG ratio of 0.28 and a beta of 2.34.
Avis Budget Group Company Profile
Avis Budget Group, Inc engages in the provision of vehicle sharing and rental services. It operates through the Americas and International segments. The Americas segment licenses the company’s brands to third parties for vehicle rentals and ancillary products and services in North America, South America, Central America, and the Caribbean.
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