Avis Budget Group Inc. (NASDAQ:CAR) Receives Average Rating of “Buy” from Analysts
Shares of Avis Budget Group Inc. (NASDAQ:CAR) have been given a consensus rating of “Buy” by the twelve analysts that are presently covering the firm. One research analyst has rated the stock with a sell recommendation, four have assigned a hold recommendation and seven have issued a buy recommendation on the company. The average 12-month target price among brokerages that have updated their coverage on the stock in the last year is $35.58.
Several research firms recently weighed in on CAR. MKM Partners set a $47.00 price objective on shares of Avis Budget Group and gave the stock a “buy” rating in a report on Wednesday, September 28th. Barclays PLC upped their price objective on shares of Avis Budget Group from $33.00 to $37.00 and gave the stock an “equal weight” rating in a report on Tuesday, September 27th. Macquarie began coverage on shares of Avis Budget Group in a report on Thursday, August 25th. They issued an “outperform” rating and a $44.00 price objective for the company. Zacks Investment Research raised shares of Avis Budget Group from a “hold” rating to a “buy” rating and set a $41.00 price objective for the company in a report on Friday, August 12th. Finally, Deutsche Bank AG upped their price objective on shares of Avis Budget Group from $44.00 to $45.00 and gave the stock a “buy” rating in a report on Thursday, August 4th.
Avis Budget Group (NASDAQ:CAR) traded down 3.20% during trading on Friday, reaching $32.62. 1,313,344 shares of the company’s stock traded hands. The company has a 50-day moving average of $36.05 and a 200 day moving average of $31.71. The stock has a market capitalization of $2.96 billion, a P/E ratio of 19.71 and a beta of 2.54. Avis Budget Group has a 12 month low of $21.73 and a 12 month high of $53.04.
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Avis Budget Group (NASDAQ:CAR) last released its quarterly earnings results on Tuesday, August 2nd. The company reported $0.63 EPS for the quarter, missing the consensus estimate of $0.69 by $0.06. The firm had revenue of $2.24 billion for the quarter, compared to the consensus estimate of $2.21 billion. Avis Budget Group had a return on equity of 58.78% and a net margin of 1.91%. The firm’s revenue was up 3.2% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.84 EPS. On average, equities research analysts expect that Avis Budget Group will post $3.04 earnings per share for the current fiscal year.
In other news, insider Ronald L. Nelson sold 50,000 shares of the company’s stock in a transaction dated Monday, September 19th. The stock was sold at an average price of $38.00, for a total value of $1,900,000.00. Following the transaction, the insider now owns 893,949 shares in the company, valued at approximately $33,970,062. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Michael K. Tucker sold 6,656 shares of the company’s stock in a transaction dated Thursday, August 4th. The shares were sold at an average price of $37.65, for a total value of $250,598.40. Following the completion of the transaction, the executive vice president now owns 60,649 shares in the company, valued at approximately $2,283,434.85. The disclosure for this sale can be found here. Company insiders own 2.80% of the company’s stock.
Several institutional investors have recently modified their holdings of the stock. Fifth Third Bancorp acquired a new position in shares of Avis Budget Group during the second quarter worth $164,000. Blair William & Co. IL acquired a new position in shares of Avis Budget Group during the second quarter worth $230,000. Calvert Investment Management Inc. increased its position in shares of Avis Budget Group by 2.7% in the second quarter. Calvert Investment Management Inc. now owns 7,749 shares of the company’s stock worth $250,000 after buying an additional 201 shares in the last quarter. Pacer Advisors Inc. acquired a new position in shares of Avis Budget Group during the second quarter worth $256,000. Finally, Invictus RG acquired a new position in shares of Avis Budget Group during the first quarter worth $262,000.
About Avis Budget Group
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 is a rental car supplier and Budget is a rental vehicle supplier. It also owns Payless, which a car rental brand, and Apex, which is a car rental brand in New Zealand and Australia.
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