Analysts Anticipate Avis Budget Group, Inc. (CAR) to Post $2.94 Earnings Per Share
Brokerages expect that Avis Budget Group, Inc. (NASDAQ:CAR) will report earnings of $2.94 per share for the current quarter, according to Zacks Investment Research. 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 $2.71. Avis Budget Group posted earnings per share of $2.47 in the same quarter last year, which suggests a positive year-over-year growth rate of 19%. The company is scheduled to report its next earnings results after the market closes on Monday, November 6th.
According to Zacks, analysts expect that Avis Budget Group will report full year earnings of $2.64 per share for the current year, with EPS estimates ranging from $2.53 to $2.77. For the next year, analysts expect that the firm will report earnings of $3.32 per share, with EPS estimates ranging from $3.10 to $3.49. Zacks Investment Research’s EPS calculations are a mean average based on a survey of sell-side research analysts that that provide coverage for Avis Budget Group.
Avis Budget Group (NASDAQ:CAR) last issued 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). Avis Budget Group had a return on equity of 74.80% and a net margin of 0.86%. The company had revenue of $2.24 billion for the quarter, compared to analyst estimates of $2.27 billion. During the same period last year, the company posted $0.63 EPS. The business’s revenue for the quarter was down .2% on a year-over-year basis.
A number of analysts have recently weighed in on CAR shares. Morgan Stanley reduced their price objective on shares of Avis Budget Group from $19.00 to $18.00 and set an “underweight” rating for the company in a research note on Friday, August 25th. BidaskClub upgraded shares of Avis Budget Group from a “sell” rating to a “hold” rating in a research note on Saturday, June 24th. MKM Partners restated a “buy” rating and issued a $40.00 price objective on shares of Avis Budget Group in a research note on Wednesday, June 28th. Deutsche Bank AG restated a “buy” rating on shares of Avis Budget Group in a research note on Monday, June 26th. Finally, Zacks Investment Research upgraded shares of Avis Budget Group from a “sell” rating to a “hold” rating in a research note on Wednesday, July 5th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. Avis Budget Group has a consensus rating of “Buy” and an average price target of $36.33.
Shares of Avis Budget Group (NASDAQ:CAR) traded up 1.47% during trading on Wednesday, reaching $40.83. 1,498,559 shares of the company traded hands. The firm has a 50-day moving average price of $36.98 and a 200-day moving average price of $30.23. Avis Budget Group has a 12 month low of $20.71 and a 12 month high of $41.53. The firm has a market capitalization of $3.37 billion, a PE ratio of 48.09 and a beta of 2.48.
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In related news, insider Ronald L. Nelson sold 150,000 shares of the company’s stock in a transaction on Tuesday, September 12th. The shares were sold at an average price of $37.30, for a total transaction of $5,595,000.00. Following the completion of the transaction, the insider now directly owns 510,714 shares in the company, valued at approximately $19,049,632.20. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, 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 transaction of $29,764.24. Following the transaction, the director now owns 908 shares of the company’s stock, valued at $29,764.24. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 185,708 shares of company stock valued at $6,878,212. Corporate insiders own 2.80% of the company’s stock.
Large investors have recently added to or reduced their stakes in the stock. BlackRock Inc. raised its stake in shares of Avis Budget Group by 13,924.6% in the 1st quarter. BlackRock Inc. now owns 7,540,051 shares of the business services provider’s stock valued at $223,034,000 after buying an additional 7,486,288 shares in the last quarter. FMR LLC raised its stake in shares of Avis Budget Group by 815.5% in the 2nd quarter. FMR LLC now owns 1,779,701 shares of the business services provider’s stock valued at $48,532,000 after buying an additional 1,585,301 shares in the last quarter. Bank of Montreal Can raised its stake in shares of Avis Budget Group by 106.5% in the 2nd quarter. Bank of Montreal Can now owns 2,112,341 shares of the business services provider’s stock valued at $57,604,000 after buying an additional 1,089,508 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of Avis Budget Group by 16.5% in the 1st quarter. Vanguard Group Inc. now owns 7,340,105 shares of the business services provider’s stock valued at $217,121,000 after buying an additional 1,037,148 shares in the last quarter. Finally, Capital World Investors acquired a new position in shares of Avis Budget Group in the 2nd quarter valued at $17,780,000.
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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