Wall Street brokerages expect that Avis Budget Group, Inc. (NASDAQ:CAR) will announce sales of $2.78 billion for the current quarter, Zacks Investment Research reports. Two analysts have provided estimates for Avis Budget Group’s earnings. The lowest sales estimate is $2.75 billion and the highest is $2.80 billion. Avis Budget Group posted sales of $2.66 billion during the same quarter last year, which suggests a positive year over year growth rate of 4.5%. The company is scheduled to announce its next quarterly earnings report after the market closes on Monday, November 6th.

On average, analysts expect that Avis Budget Group will report full year sales of $2.78 billion for the current financial year, with estimates ranging from $8.79 billion to $8.84 billion. For the next year, analysts forecast that the business will post sales of $9.10 billion per share, with estimates ranging from $9.04 billion to $9.13 billion. Zacks’ sales calculations are a mean average based on a survey of 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 EPS for the quarter, missing the consensus estimate of $0.62 by ($0.32). The firm had revenue of $2.24 billion for the quarter, compared to analyst estimates of $2.27 billion. Avis Budget Group had a return on equity of 74.80% and a net margin of 0.86%. The company’s quarterly revenue was down .2% on a year-over-year basis. During the same period last year, the firm earned $0.63 EPS.

A number of analysts have recently weighed in on the company. BidaskClub upgraded Avis Budget Group from a “buy” rating to a “strong-buy” rating in a research report on Monday, August 14th. J P Morgan Chase & Co assumed coverage on Avis Budget Group in a research report on Friday, August 4th. They set an “overweight” rating and a $39.00 price target on the stock. Zacks Investment Research cut Avis Budget Group from a “hold” rating to a “sell” rating in a research report on Wednesday, August 2nd. B. Riley assumed coverage on Avis Budget Group in a research report on Friday, September 22nd. They set a “buy” rating and a $36.00 price target on the stock. Finally, ValuEngine cut Avis Budget Group from a “buy” rating to a “hold” rating in a research report on Monday, August 7th. One research analyst has rated the stock with a sell rating, three have given a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. The stock has a consensus rating of “Buy” and a consensus target price of $38.20.

Avis Budget Group (CAR) opened at 41.25 on Wednesday. Avis Budget Group has a 12-month low of $20.71 and a 12-month high of $42.40. The firm has a market cap of $3.41 billion, a price-to-earnings ratio of 48.59 and a beta of 2.48. The stock has a 50 day moving average price of $39.31 and a 200-day moving average price of $31.53.

In other news, insider Ronald L. Nelson sold 250,000 shares of the stock in a transaction that occurred on Friday, October 13th. The stock was sold at an average price of $41.02, for a total transaction of $10,255,000.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, SVP David T. Calabria sold 1,300 shares of the stock in a transaction that occurred on Wednesday, September 6th. The stock was sold at an average price of $35.86, for a total value 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 disclosure for this sale can be found here. Insiders have sold a total of 460,708 shares of company stock worth $18,183,212 over the last quarter. Insiders own 2.80% of the company’s stock.

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. BlackRock Inc. increased its position in Avis Budget Group by 18.0% in the 2nd quarter. BlackRock Inc. now owns 8,895,289 shares of the business services provider’s stock valued at $242,574,000 after acquiring an additional 1,355,238 shares during the period. Vanguard Group Inc. increased its position in 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 acquiring an additional 1,037,148 shares during the period. Diamond Hill Capital Management Inc. increased its position in Avis Budget Group by 7.0% in the 2nd quarter. Diamond Hill Capital Management Inc. now owns 6,131,332 shares of the business services provider’s stock valued at $167,201,000 after acquiring an additional 401,401 shares during the period. Bank of New York Mellon Corp increased its position in Avis Budget Group by 5.0% in the 2nd quarter. Bank of New York Mellon Corp now owns 4,450,238 shares of the business services provider’s stock valued at $121,357,000 after acquiring an additional 211,618 shares during the period. Finally, Neuberger Berman Group LLC increased its position in Avis Budget Group by 18.6% in the 2nd quarter. Neuberger Berman Group LLC now owns 3,482,454 shares of the business services provider’s stock valued at $94,967,000 after acquiring an additional 547,233 shares during the period.

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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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