Avis Budget Group (CAR) Bond Prices Rise 1.8%

An issue of Avis Budget Group Inc. (NASDAQ:CAR) bonds rose 1.8% against their face value during trading on Thursday. The debt issue has a 5.25% coupon and is set to mature on March 15, 2025. The bonds in the issue are now trading at $95.13 and were trading at $91.50 one week ago. Price changes in a company’s bonds in credit markets often predict parallel changes in its share price.

A number of brokerages recently weighed in on CAR. Zacks Investment Research raised shares of Avis Budget Group from a “sell” rating to a “hold” rating in a report on Tuesday, February 12th. Deutsche Bank set a $45.00 price target on shares of Avis Budget Group and gave the stock a “buy” rating in a report on Tuesday, November 6th. BidaskClub downgraded shares of Avis Budget Group from a “buy” rating to a “hold” rating in a report on Wednesday, December 12th. Finally, Goldman Sachs Group raised shares of Avis Budget Group from a “sell” rating to a “buy” rating and boosted their price target for the stock from $30.00 to $35.00 in a report on Monday, February 11th. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and three have issued a buy rating to the company’s stock. Avis Budget Group presently has a consensus rating of “Hold” and an average target price of $41.83.

Avis Budget Group stock traded up $5.04 during midday trading on Thursday, reaching $34.45. The stock had a trading volume of 21,747,378 shares, compared to its average volume of 2,072,218. Avis Budget Group Inc. has a 12 month low of $21.63 and a 12 month high of $50.88. The stock has a market capitalization of $2.27 billion, a P/E ratio of 12.09 and a beta of 1.94. 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 (NASDAQ:CAR) last announced its quarterly earnings data on Wednesday, February 20th. The business services provider reported $0.53 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.31 by $0.22. Avis Budget Group had a return on equity of 60.18% and a net margin of 4.09%. The business had revenue of $2.05 billion for the quarter, compared to analysts’ expectations of $2.05 billion. During the same period in the previous year, the business posted $0.45 EPS. The firm’s quarterly revenue was up 1.5% compared to the same quarter last year. Equities research analysts forecast that Avis Budget Group Inc. will post 3.43 EPS for the current fiscal year.

In related news, SVP David T. Calabria sold 1,700 shares of the business’s stock in a transaction dated Tuesday, November 27th. The stock was sold at an average price of $29.29, for a total value of $49,793.00. Following the sale, the senior vice president now directly owns 7,661 shares in the company, valued at approximately $224,390.69. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 1.60% of the company’s stock.

A number of institutional investors have recently made changes to their positions in the stock. Bank of New York Mellon Corp increased its position in shares of Avis Budget Group by 9.8% during the second quarter. Bank of New York Mellon Corp now owns 4,436,114 shares of the business services provider’s stock valued at $144,174,000 after buying an additional 396,831 shares during the period. First Hawaiian Bank bought a new stake in shares of Avis Budget Group during the third quarter valued at about $454,000. First Quadrant L P CA bought a new stake in shares of Avis Budget Group during the third quarter valued at about $346,000. First Trust Advisors LP increased its position in shares of Avis Budget Group by 173.3% during the third quarter. First Trust Advisors LP now owns 48,565 shares of the business services provider’s stock valued at $1,561,000 after buying an additional 30,796 shares during the period. Finally, Alps Advisors Inc. increased its position in shares of Avis Budget Group by 75.8% during the third quarter. Alps Advisors Inc. now owns 23,199 shares of the business services provider’s stock valued at $746,000 after buying an additional 10,005 shares during the period.

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About Avis Budget Group (NASDAQ:CAR)

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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