Zacks: Brokerages Expect Avis Budget Group Inc. (NASDAQ:CAR) Will Post Quarterly Sales of $2.33 Billion

Wall Street brokerages forecast that Avis Budget Group Inc. (NASDAQ:CAR) will report $2.33 billion in sales for the current quarter, Zacks reports. Two analysts have provided estimates for Avis Budget Group’s earnings, with the lowest sales estimate coming in at $2.31 billion and the highest estimate coming in at $2.35 billion. Avis Budget Group also reported sales of $2.33 billion in the same quarter last year. The business is expected to issue its next earnings report on Tuesday, August 6th.

According to Zacks, analysts expect that Avis Budget Group will report full year sales of $9.23 billion for the current fiscal year, with estimates ranging from $9.20 billion to $9.26 billion. For the next year, analysts forecast that the firm will post sales of $9.44 billion, with estimates ranging from $9.33 billion to $9.54 billion. Zacks’ sales averages are an average based on a survey of sell-side research firms that cover Avis Budget Group.

Avis Budget Group (NASDAQ:CAR) last issued its quarterly earnings data on Wednesday, May 1st. The business services provider reported ($0.78) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($1.02) by $0.24. The firm had revenue of $1.92 billion during the quarter, compared to analysts’ expectations of $1.95 billion. Avis Budget Group had a net margin of 1.77% and a return on equity of 71.86%. The business’s revenue for the quarter was down 2.4% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.74) earnings per share.

A number of research analysts recently issued reports on CAR shares. Zacks Investment Research upgraded shares of Avis Budget Group from a “hold” rating to a “buy” rating and set a $41.00 price objective for the company in a report on Wednesday, April 24th. ValuEngine cut shares of Avis Budget Group from a “sell” rating to a “strong sell” rating in a report on Tuesday, April 9th. BidaskClub cut shares of Avis Budget Group from a “buy” rating to a “hold” rating in a report on Wednesday, March 13th. Finally, Deutsche Bank restated a “buy” rating and set 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 issued a hold rating and three have assigned a buy rating to the stock. Avis Budget Group has a consensus rating of “Hold” and an average price target of $39.67.

Shares of NASDAQ CAR opened at $30.68 on Thursday. The company has a market cap of $2.32 billion, a P/E ratio of 8.41 and a beta of 1.98. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 51.70. Avis Budget Group has a 52-week low of $21.63 and a 52-week high of $43.38.

In other Avis Budget Group news, insider Mark J. Servodidio sold 38,000 shares of Avis Budget Group stock in a transaction that occurred on Friday, May 3rd. The shares were sold at an average price of $37.07, for a total value of $1,408,660.00. Following the transaction, the insider now owns 60,711 shares of the company’s stock, valued at $2,250,556.77. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 1.20% of the company’s stock.

Institutional investors and hedge funds have recently made changes to their positions in the business. Oregon Public Employees Retirement Fund lifted its position 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 worth $26,000 after purchasing an additional 561,467 shares in the last quarter. Loeb Partners Corp bought a new stake in shares of Avis Budget Group in the fourth quarter worth $32,000. Pearl River Capital LLC bought a new stake in shares of Avis Budget Group in the fourth quarter worth $34,000. Ladenburg Thalmann Financial Services Inc. lifted its position 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 worth $49,000 after purchasing an additional 1,130 shares in the last quarter. Finally, Oppenheimer Asset Management Inc. bought a new stake in shares of Avis Budget Group in the fourth quarter worth $59,000.

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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