Wall Street analysts forecast that Avis Budget Group Inc. (NASDAQ:CAR) will post earnings of $3.52 per share for the current quarter, Zacks Investment Research reports. Two analysts have made estimates for Avis Budget Group’s earnings, with the lowest EPS estimate coming in at $3.46 and the highest estimate coming in at $3.55. Avis Budget Group posted earnings per share of $3.10 during the same quarter last year, which indicates a positive year-over-year growth rate of 13.5%. The business is expected to report its next quarterly earnings report on Monday, November 5th.
On average, analysts expect that Avis Budget Group will report full year earnings of $3.48 per share for the current fiscal year, with EPS estimates ranging from $3.37 to $3.55. For the next financial year, analysts anticipate that the firm will post earnings of $3.80 per share, with EPS estimates ranging from $3.51 to $3.94. Zacks’ earnings per share calculations are a mean average based on a survey of analysts that that provide coverage for Avis Budget Group.
Avis Budget Group (NASDAQ:CAR) last released its quarterly earnings results on Tuesday, August 7th. The business services provider reported $0.57 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.57. Avis Budget Group had a net margin of 4.46% and a return on equity of 63.08%. The business had revenue of $2.33 billion during the quarter, compared to the consensus estimate of $2.39 billion. During the same quarter last year, the company earned $0.30 earnings per share.
CAR has been the subject of a number of recent analyst reports. BidaskClub downgraded shares of Avis Budget Group from a “buy” rating to a “hold” rating in a research report on Wednesday, August 29th. Northcoast Research raised shares of Avis Budget Group from a “neutral” rating to a “buy” rating and set a $46.00 price target for the company in a research report on Monday, July 30th. ValuEngine downgraded shares of Avis Budget Group from a “sell” rating to a “strong sell” rating in a research report on Thursday, August 30th. Morgan Stanley started coverage on Avis Budget Group in a research note on Tuesday, June 26th. They set an “underweight” rating and a $30.00 price objective on the stock. Finally, Barclays reduced their price objective on Avis Budget Group from $41.00 to $38.00 and set an “equal weight” rating on the stock in a research note on Wednesday, August 22nd. Three research analysts have rated the stock with a sell rating, three have assigned a hold rating and three have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $43.71.
Shares of CAR stock traded up $0.31 during mid-day trading on Wednesday, reaching $32.33. 1,888,300 shares of the company were exchanged, compared to its average volume of 2,159,141. Avis Budget Group has a fifty-two week low of $29.94 and a fifty-two week high of $50.88. The company has a current ratio of 1.20, a quick ratio of 1.20 and a debt-to-equity ratio of 41.18. The company has a market capitalization of $2.55 billion, a P/E ratio of 11.45 and a beta of 1.91.
In related news, Director Leonard S. Coleman, Jr. sold 13,000 shares of the firm’s stock in a transaction on Friday, August 17th. The stock was sold at an average price of $34.63, for a total transaction of $450,190.00. Following the transaction, the director now directly owns 2,339 shares in the company, valued at $80,999.57. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 1.60% of the company’s stock.
A number of hedge funds have recently bought and sold shares of CAR. Bank of Montreal Can lifted its stake in Avis Budget Group by 8,897.6% in the second quarter. Bank of Montreal Can now owns 1,476,145 shares of the business services provider’s stock valued at $47,975,000 after buying an additional 1,459,739 shares during the last quarter. Renaissance Technologies LLC lifted its stake in Avis Budget Group by 466.9% in the second quarter. Renaissance Technologies LLC now owns 678,600 shares of the business services provider’s stock valued at $22,055,000 after buying an additional 558,900 shares during the last quarter. Bank of Nova Scotia bought a new stake in Avis Budget Group in the second quarter valued at $16,250,000. Bank of New York Mellon Corp lifted its stake in Avis Budget Group by 9.8% in the second quarter. Bank of New York Mellon Corp now owns 4,436,114 shares of the business services provider’s stock valued at $144,174,000 after buying an additional 396,831 shares during the last quarter. Finally, BNP Paribas Arbitrage SA lifted its stake in Avis Budget Group by 944.6% in the first quarter. BNP Paribas Arbitrage SA now owns 398,798 shares of the business services provider’s stock valued at $18,680,000 after buying an additional 360,622 shares during the last quarter.
About Avis Budget Group
Avis Budget Group, Inc, together with its subsidiaries, provides car and truck rentals, car sharing, and ancillary services to businesses and consumers worldwide. It operates the Avis brand, a vehicle rental system with approximately 5,450 locations that supply rental cars to the premium commercial and leisure segments of the travel industry; the Budget brand, a vehicle rental and other mobility solutions primarily focuses on the value-conscious segments of the industry; the Zipcar brand, a membership-based car sharing network; and the Budget Truck brand, a local and one-way truck rental businesses with a fleet of approximately 19,000 vehicles, which are rented through a network of approximately 925 dealer-operated and 450 company-operated locations that serve the consumer and light commercial sectors in the continental United States.
Read More: Stop Order
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Avis Budget Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Avis Budget Group and related companies with MarketBeat.com's FREE daily email newsletter.