$2.77 Billion in Sales Expected for Avis Budget Group, Inc. (CAR) This Quarter
Brokerages expect Avis Budget Group, Inc. (NASDAQ:CAR) to report $2.77 billion in sales for the current fiscal quarter, Zacks Investment Research reports. Two analysts have made estimates for Avis Budget Group’s earnings. The highest sales estimate is $2.80 billion and the lowest is $2.75 billion. Avis Budget Group posted sales of $2.66 billion in the same quarter last year, which would indicate a positive year over year growth rate of 4.1%. The firm is scheduled to issue its next quarterly earnings report after the market closes on Monday, November 6th.
According to Zacks, analysts expect that Avis Budget Group will report full-year sales of $2.77 billion for the current year, with estimates ranging from $8.79 billion to $8.80 billion. For the next fiscal year, analysts anticipate that the company will report sales of $9.08 billion per share, with estimates ranging from $9.04 billion to $9.11 billion. Zacks’ sales calculations are a mean average based on a survey of sell-side research analysts that follow Avis Budget Group.
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 Thomson Reuters’ consensus estimate of $0.62 by ($0.32). Avis Budget Group had a net margin of 0.86% and a return on equity of 74.80%. The firm had revenue of $2.24 billion for the quarter, compared to the consensus estimate of $2.27 billion. During the same quarter in the prior year, the firm earned $0.63 earnings per share. The company’s revenue for the quarter was down .2% compared to the same quarter last year.
Several brokerages have issued reports on CAR. MKM Partners increased their target price on Avis Budget Group from $36.00 to $49.00 and gave the company a “buy” rating in a research report on Thursday. BidaskClub raised Avis Budget Group from a “buy” rating to a “strong-buy” rating in a research report on Monday, August 14th. Zacks Investment Research raised Avis Budget Group from a “sell” rating to a “hold” rating in a research report on Wednesday, July 5th. ValuEngine cut Avis Budget Group from a “buy” rating to a “hold” rating in a research report on Monday, August 7th. Finally, J P Morgan Chase & Co began coverage on Avis Budget Group in a research report on Friday, August 4th. They set an “overweight” rating and a $39.00 target price on the stock. One analyst has rated the stock with a sell rating, four have assigned a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. The stock has an average rating of “Buy” and an average target price of $37.33.
In other news, insider Ronald L. Nelson sold 150,000 shares of the firm’s stock in a transaction on Tuesday, September 12th. The stock was sold at an average price of $37.30, for a total value of $5,595,000.00. Following the completion of the sale, the insider now owns 510,714 shares of the company’s stock, valued at approximately $19,049,632.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed 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 completion of the sale, the insider now directly owns 72,431 shares of the company’s stock, valued at approximately $2,612,586.17. The disclosure for this sale can be found here. Insiders sold a total of 185,708 shares of company stock valued at $6,878,212 in the last three months. Insiders own 2.80% of the company’s stock.
Institutional investors have recently bought and sold shares of the company. FNY Managed Accounts LLC acquired a new stake in shares of Avis Budget Group in the 1st quarter worth $102,000. Crow Point Partners LLC acquired a new stake in shares of Avis Budget Group in the 3rd quarter worth $107,000. Harel Insurance Investments & Financial Services Ltd. acquired a new stake in shares of Avis Budget Group in the 2nd quarter worth $191,000. Cambridge Investment Research Advisors Inc. acquired a new stake in shares of Avis Budget Group in the 2nd quarter worth $225,000. Finally, LS Investment Advisors LLC boosted its position in shares of Avis Budget Group by 13.0% in the 2nd quarter. LS Investment Advisors LLC now owns 8,881 shares of the business services provider’s stock worth $242,000 after purchasing an additional 1,024 shares in the last quarter.
Avis Budget Group (NASDAQ CAR) opened at 41.21 on Friday. The firm’s 50-day moving average price is $37.19 and its 200-day moving average price is $30.31. The stock has a market cap of $3.41 billion, a PE ratio of 48.54 and a beta of 2.48. Avis Budget Group has a 52 week low of $20.71 and a 52 week high of $41.53.
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 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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