Avis Budget Group (CAR) Expected to Post Quarterly Sales of $1.95 Billion

Analysts predict that Avis Budget Group (NASDAQ:CAR) will report $1.95 billion in sales for the current fiscal quarter, Zacks Investment Research reports. Two analysts have made estimates for Avis Budget Group’s earnings, with the highest sales estimate coming in at $1.96 billion and the lowest estimate coming in at $1.94 billion. Avis Budget Group posted sales of $1.84 billion during the same quarter last year, which suggests a positive year-over-year growth rate of 6%. The company is scheduled to issue its next earnings results on Wednesday, May 2nd.

According to Zacks, analysts expect that Avis Budget Group will report full-year sales of $1.95 billion for the current fiscal year, with estimates ranging from $9.21 billion to $9.38 billion. For the next financial year, analysts expect that the company will post sales of $9.43 billion per share, with estimates ranging from $9.26 billion to $9.58 billion. Zacks’ sales calculations are an average based on a survey of sell-side research analysts that cover Avis Budget Group.

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Avis Budget Group (NASDAQ:CAR) last announced its quarterly earnings results on Wednesday, February 21st. The business services provider reported $0.45 earnings per share for the quarter, beating the consensus estimate of $0.20 by $0.25. The company had revenue of $2.02 billion during the quarter, compared to analysts’ expectations of $2 billion. Avis Budget Group had a return on equity of 76.64% and a net margin of 4.08%. Avis Budget Group’s quarterly revenue was up 7.5% on a year-over-year basis. During the same period last year, the business earned $0.15 earnings per share.

Several research analysts recently weighed in on the company. ValuEngine upgraded Avis Budget Group from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, April 3rd. Zacks Investment Research upgraded Avis Budget Group from a “sell” rating to a “hold” rating in a research report on Tuesday, January 23rd. BidaskClub cut Avis Budget Group from a “strong-buy” rating to a “buy” rating in a research report on Thursday, February 15th. Deutsche Bank boosted their price objective on Avis Budget Group from $48.00 to $51.00 and gave the company a “buy” rating in a research report on Friday, February 23rd. Finally, Goldman Sachs cut Avis Budget Group from a “neutral” rating to a “sell” rating and cut their price objective for the company from $40.12 to $33.00 in a research report on Wednesday, February 14th. Two analysts have rated the stock with a sell rating, four have issued a hold rating, six have assigned a buy rating and two have given a strong buy rating to the company. Avis Budget Group currently has an average rating of “Buy” and an average target price of $37.60.

CAR stock traded down $1.25 during trading on Friday, hitting $48.25. 1,662,308 shares of the company traded hands, compared to its average volume of 1,903,812. The company has a current ratio of 1.26, a quick ratio of 1.26 and a debt-to-equity ratio of 22.33. The stock has a market cap of $3,911.92, a P/E ratio of 16.93 and a beta of 2.20. Avis Budget Group has a 1 year low of $20.71 and a 1 year high of $50.88.

Several institutional investors have recently bought and sold shares of the company. Jefferies Group LLC purchased a new stake in shares of Avis Budget Group during the fourth quarter worth approximately $283,506,000. Pzena Investment Management LLC increased its position in shares of Avis Budget Group by 67.6% during the fourth quarter. Pzena Investment Management LLC now owns 1,660,313 shares of the business services provider’s stock worth $72,855,000 after purchasing an additional 669,678 shares in the last quarter. Two Sigma Advisers LP purchased a new stake in shares of Avis Budget Group during the fourth quarter worth approximately $18,987,000. Allianz Asset Management GmbH boosted its stake in Avis Budget Group by 129.6% during the fourth quarter. Allianz Asset Management GmbH now owns 593,500 shares of the business services provider’s stock worth $26,043,000 after buying an additional 335,000 shares during the last quarter. Finally, Deutsche Bank AG boosted its stake in Avis Budget Group by 185.4% during the fourth quarter. Deutsche Bank AG now owns 400,967 shares of the business services provider’s stock worth $17,593,000 after buying an additional 260,491 shares during the last quarter.

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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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