$2.97 Earnings Per Share Expected for Avis Budget Group, Inc. (CAR) This Quarter
Equities analysts expect that Avis Budget Group, Inc. (NASDAQ:CAR) will report $2.97 earnings per share for the current quarter, according to Zacks. Two analysts have made estimates for Avis Budget Group’s earnings, with the highest EPS estimate coming in at $3.03 and the lowest estimate coming in at $2.89. Avis Budget Group posted earnings of $2.47 per share during the same quarter last year, which indicates a positive year-over-year growth rate of 20.2%. The firm is expected to announce its next quarterly earnings report on Wednesday, November 1st.
On average, analysts expect that Avis Budget Group will report full year earnings of $2.63 per share for the current year. For the next fiscal year, analysts expect that the business will post earnings of $3.42 per share, with EPS estimates ranging from $3.10 to $3.73. Zacks Investment Research’s earnings per share averages are an average based on a survey of research analysts that cover Avis Budget Group.
Avis Budget Group (NASDAQ:CAR) last announced its quarterly earnings results on Monday, August 7th. The business services provider reported $0.30 EPS for the quarter, missing the consensus estimate of $0.62 by $0.32. The company had revenue of $2.24 billion during the quarter, compared to analysts’ expectations of $2.27 billion. Avis Budget Group had a return on equity of 74.80% and a net margin of 0.86%. The firm’s revenue for the quarter was down .2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.63 EPS.
A number of equities analysts have commented on CAR shares. Morgan Stanley dropped their price target on shares of Avis Budget Group from $23.00 to $19.00 and set an “underweight” rating for the company in a research report on Monday, May 8th. Credit Suisse Group dropped their price objective on shares of Avis Budget Group from $38.00 to $27.00 and set a “neutral” rating for the company in a report on Monday, May 15th. Raymond James Financial, Inc. upgraded shares of Avis Budget Group from a “market perform” rating to an “outperform” rating and set a $42.00 price objective for the company in a report on Tuesday, May 9th. ValuEngine cut shares of Avis Budget Group from a “strong-buy” rating to a “buy” rating in a report on Tuesday, May 23rd. Finally, BidaskClub upgraded shares of Avis Budget Group from a “sell” rating to a “hold” rating in a report on Saturday, June 24th. Two analysts have rated the stock with a sell rating, four have issued a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of $36.40.
In related news, Director John D. Jr. Hardy sold 908 shares of the company’s stock in a transaction on Friday, August 11th. The shares were sold at an average price of $32.78, for a total value of $29,764.24. Following the completion of the sale, the director now owns 908 shares in the company, valued at approximately $29,764.24. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 2.80% of the stock is currently owned by insiders.
A number of institutional investors have recently made changes to their positions in the stock. Canada Pension Plan Investment Board boosted its position in shares of Avis Budget Group by 266.1% in the first quarter. Canada Pension Plan Investment Board now owns 945,300 shares of the business services provider’s stock valued at $27,962,000 after buying an additional 687,100 shares in the last quarter. Oregon Public Employees Retirement Fund boosted its position in shares of Avis Budget Group by 1.2% in the first quarter. Oregon Public Employees Retirement Fund now owns 33,000 shares of the business services provider’s stock valued at $976,000 after buying an additional 400 shares in the last quarter. DUPONT CAPITAL MANAGEMENT Corp boosted its position in shares of Avis Budget Group by 21.9% in the first quarter. DUPONT CAPITAL MANAGEMENT Corp now owns 108,100 shares of the business services provider’s stock valued at $3,198,000 after buying an additional 19,396 shares in the last quarter. Russell Investments Group Ltd. boosted its position in shares of Avis Budget Group by 435.5% in the first quarter. Russell Investments Group Ltd. now owns 72,420 shares of the business services provider’s stock valued at $2,142,000 after buying an additional 58,896 shares in the last quarter. Finally, State of New Jersey Common Pension Fund D purchased a new position in shares of Avis Budget Group during the first quarter valued at about $20,706,000.
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Avis Budget Group (CAR) opened at 33.95 on Thursday. The company’s 50-day moving average is $31.09 and its 200 day moving average is $29.63. Avis Budget Group has a one year low of $20.71 and a one year high of $41.53. The company has a market capitalization of $2.81 billion, a P/E ratio of 39.99 and a beta of 2.49.
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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