Northcoast Research Reaffirms “Buy” Rating for Avis Budget Group (NASDAQ:CAR)

Northcoast Research reiterated their buy rating on shares of Avis Budget Group (NASDAQ:CAR) in a report published on Tuesday morning, Zacks.com reports. Northcoast Research also issued estimates for Avis Budget Group’s Q3 2019 earnings at $3.52 EPS, Q4 2019 earnings at $0.47 EPS, FY2019 earnings at $4.02 EPS and FY2020 earnings at $4.18 EPS.

Several other research analysts have also recently weighed in on the company. ValuEngine cut Avis Budget Group from a sell rating to a strong sell rating in a research note on Thursday, August 1st. BidaskClub upgraded Avis Budget Group from a hold rating to a buy rating in a research report on Friday, June 21st. Finally, Zacks Investment Research lowered Avis Budget Group from a strong-buy rating to a hold rating in a research report on Tuesday, April 30th. One analyst has rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the company’s stock. The company presently has a consensus rating of Hold and a consensus target price of $40.50.

Shares of CAR traded down $0.39 during trading hours on Tuesday, reaching $31.41. 962,757 shares of the company’s stock traded hands, compared to its average volume of 1,212,776. The company has a market cap of $2.37 billion, a price-to-earnings ratio of 8.61 and a beta of 2.08. The company has a debt-to-equity ratio of 46.72, a current ratio of 0.86 and a quick ratio of 0.95. Avis Budget Group has a twelve month low of $21.63 and a twelve month high of $37.27. The stock has a fifty day simple moving average of $35.05.

Avis Budget Group (NASDAQ:CAR) last announced its earnings results on Monday, August 5th. The business services provider reported $0.79 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.73 by $0.06. Avis Budget Group had a return on equity of 75.35% and a net margin of 2.17%. The business had revenue of $2.34 billion during the quarter, compared to analysts’ expectations of $2.35 billion. During the same quarter last year, the business posted $0.57 earnings per share. The company’s quarterly revenue was up .4% on a year-over-year basis. On average, research analysts forecast that Avis Budget Group will post 4 earnings per share for the current fiscal year.

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Thrivent Financial for Lutherans boosted its position in shares of Avis Budget Group by 6.3% in the fourth quarter. Thrivent Financial for Lutherans now owns 16,902 shares of the business services provider’s stock worth $380,000 after buying an additional 1,006 shares during the period. Chesapeake Asset Management LLC acquired a new stake in shares of Avis Budget Group in the first quarter worth $480,000. Norges Bank acquired a new stake in shares of Avis Budget Group in the fourth quarter worth $13,058,000. James Investment Research Inc. boosted its position in shares of Avis Budget Group by 78.0% in the first quarter. James Investment Research Inc. now owns 23,294 shares of the business services provider’s stock worth $812,000 after buying an additional 10,204 shares during the period. Finally, Commonwealth Bank of Australia boosted its position in shares of Avis Budget Group by 9.3% in the first quarter. Commonwealth Bank of Australia now owns 282,538 shares of the business services provider’s stock worth $9,843,000 after buying an additional 24,035 shares during the period.

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 5,500 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 18,000 vehicles, which are rented through a network of approximately 640 dealer-operated and 430 company-operated locations that serve the consumer and light commercial sectors in the continental United States.

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