Avis Budget Group Inc. (NASDAQ:CAR) – Investment analysts at Northcoast Research decreased their Q2 2018 earnings estimates for Avis Budget Group in a report issued on Monday, July 30th. Northcoast Research analyst J. Healy now expects that the business services provider will earn $0.51 per share for the quarter, down from their prior estimate of $0.65. Northcoast Research currently has a “Buy” rating and a $46.00 price target on the stock. Northcoast Research also issued estimates for Avis Budget Group’s Q3 2018 earnings at $3.55 EPS, FY2018 earnings at $3.51 EPS and FY2019 earnings at $3.96 EPS.
CAR has been the topic of a number of other research reports. Zacks Investment Research raised shares of Avis Budget Group from a “hold” rating to a “strong-buy” rating and set a $57.00 price objective on the stock in a research report on Monday, April 16th. BidaskClub cut shares of Avis Budget Group from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, May 9th. Barclays increased their price objective on shares of Avis Budget Group from $33.00 to $41.00 and gave the stock an “equal weight” rating in a research report on Thursday, April 26th. Morgan Stanley began coverage on shares of Avis Budget Group in a research report on Tuesday, June 26th. They set an “underweight” rating and a $30.00 price objective on the stock. Finally, ValuEngine cut shares of Avis Budget Group from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, May 2nd. Three analysts have rated the stock with a sell rating, five have assigned a hold rating and five have given a buy rating to the company. Avis Budget Group has an average rating of “Hold” and a consensus target price of $42.67.
Avis Budget Group (NASDAQ:CAR) last released its quarterly earnings data on Wednesday, May 2nd. The business services provider reported ($0.74) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($1.02) by $0.28. The company had revenue of $1.97 billion for the quarter, compared to analysts’ expectations of $1.92 billion. Avis Budget Group had a net margin of 4.24% and a return on equity of 66.71%. The business’s revenue was up 7.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.94) EPS.
A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Cerebellum GP LLC bought a new position in shares of Avis Budget Group during the 2nd quarter worth approximately $142,000. Summit Trail Advisors LLC lifted its position in shares of Avis Budget Group by 3,465.8% during the 1st quarter. Summit Trail Advisors LLC now owns 177,078 shares of the business services provider’s stock worth $177,000 after buying an additional 172,112 shares in the last quarter. Sei Investments Co. lifted its position in shares of Avis Budget Group by 12,509.1% during the 1st quarter. Sei Investments Co. now owns 4,161 shares of the business services provider’s stock worth $195,000 after buying an additional 4,128 shares in the last quarter. Chicago Equity Partners LLC bought a new position in shares of Avis Budget Group during the 1st quarter worth approximately $219,000. Finally, Cornerstone Wealth Management LLC bought a new position in shares of Avis Budget Group during the 2nd quarter worth approximately $224,000.
In related news, Director Lynn Krominga sold 10,000 shares of the firm’s stock in a transaction dated Monday, June 11th. The shares were sold at an average price of $40.00, for a total value of $400,000.00. Following the transaction, the director now owns 305 shares of the company’s stock, valued at approximately $12,200. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director John D. Jr. Hardy sold 1,022 shares of the firm’s stock in a transaction dated Monday, May 7th. The shares were sold at an average price of $44.64, for a total transaction of $45,622.08. Following the completion of the transaction, the director now directly owns 1,022 shares in the company, valued at approximately $45,622.08. The disclosure for this sale can be found here. In the last ninety days, insiders sold 23,240 shares of company stock worth $981,596. 2.80% of the stock is owned by insiders.
Avis Budget Group Company Profile
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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