FY2018 EPS Estimates for Avis Budget Group Inc. Decreased by Analyst (CAR)

Avis Budget Group Inc. (NASDAQ:CAR) – Equities researchers at Northcoast Research dropped their FY2018 earnings estimates for Avis Budget Group in a note issued to investors on Tuesday. Northcoast Research analyst J. Healy now anticipates that the business services provider will post earnings per share of $2.80 for the year, down from their prior estimate of $3.01. Northcoast Research has a “Buy” rating on the stock. Northcoast Research also issued estimates for Avis Budget Group’s FY2019 earnings at $3.20 EPS.

A number of other brokerages also recently commented on CAR. Goldman Sachs Group downgraded shares of Avis Budget Group from a “neutral” rating to a “sell” rating and lowered their price target for the stock from $40.12 to $33.00 in a report on Wednesday. Barclays lifted their price target on shares of Avis Budget Group from $30.00 to $32.00 and gave the stock an “equal weight” rating in a report on Wednesday, November 1st. ValuEngine upgraded shares of Avis Budget Group from a “hold” rating to a “buy” rating in a report on Monday, December 11th. Zacks Investment Research upgraded shares of Avis Budget Group from a “sell” rating to a “hold” rating in a report on Tuesday, January 23rd. Finally, Deutsche Bank lowered their price target on shares of Avis Budget Group from $49.00 to $48.00 and set a “buy” rating for the company in a report on Wednesday, November 8th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price of $37.30.

Avis Budget Group (NASDAQ CAR) traded down $0.65 during trading hours on Wednesday, reaching $40.12. 2,763,800 shares of the company’s stock traded hands, compared to its average volume of 2,058,130. The company has a debt-to-equity ratio of 35.24, a current ratio of 1.28 and a quick ratio of 1.28. Avis Budget Group has a 52-week low of $20.71 and a 52-week high of $49.41. The stock has a market cap of $3,070.00, a P/E ratio of 27.91 and a beta of 2.45.

Hedge funds have recently made changes to their positions in the business. Bank of New York Mellon Corp raised its stake in shares of Avis Budget Group by 1.9% during the third quarter. Bank of New York Mellon Corp now owns 4,534,212 shares of the business services provider’s stock valued at $172,573,000 after purchasing an additional 83,974 shares during the period. Lyrical Asset Management LP raised its stake in shares of Avis Budget Group by 4.5% during the fourth quarter. Lyrical Asset Management LP now owns 3,571,060 shares of the business services provider’s stock valued at $156,698,000 after purchasing an additional 153,397 shares during the period. State Street Corp raised its stake in shares of Avis Budget Group by 21.6% during the second quarter. State Street Corp now owns 2,951,521 shares of the business services provider’s stock valued at $80,487,000 after purchasing an additional 524,807 shares during the period. FMR LLC raised its stake in shares of Avis Budget Group by 815.5% during the second quarter. FMR LLC now owns 1,779,701 shares of the business services provider’s stock valued at $48,532,000 after purchasing an additional 1,585,301 shares during the period. Finally, Pzena Investment Management LLC raised its stake in shares of Avis Budget Group by 67.6% during the fourth quarter. Pzena Investment Management LLC now owns 1,660,313 shares of the business services provider’s stock valued at $72,855,000 after purchasing an additional 669,678 shares during the period.

In other Avis Budget Group news, major shareholder Srs Investment Management, Llc purchased 3,500,000 shares of Avis Budget Group stock in a transaction on Friday, December 8th. The shares were purchased at an average cost of $40.56 per share, with a total value of $141,960,000.00. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP David T. Calabria sold 1,250 shares of Avis Budget Group stock in a transaction that occurred on Friday, December 8th. The shares were sold at an average price of $41.71, for a total transaction of $52,137.50. Following the transaction, the senior vice president now directly owns 4,412 shares in the company, valued at $184,024.52. The disclosure for this sale can be found here. Insiders sold 463,750 shares of company stock worth $18,702,638 over the last three months. Corporate insiders own 2.80% of the company’s stock.

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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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