Avis Budget Group Inc. (CAR) Expected to Announce Quarterly Sales of $2.06 Billion

Brokerages expect that Avis Budget Group Inc. (NASDAQ:CAR) will report sales of $2.06 billion for the current fiscal quarter, according to Zacks. Two analysts have provided estimates for Avis Budget Group’s earnings, with the highest sales estimate coming in at $2.09 billion and the lowest estimate coming in at $2.03 billion. Avis Budget Group reported sales of $2.02 billion in the same quarter last year, which would suggest a positive year-over-year growth rate of 2%. The business is scheduled to issue its next quarterly earnings report on Wednesday, February 20th.

On average, analysts expect that Avis Budget Group will report full year sales of $9.12 billion for the current fiscal year, with estimates ranging from $9.09 billion to $9.17 billion. For the next fiscal year, analysts anticipate that the firm will post sales of $9.30 billion, with estimates ranging from $9.20 billion to $9.42 billion. Zacks’ sales averages are a mean average based on a survey of analysts that cover Avis Budget Group.

Avis Budget Group (NASDAQ:CAR) last issued its earnings results on Monday, November 5th. The business services provider reported $3.33 earnings per share for the quarter, missing the Zacks’ consensus estimate of $3.54 by ($0.21). The business had revenue of $2.78 billion during the quarter, compared to the consensus estimate of $2.81 billion. Avis Budget Group had a return on equity of 60.18% and a net margin of 4.09%. The company’s revenue for the quarter was up .9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $3.10 earnings per share.

A number of equities research analysts have commented on the company. Goldman Sachs Group set a $30.00 price objective on Avis Budget Group and gave the company a “sell” rating in a research note on Tuesday, October 16th. Zacks Investment Research cut Avis Budget Group from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, August 1st. ValuEngine cut Avis Budget Group from a “sell” rating to a “strong sell” rating in a research note on Friday, August 24th. Deutsche Bank set a $45.00 price objective on Avis Budget Group and gave the company a “buy” rating in a research note on Tuesday, November 6th. Finally, BidaskClub cut Avis Budget Group from a “buy” rating to a “hold” rating in a research note on Wednesday, August 29th. Three research analysts have rated the stock with a sell rating, two have assigned a hold rating and three have assigned a buy rating to the stock. Avis Budget Group currently has an average rating of “Hold” and an average target price of $41.00.

Avis Budget Group stock traded up $0.03 during mid-day trading on Monday, reaching $28.07. The stock had a trading volume of 648,517 shares, compared to its average volume of 1,771,140. The company has a debt-to-equity ratio of 27.75, a quick ratio of 1.14 and a current ratio of 1.14. Avis Budget Group has a fifty-two week low of $26.97 and a fifty-two week high of $50.88. The stock has a market capitalization of $2.17 billion, a PE ratio of 9.85 and a beta of 1.86.

Several large investors have recently made changes to their positions in the stock. Morgan Stanley boosted its position in shares of Avis Budget Group by 17.6% during the third quarter. Morgan Stanley now owns 459,721 shares of the business services provider’s stock valued at $14,775,000 after buying an additional 68,696 shares during the last quarter. AQR Capital Management LLC boosted its position in shares of Avis Budget Group by 13.1% during the third quarter. AQR Capital Management LLC now owns 143,596 shares of the business services provider’s stock valued at $4,615,000 after buying an additional 16,629 shares during the last quarter. IndexIQ Advisors LLC boosted its position in shares of Avis Budget Group by 3.9% during the third quarter. IndexIQ Advisors LLC now owns 48,532 shares of the business services provider’s stock valued at $1,560,000 after buying an additional 1,833 shares during the last quarter. MetLife Investment Advisors LLC boosted its position in shares of Avis Budget Group by 12.3% during the third quarter. MetLife Investment Advisors LLC now owns 87,328 shares of the business services provider’s stock valued at $2,807,000 after buying an additional 9,535 shares during the last quarter. Finally, Pacer Advisors Inc. boosted its position in shares of Avis Budget Group by 12.6% during the third quarter. Pacer Advisors Inc. now owns 24,861 shares of the business services provider’s stock valued at $799,000 after buying an additional 2,786 shares during the last quarter.

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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