$1.96 Billion in Sales Expected for Avis Budget Group Inc. (CAR) This Quarter
Wall Street analysts predict that Avis Budget Group Inc. (NASDAQ:CAR) will post $1.96 billion in sales for the current quarter, Zacks Investment Research reports. Two analysts have provided estimates for Avis Budget Group’s earnings, with estimates ranging from $1.94 billion to $1.97 billion. Avis Budget Group reported sales of $1.88 billion during the same quarter last year, which would suggest a positive year-over-year growth rate of 4.3%. The business is scheduled to report its next earnings results on Wednesday, February 21st.
On average, analysts expect that Avis Budget Group will report full year sales of $1.96 billion for the current financial year, with estimates ranging from $8.77 billion to $8.80 billion. For the next fiscal year, analysts expect that the business will post sales of $9.07 billion per share, with estimates ranging from $9.04 billion to $9.10 billion. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research analysts that cover Avis Budget Group.
Avis Budget Group (NASDAQ:CAR) last issued its quarterly earnings data on Monday, November 6th. The business services provider reported $3.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.99 by $0.11. Avis Budget Group had a return on equity of 95.28% and a net margin of 1.26%. The company had revenue of $2.75 billion during the quarter, compared to analysts’ expectations of $2.78 billion. During the same quarter in the previous year, the company posted $2.47 earnings per share. The business’s revenue was up 3.6% on a year-over-year basis.
A number of equities research analysts have recently issued reports on the company. Desjardins restated a “hold” rating on shares of Avis Budget Group in a report on Friday, August 11th. BidaskClub upgraded Avis Budget Group from a “buy” rating to a “strong-buy” rating in a report on Monday, August 14th. National Bank Financial restated an “outperform market weight” rating on shares of Avis Budget Group in a report on Friday, August 11th. B. Riley assumed coverage on Avis Budget Group in a report on Friday, September 22nd. They set a “buy” rating and a $36.00 price objective for the company. Finally, Zacks Investment Research upgraded Avis Budget Group from a “strong sell” rating to a “hold” rating in a report on Tuesday, October 10th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and seven have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $37.70.
In other news, CMO W Scott Deaver sold 40,000 shares of Avis Budget Group stock in a transaction that occurred on Friday, December 1st. The shares were sold at an average price of $39.05, for a total value of $1,562,000.00. Following the completion of the sale, the chief marketing officer now directly owns 125,674 shares in the company, valued at $4,907,569.70. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Chairman Ronald L. Nelson sold 275,000 shares of Avis Budget Group stock in a transaction that occurred on Monday, December 4th. The shares were sold at an average price of $40.22, for a total transaction of $11,060,500.00. Following the completion of the sale, the chairman now owns 473,214 shares of the company’s stock, valued at $19,032,667.08. The disclosure for this sale can be found here. Over the last quarter, insiders sold 740,831 shares of company stock valued at $29,551,884. 2.80% of the stock is owned by company insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Commerzbank Aktiengesellschaft FI raised its position in shares of Avis Budget Group by 107.3% in the second quarter. Commerzbank Aktiengesellschaft FI now owns 21,107 shares of the business services provider’s stock valued at $576,000 after buying an additional 10,926 shares in the last quarter. GRT Capital Partners L.L.C. raised its position in Avis Budget Group by 10.7% during the second quarter. GRT Capital Partners L.L.C. now owns 34,650 shares of the business services provider’s stock valued at $945,000 after purchasing an additional 3,350 shares in the last quarter. CNA Financial Corp acquired a new position in Avis Budget Group during the third quarter valued at approximately $945,000. Neuberger Berman Group LLC raised its position in Avis Budget Group by 18.6% during the second quarter. Neuberger Berman Group LLC now owns 3,482,454 shares of the business services provider’s stock valued at $94,967,000 after purchasing an additional 547,233 shares in the last quarter. Finally, Commonwealth Bank of Australia raised its position in Avis Budget Group by 196.1% during the second quarter. Commonwealth Bank of Australia now owns 121,700 shares of the business services provider’s stock valued at $3,318,000 after purchasing an additional 80,600 shares in the last quarter.
Shares of Avis Budget Group (NASDAQ CAR) traded up $0.22 during trading hours on Friday, hitting $39.51. The stock had a trading volume of 950,794 shares, compared to its average volume of 2,806,523. Avis Budget Group has a 12 month low of $20.71 and a 12 month high of $42.40. The company has a market capitalization of $3,234.88, a PE ratio of 15.22 and a beta of 2.53. The company has a current ratio of 1.28, a quick ratio of 1.28 and a debt-to-equity ratio of 35.24.
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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