Brokerages predict that Avis Budget Group Inc. (NASDAQ:CAR) will report $2.06 billion in sales for the current fiscal quarter, Zacks reports. Two analysts have issued estimates for Avis Budget Group’s earnings, with estimates ranging from $2.03 billion to $2.09 billion. Avis Budget Group reported sales of $2.02 billion in the same quarter last year, which would suggest a positive year-over-year growth rate of 2%. The company is scheduled to issue its next earnings results on Wednesday, February 20th.
On average, analysts expect that Avis Budget Group will report full-year sales of $9.12 billion for the current fiscal year, with estimates ranging from $9.09 billion to $9.17 billion. For the next fiscal year, analysts forecast that the company will post sales of $9.30 billion, with estimates ranging from $9.20 billion to $9.42 billion. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research firms that that provide coverage for Avis Budget Group.
Avis Budget Group (NASDAQ:CAR) last released its earnings results on Monday, November 5th. The business services provider reported $3.33 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $3.54 by ($0.21). Avis Budget Group had a net margin of 4.09% and a return on equity of 60.18%. The business had revenue of $2.78 billion during the quarter, compared to the consensus estimate of $2.81 billion. During the same quarter in the prior year, the firm earned $3.10 EPS. The business’s revenue was up .9% on a year-over-year basis.
Several analysts have recently weighed in on CAR shares. Northcoast Research upgraded Avis Budget Group from a “neutral” rating to a “buy” rating and set a $46.00 price target on the stock in a report on Monday, July 30th. Zacks Investment Research cut Avis Budget Group from a “strong-buy” rating to a “hold” rating in a report on Wednesday, August 1st. BidaskClub upgraded Avis Budget Group from a “hold” rating to a “buy” rating in a report on Thursday, August 16th. Barclays reduced their price target on Avis Budget Group from $41.00 to $38.00 and set an “equal weight” rating on the stock in a report on Wednesday, August 22nd. Finally, ValuEngine cut Avis Budget Group from a “sell” rating to a “strong sell” rating in a report on Friday, August 24th. Three equities research analysts have rated the stock with a sell rating, two have given a hold rating and three have given a buy rating to the company’s stock. Avis Budget Group presently has an average rating of “Hold” and an average target price of $41.00.
Several large investors have recently modified their holdings of the company. BlackRock Inc. raised its position in shares of Avis Budget Group by 4.1% during the second quarter. BlackRock Inc. now owns 8,416,207 shares of the business services provider’s stock worth $273,525,000 after purchasing an additional 330,997 shares during the period. Bank of New York Mellon Corp raised its position in shares of Avis Budget Group by 9.8% during the second quarter. Bank of New York Mellon Corp now owns 4,436,114 shares of the business services provider’s stock worth $144,174,000 after purchasing an additional 396,831 shares during the period. Lyrical Asset Management LP raised its position in shares of Avis Budget Group by 1.0% during the third quarter. Lyrical Asset Management LP now owns 3,764,794 shares of the business services provider’s stock worth $121,000,000 after purchasing an additional 35,872 shares during the period. Pzena Investment Management LLC raised its position in shares of Avis Budget Group by 31.1% during the third quarter. Pzena Investment Management LLC now owns 2,578,026 shares of the business services provider’s stock worth $82,858,000 after purchasing an additional 610,949 shares during the period. Finally, Diamond Hill Capital Management Inc. raised its position in shares of Avis Budget Group by 6.5% during the second quarter. Diamond Hill Capital Management Inc. now owns 1,692,509 shares of the business services provider’s stock worth $55,007,000 after purchasing an additional 102,778 shares during the period.
Shares of NASDAQ:CAR traded up $1.60 during midday trading on Monday, hitting $29.67. 2,107,000 shares of the stock were exchanged, compared to its average volume of 2,071,083. The stock has a market cap of $2.17 billion, a P/E ratio of 10.41 and a beta of 1.86. The company has a current ratio of 1.14, a quick ratio of 1.14 and a debt-to-equity ratio of 27.75. Avis Budget Group has a 12 month low of $26.97 and a 12 month high of $50.88.
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.
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