Wall Street brokerages expect Avis Budget Group Inc. (NASDAQ:CAR) to announce earnings per share (EPS) of $0.70 for the current quarter, according to Zacks Investment Research. Two analysts have made estimates for Avis Budget Group’s earnings, with the lowest EPS estimate coming in at $0.63 and the highest estimate coming in at $0.75. Avis Budget Group reported earnings per share of $0.57 during the same quarter last year, which would suggest a positive year-over-year growth rate of 22.8%. The company is scheduled to issue its next quarterly earnings results on Tuesday, August 6th.
On average, analysts expect that Avis Budget Group will report full year earnings of $3.99 per share for the current year, with EPS estimates ranging from $3.85 to $4.20. For the next financial year, analysts forecast that the company will post earnings of $4.40 per share, with EPS estimates ranging from $3.86 to $5.45. Zacks Investment Research’s EPS calculations are a mean average based on a survey of research firms that cover Avis Budget Group.
Avis Budget Group (NASDAQ:CAR) last announced its quarterly earnings results on Wednesday, May 1st. The business services provider reported ($0.78) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($1.02) by $0.24. Avis Budget Group had a net margin of 1.77% and a return on equity of 71.86%. The firm had revenue of $1.92 billion for the quarter, compared to analyst estimates of $1.95 billion. During the same quarter in the previous year, the firm posted ($0.74) earnings per share. The business’s revenue was down 2.4% on a year-over-year basis.
CAR has been the topic of a number of recent research reports. Zacks Investment Research upgraded shares of Avis Budget Group from a “hold” rating to a “buy” rating and set a $41.00 price objective on the stock in a report on Wednesday, April 24th. ValuEngine downgraded shares of Avis Budget Group from a “sell” rating to a “strong sell” rating in a report on Tuesday, April 9th. Goldman Sachs Group upgraded shares of Avis Budget Group from a “sell” rating to a “buy” rating and lifted their price objective for the company from $30.00 to $35.00 in a report on Monday, February 11th. BidaskClub downgraded shares of Avis Budget Group from a “buy” rating to a “hold” rating in a report on Wednesday, March 13th. Finally, Deutsche Bank reiterated a “buy” rating and issued a $48.00 price objective on shares of Avis Budget Group in a report on Wednesday, March 6th. Three research analysts have rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $39.67.
In related news, EVP Michael K. Tucker sold 4,796 shares of the business’s stock in a transaction on Tuesday, February 26th. The shares were sold at an average price of $35.50, for a total transaction of $170,258.00. Following the transaction, the executive vice president now directly owns 66,906 shares in the company, valued at $2,375,163. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Mark J. Servodidio sold 38,000 shares of the business’s stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $37.07, for a total transaction of $1,408,660.00. Following the transaction, the insider now owns 60,711 shares in the company, valued at $2,250,556.77. The disclosure for this sale can be found here. 1.20% of the stock is currently owned by insiders.
Large investors have recently added to or reduced their stakes in the business. Oregon Public Employees Retirement Fund increased its holdings in shares of Avis Budget Group by 1,992.2% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 589,650 shares of the business services provider’s stock valued at $26,000 after purchasing an additional 561,467 shares during the last quarter. Loeb Partners Corp acquired a new position in shares of Avis Budget Group in the fourth quarter valued at $32,000. Pearl River Capital LLC acquired a new position in shares of Avis Budget Group in the fourth quarter valued at $34,000. Ladenburg Thalmann Financial Services Inc. increased its holdings in shares of Avis Budget Group by 434.6% in the first quarter. Ladenburg Thalmann Financial Services Inc. now owns 1,390 shares of the business services provider’s stock valued at $49,000 after purchasing an additional 1,130 shares during the last quarter. Finally, Oppenheimer Asset Management Inc. acquired a new position in shares of Avis Budget Group in the fourth quarter valued at $59,000.
NASDAQ CAR opened at $29.83 on Monday. The company has a debt-to-equity ratio of 51.70, a quick ratio of 0.95 and a current ratio of 0.95. Avis Budget Group has a 12-month low of $21.63 and a 12-month high of $43.38. The company has a market capitalization of $2.26 billion, a PE ratio of 8.17 and a beta of 1.93.
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 5,500 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 18,000 vehicles, which are rented through a network of approximately 640 dealer-operated and 430 company-operated locations that serve the consumer and light commercial sectors in the continental United States.
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