Equities analysts expect that Avis Budget Group Inc. (NASDAQ:CAR) will post $1.94 billion in sales for the current quarter, according to Zacks. Two analysts have provided estimates for Avis Budget Group’s earnings. The highest sales estimate is $1.95 billion and the lowest is $1.93 billion. Avis Budget Group reported sales of $1.97 billion during the same quarter last year, which indicates a negative year-over-year growth rate of 1.5%. The firm is scheduled to issue its next earnings report on Wednesday, May 1st.
On average, analysts expect that Avis Budget Group will report full-year sales of $9.28 billion for the current financial year, with estimates ranging from $9.28 billion to $9.29 billion. For the next fiscal year, analysts expect that the firm will report sales of $9.52 billion, with estimates ranging from $9.44 billion to $9.60 billion. Zacks’ sales calculations 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 announced its quarterly earnings data on Wednesday, February 20th. The business services provider reported $0.53 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.31 by $0.22. The business had revenue of $2.05 billion for the quarter, compared to analysts’ expectations of $2.05 billion. Avis Budget Group had a return on equity of 66.29% and a net margin of 1.81%. The company’s revenue for the quarter was up 1.5% compared to the same quarter last year. During the same period last year, the firm earned $0.45 earnings per share.
Several equities analysts recently commented on CAR shares. Zacks Investment Research lowered Avis Budget Group from a “hold” rating to a “sell” rating in a report on Tuesday, January 8th. BidaskClub lowered Avis Budget Group from a “buy” rating to a “hold” rating in a report on Wednesday. Deutsche Bank reissued a “buy” rating and issued a $48.00 target price on shares of Avis Budget Group in a report on Wednesday, March 6th. ValuEngine raised Avis Budget Group from a “strong sell” rating to a “sell” rating in a report on Friday, February 22nd. Finally, Goldman Sachs Group raised Avis Budget Group from a “sell” rating to a “buy” rating and increased their target price for the company from $30.00 to $35.00 in a report on Monday, February 11th. Two analysts have rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the company. Avis Budget Group currently has an average rating of “Hold” and a consensus price target of $39.50.
In other news, major shareholder Srs Investment Management, Llc acquired 4,189,300 shares of the company’s stock in a transaction on Friday, February 22nd. The shares were bought at an average price of $35.33 per share, with a total value of $148,007,969.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Michael K. Tucker sold 4,796 shares of the firm’s stock in a transaction dated Tuesday, February 26th. The stock was sold at an average price of $35.50, for a total value of $170,258.00. Following the transaction, the executive vice president now directly owns 66,906 shares in the company, valued at approximately $2,375,163. The disclosure for this sale can be found here. Company insiders own 1.60% of the company’s stock.
Several hedge funds have recently modified their holdings of the business. Lyrical Asset Management LP grew its holdings in shares of Avis Budget Group by 1.0% during the third quarter. Lyrical Asset Management LP now owns 3,764,794 shares of the business services provider’s stock worth $121,000,000 after purchasing an additional 35,872 shares during the last quarter. Pzena Investment Management LLC grew its holdings in shares of Avis Budget Group by 15.1% during the fourth quarter. Pzena Investment Management LLC now owns 2,967,757 shares of the business services provider’s stock worth $66,715,000 after buying an additional 389,731 shares during the last quarter. Diamond Hill Capital Management Inc. grew its holdings in shares of Avis Budget Group by 15.0% during the fourth quarter. Diamond Hill Capital Management Inc. now owns 1,945,786 shares of the business services provider’s stock worth $43,741,000 after buying an additional 254,367 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Avis Budget Group by 3.1% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,648,885 shares of the business services provider’s stock worth $37,072,000 after buying an additional 50,078 shares during the last quarter. Finally, Allianz Asset Management GmbH purchased a new position in shares of Avis Budget Group during the third quarter worth about $26,760,000. 99.35% of the stock is currently owned by institutional investors.
Shares of NASDAQ CAR opened at $34.82 on Thursday. The firm has a market capitalization of $2.63 billion, a PE ratio of 9.54 and a beta of 1.95. The company has a debt-to-equity ratio of 33.24, a quick ratio of 1.27 and a current ratio of 1.27. Avis Budget Group has a 12-month low of $21.63 and a 12-month high of $50.88.
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.
Further Reading: How Buying a Call Option Works
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Avis Budget Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Avis Budget Group and related companies with MarketBeat.com's FREE daily email newsletter.