Avis Budget Group, Inc. (CAR) Receives “Hold” Rating from Credit Suisse Group
Avis Budget Group, Inc. (NASDAQ:CAR)‘s stock had its “hold” rating reiterated by stock analysts at Credit Suisse Group in a research note issued to investors on Thursday.
CAR has been the subject of several other research reports. Morgan Stanley dropped their price target on Avis Budget Group from $19.00 to $18.00 and set an “underweight” rating for the company in a research report on Friday, August 25th. Deutsche Bank AG reissued a “buy” rating on shares of Avis Budget Group in a research report on Monday, June 26th. ValuEngine raised Avis Budget Group from a “hold” rating to a “buy” rating in a research report on Thursday, July 6th. Zacks Investment Research downgraded Avis Budget Group from a “hold” rating to a “sell” rating in a research report on Wednesday, August 2nd. Finally, MKM Partners reissued a “buy” rating and set a $40.00 price target on shares of Avis Budget Group in a research report on Wednesday, June 28th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $36.22.
Shares of Avis Budget Group (NASDAQ:CAR) traded down 5.63% during trading on Thursday, hitting $35.69. The stock had a trading volume of 3,227,967 shares. Avis Budget Group has a 12-month low of $20.71 and a 12-month high of $41.53. The stock’s 50 day moving average is $33.68 and its 200-day moving average is $29.33. The company has a market cap of $2.95 billion, a PE ratio of 42.04 and a beta of 2.44.
Avis Budget Group (NASDAQ:CAR) last released its quarterly earnings results on Monday, August 7th. The business services provider reported $0.30 earnings per share for the quarter, missing the consensus estimate of $0.62 by ($0.32). The company had revenue of $2.24 billion for 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 business’s quarterly revenue was down .2% on a year-over-year basis. During the same period in the previous year, the business posted $0.63 EPS. Analysts forecast that Avis Budget Group will post $2.54 earnings per share for the current year.
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In other news, SVP David T. Calabria sold 1,300 shares of the firm’s stock in a transaction on Wednesday, September 6th. The stock was sold at an average price of $35.86, for a total transaction of $46,618.00. Following the sale, the senior vice president now owns 5,662 shares in the company, valued at $203,039.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Mark J. Servodidio sold 29,000 shares of the firm’s stock in a transaction on Thursday, August 31st. The stock was sold at an average price of $36.07, for a total value of $1,046,030.00. Following the sale, the insider now owns 72,431 shares in the company, valued at approximately $2,612,586.17. The disclosure for this sale can be found here. Insiders have sold 35,708 shares of company stock worth $1,283,212 in the last 90 days. Insiders own 2.80% of the company’s stock.
A number of institutional investors have recently modified their holdings of the stock. Proxima Capital Management LLC boosted its holdings in Avis Budget Group by 93.0% in the second quarter. Proxima Capital Management LLC now owns 580,000 shares of the business services provider’s stock valued at $15,817,000 after acquiring an additional 279,500 shares during the last quarter. Verition Fund Management LLC acquired a new position in Avis Budget Group in the second quarter valued at $671,000. Ameritas Investment Partners Inc. boosted its holdings in Avis Budget Group by 25.9% in the second quarter. Ameritas Investment Partners Inc. now owns 31,925 shares of the business services provider’s stock valued at $871,000 after acquiring an additional 6,576 shares during the last quarter. Bank of Nova Scotia acquired a new position in Avis Budget Group in the second quarter valued at $1,936,000. Finally, The Manufacturers Life Insurance Company boosted its holdings in Avis Budget Group by 44.5% in the second quarter. The Manufacturers Life Insurance Company now owns 179,596 shares of the business services provider’s stock valued at $4,898,000 after acquiring an additional 55,299 shares during the last quarter.
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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