Wall Street analysts forecast that Avis Budget Group Inc. (NASDAQ:CAR) will announce earnings per share of $3.67 for the current quarter, according to Zacks Investment Research. Two analysts have made estimates for Avis Budget Group’s earnings, with the highest EPS estimate coming in at $3.73 and the lowest estimate coming in at $3.52. Avis Budget Group posted earnings per share of $3.33 during the same quarter last year, which indicates a positive year over year growth rate of 10.2%. The business is expected to announce its next quarterly earnings results after the market closes on Thursday, October 31st.
On average, analysts expect that Avis Budget Group will report full year earnings of $4.05 per share for the current financial year, with EPS estimates ranging from $3.99 to $4.17. For the next fiscal year, analysts expect that the company will report earnings of $4.30 per share, with EPS estimates ranging from $3.72 to $5.00. Zacks’ earnings per share calculations are a mean average based on a survey of sell-side research analysts that follow Avis Budget Group.
Avis Budget Group (NASDAQ:CAR) last released its quarterly earnings results on Monday, August 5th. The business services provider reported $0.79 earnings per share for the quarter, topping analysts’ consensus estimates of $0.73 by $0.06. Avis Budget Group had a net margin of 2.17% and a return on equity of 75.35%. The business had revenue of $2.34 billion during the quarter, compared to the consensus estimate of $2.35 billion. During the same quarter last year, the company earned $0.57 earnings per share. The business’s quarterly revenue was up .4% compared to the same quarter last year.
A number of analysts have recently weighed in on the stock. TheStreet downgraded shares of Avis Budget Group from a “b-” rating to a “c” rating in a research report on Monday, September 16th. BidaskClub downgraded shares of Avis Budget Group from a “sell” rating to a “strong sell” rating in a research report on Saturday, October 5th. Northcoast Research reissued a “buy” rating on shares of Avis Budget Group in a research report on Tuesday, August 6th. Morgan Stanley set a $32.00 price target on shares of Avis Budget Group and gave the stock a “sell” rating in a research report on Friday, August 9th. Finally, ValuEngine raised shares of Avis Budget Group from a “strong sell” rating to a “sell” rating in a research report on Wednesday, October 2nd. Three research analysts have rated the stock with a sell rating, one has given a hold rating and three have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $39.00.
Shares of CAR stock traded up $1.73 during mid-day trading on Friday, reaching $28.44. 19,185 shares of the company were exchanged, compared to its average volume of 1,051,070. Avis Budget Group has a fifty-two week low of $21.63 and a fifty-two week high of $37.27. The company has a debt-to-equity ratio of 46.72, a quick ratio of 0.86 and a current ratio of 0.86. The company has a market capitalization of $2.03 billion, a P/E ratio of 7.80 and a beta of 2.08. The business’s 50 day simple moving average is $26.74 and its 200 day simple moving average is $31.86.
A number of institutional investors and hedge funds have recently made changes to their positions in CAR. Tremblant Capital Group bought a new position in Avis Budget Group during the second quarter worth $40,082,000. Renaissance Technologies LLC lifted its stake in Avis Budget Group by 28.4% in the second quarter. Renaissance Technologies LLC now owns 3,436,700 shares of the business services provider’s stock valued at $120,834,000 after buying an additional 760,520 shares during the last quarter. AQR Capital Management LLC lifted its stake in Avis Budget Group by 4,533.3% in the second quarter. AQR Capital Management LLC now owns 446,886 shares of the business services provider’s stock valued at $15,713,000 after buying an additional 437,241 shares during the last quarter. Prudential Financial Inc. lifted its stake in Avis Budget Group by 93.2% in the second quarter. Prudential Financial Inc. now owns 828,664 shares of the business services provider’s stock valued at $29,136,000 after buying an additional 399,738 shares during the last quarter. Finally, Neuberger Berman Group LLC lifted its stake in Avis Budget Group by 43.5% in the first quarter. Neuberger Berman Group LLC now owns 829,326 shares of the business services provider’s stock valued at $28,903,000 after buying an additional 251,314 shares during the last quarter. Hedge funds and other institutional investors own 99.77% of the company’s stock.
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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