Zacks: Brokerages Expect Avis Budget Group, Inc. (NASDAQ:CAR) to Announce $1.15 Earnings Per Share

Equities research analysts forecast that Avis Budget Group, Inc. (NASDAQ:CAR) will post $1.15 earnings per share for the current quarter, Zacks reports. Two analysts have provided estimates for Avis Budget Group’s earnings. The highest EPS estimate is $1.50 and the lowest is $0.79. Avis Budget Group reported earnings per share of ($5.60) in the same quarter last year, which would suggest a positive year over year growth rate of 120.5%. The firm is scheduled to issue its next earnings report after the market closes on Tuesday, August 3rd.

On average, analysts expect that Avis Budget Group will report full year earnings of $4.34 per share for the current fiscal year, with EPS estimates ranging from $3.86 to $4.98. For the next year, analysts forecast that the firm will report earnings of $5.32 per share, with EPS estimates ranging from $4.70 to $5.94. Zacks Investment Research’s 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 announced its quarterly earnings results on Sunday, May 2nd. The business services provider reported ($0.46) earnings per share (EPS) for the quarter, topping the consensus estimate of ($2.38) by $1.92. The business had revenue of $1.37 billion during the quarter, compared to the consensus estimate of $1.24 billion. During the same quarter last year, the company earned ($1.40) earnings per share. The firm’s revenue was down 21.7% compared to the same quarter last year.

Several brokerages have issued reports on CAR. Barclays lowered their price target on Avis Budget Group from $83.00 to $70.00 and set an “equal weight” rating for the company in a report on Wednesday. They noted that the move was a valuation call. Bank of America restated a “neutral” rating on shares of Avis Budget Group in a report on Monday, April 26th. Deutsche Bank Aktiengesellschaft increased their price target on Avis Budget Group from $50.00 to $69.00 and gave the stock a “hold” rating in a report on Tuesday, May 4th. Zacks Investment Research upgraded Avis Budget Group from a “hold” rating to a “buy” rating and set a $88.00 price objective for the company in a report on Monday, May 10th. Finally, Morgan Stanley increased their price objective on Avis Budget Group from $73.00 to $85.00 and gave the stock an “equal weight” rating in a report on Monday, June 14th. Five analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $66.17.

Shares of Avis Budget Group stock traded up $0.92 during trading hours on Thursday, hitting $78.09. The company’s stock had a trading volume of 30,750 shares, compared to its average volume of 1,358,589. Avis Budget Group has a 12 month low of $24.44 and a 12 month high of $95.10. The stock has a 50 day simple moving average of $81.88.

In other news, Director Lynn Krominga sold 5,760 shares of the firm’s stock in a transaction that occurred on Friday, May 14th. The stock was sold at an average price of $83.50, for a total value of $480,960.00. Following the completion of the sale, the director now directly owns 8,623 shares of the company’s stock, valued at $720,020.50. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Chairman Bernardo Hees acquired 63,000 shares of the business’s stock in a transaction dated Wednesday, May 12th. The stock was acquired at an average cost of $79.39 per share, with a total value of $5,001,570.00. The disclosure for this purchase can be found here. Corporate insiders own 27.40% of the company’s stock.

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. TCI Wealth Advisors Inc. acquired a new stake in shares of Avis Budget Group in the first quarter valued at approximately $40,000. Allred Capital Management LLC acquired a new stake in Avis Budget Group during the 1st quarter worth approximately $44,000. Canton Hathaway LLC acquired a new stake in Avis Budget Group during the 1st quarter worth approximately $73,000. The PNC Financial Services Group Inc. lifted its holdings in Avis Budget Group by 30.7% during the 1st quarter. The PNC Financial Services Group Inc. now owns 2,384 shares of the business services provider’s stock worth $173,000 after purchasing an additional 560 shares during the last quarter. Finally, Walleye Capital LLC acquired a new stake in Avis Budget Group during the 4th quarter worth approximately $210,000. 95.78% of the stock is owned by institutional investors.

Avis Budget Group Company Profile

Avis Budget Group, Inc engages in the provision of vehicle sharing and rental services. It operates through the Americas and International segments. The Americas segment licenses the company’s brands to third parties for vehicle rentals and ancillary products and services in North America, South America, Central America, and the Caribbean.

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Earnings History and Estimates for Avis Budget Group (NASDAQ:CAR)

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