Avis Budget Group Inc. (NASDAQ:CAR) Director F Robert Salerno Purchases 16,000 Shares

Avis Budget Group Inc. (NASDAQ:CAR) Director F Robert Salerno bought 16,000 shares of the company’s stock in a transaction that occurred on Tuesday, March 24th. The stock was bought at an average cost of $17.24 per share, for a total transaction of $275,840.00.

CAR stock traded down $0.67 on Wednesday, hitting $17.24. The company’s stock had a trading volume of 7,911,175 shares, compared to its average volume of 2,817,818. The stock has a market cap of $996.38 million, a price-to-earnings ratio of 4.30 and a beta of 1.87. The firm has a 50 day moving average of $29.45 and a two-hundred day moving average of $30.35. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 25.34. Avis Budget Group Inc. has a 1 year low of $6.35 and a 1 year high of $52.98.

Avis Budget Group (NASDAQ:CAR) last issued its quarterly earnings data on Wednesday, February 19th. The business services provider reported $0.73 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.50 by $0.23. The company had revenue of $2.16 billion for the quarter, compared to the consensus estimate of $2.08 billion. Avis Budget Group had a net margin of 3.29% and a return on equity of 60.29%. Avis Budget Group’s revenue for the quarter was up 5.5% on a year-over-year basis. During the same period last year, the firm posted $0.53 EPS. As a group, equities analysts forecast that Avis Budget Group Inc. will post 3.04 EPS for the current fiscal year.

Several institutional investors and hedge funds have recently made changes to their positions in the company. PNC Financial Services Group Inc. raised its position in Avis Budget Group by 11.8% in the fourth quarter. PNC Financial Services Group Inc. now owns 5,393 shares of the business services provider’s stock worth $172,000 after acquiring an additional 571 shares in the last quarter. California Public Employees Retirement System grew its position in Avis Budget Group by 0.4% during the fourth quarter. California Public Employees Retirement System now owns 157,151 shares of the business services provider’s stock worth $5,067,000 after buying an additional 600 shares during the period. NEXT Financial Group Inc grew its position in Avis Budget Group by 89.3% during the fourth quarter. NEXT Financial Group Inc now owns 1,295 shares of the business services provider’s stock worth $42,000 after buying an additional 611 shares during the period. Guggenheim Capital LLC grew its position in Avis Budget Group by 5.9% during the fourth quarter. Guggenheim Capital LLC now owns 14,887 shares of the business services provider’s stock worth $480,000 after buying an additional 828 shares during the period. Finally, Westpac Banking Corp increased its holdings in Avis Budget Group by 4.5% in the fourth quarter. Westpac Banking Corp now owns 25,335 shares of the business services provider’s stock valued at $817,000 after buying an additional 1,100 shares in the last quarter. Institutional investors and hedge funds own 99.87% of the company’s stock.

A number of equities research analysts recently weighed in on the stock. Morgan Stanley reissued a “sell” rating on shares of Avis Budget Group in a research report on Wednesday. BidaskClub lowered Avis Budget Group from a “sell” rating to a “strong sell” rating in a report on Friday, March 20th. ValuEngine raised Avis Budget Group from a “strong sell” rating to a “sell” rating in a report on Tuesday. Deutsche Bank upped their target price on Avis Budget Group from $31.00 to $44.00 and gave the company a “hold” rating in a research report on Monday, February 24th. Finally, TheStreet downgraded Avis Budget Group from a “b-” rating to a “c” rating in a research note on Friday, March 13th. Three investment analysts have rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the company. Avis Budget Group presently has an average rating of “Hold” and a consensus price target of $32.25.

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.

Further Reading: Buy Rating

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