Avis Budget Group (NASDAQ:CAR) Issues Quarterly Earnings Results

Avis Budget Group (NASDAQ:CARGet Free Report) posted its earnings results on Monday. The business services provider reported $4.15 earnings per share for the quarter, missing analysts’ consensus estimates of $4.38 by ($0.23), Yahoo Finance reports. Avis Budget Group had a negative return on equity of 559.82% and a net margin of 14.95%. The firm had revenue of $2.76 billion for the quarter, compared to analysts’ expectations of $2.81 billion. During the same quarter last year, the company posted $10.46 EPS. The firm’s revenue was down .3% on a year-over-year basis.

Avis Budget Group Trading Down 0.3 %

Avis Budget Group stock traded down $0.52 during midday trading on Monday, hitting $168.36. The stock had a trading volume of 1,346,878 shares, compared to its average volume of 514,594. Avis Budget Group has a 52-week low of $153.07 and a 52-week high of $251.26. The company has a market capitalization of $6.10 billion, a PE ratio of 3.72 and a beta of 2.36. The firm’s fifty day moving average is $175.04 and its two-hundred day moving average is $188.54.

Avis Budget Group Announces Dividend

The business also recently declared a special dividend, which was paid on Thursday, December 21st. Shareholders of record on Friday, December 15th were given a $10.00 dividend. The ex-dividend date of this dividend was Thursday, December 14th.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on CAR shares. The Goldman Sachs Group started coverage on shares of Avis Budget Group in a report on Thursday, December 7th. They issued a “sell” rating and a $164.00 target price for the company. Deutsche Bank Aktiengesellschaft upgraded shares of Avis Budget Group from a “hold” rating to a “buy” rating and upped their target price for the company from $234.00 to $248.00 in a research note on Thursday, January 25th. Finally, StockNews.com cut shares of Avis Budget Group from a “hold” rating to a “sell” rating in a research note on Saturday, February 3rd. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating and three have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $222.40.

Get Our Latest Report on Avis Budget Group

Insider Transactions at Avis Budget Group

In other news, EVP Izilda P. Martins sold 3,950 shares of the stock in a transaction on Friday, December 15th. The shares were sold at an average price of $195.86, for a total value of $773,647.00. Following the completion of the sale, the executive vice president now directly owns 21,145 shares of the company’s stock, valued at $4,141,459.70. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, EVP Izilda P. Martins sold 3,950 shares of the company’s stock in a transaction that occurred on Friday, December 15th. The stock was sold at an average price of $195.86, for a total transaction of $773,647.00. Following the sale, the executive vice president now directly owns 21,145 shares of the company’s stock, valued at approximately $4,141,459.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Joseph A. Ferraro sold 18,460 shares of the firm’s stock in a transaction that occurred on Friday, December 15th. The shares were sold at an average price of $195.41, for a total value of $3,607,268.60. Following the completion of the sale, the chief executive officer now directly owns 217,405 shares of the company’s stock, valued at $42,483,111.05. The disclosure for this sale can be found here. Corporate insiders own 48.80% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in CAR. Strategic Investment Solutions Inc. IL acquired a new stake in shares of Avis Budget Group during the first quarter worth $70,000. Fortis Capital Advisors LLC acquired a new stake in shares of Avis Budget Group during the 4th quarter worth approximately $79,000. State of Wyoming acquired a new stake in shares of Avis Budget Group during the 4th quarter worth approximately $80,000. Lazard Asset Management LLC increased its position in shares of Avis Budget Group by 8.8% in the fourth quarter. Lazard Asset Management LLC now owns 532 shares of the business services provider’s stock valued at $87,000 after buying an additional 43 shares in the last quarter. Finally, Captrust Financial Advisors increased its position in shares of Avis Budget Group by 64.5% in the second quarter. Captrust Financial Advisors now owns 936 shares of the business services provider’s stock valued at $138,000 after buying an additional 367 shares in the last quarter. Hedge funds and other institutional investors own 98.26% of the company’s stock.

Avis Budget Group Company Profile

(Get Free Report)

Avis Budget Group, Inc, together with its subsidiaries, provides car and truck rentals, car sharing, and ancillary products and services to businesses and consumers in the Americas, Europe, the Middle East and Africa, Asia, and Australasia. It operates the Avis brand, that offers vehicle rental and other mobility solutions to the premium commercial and leisure segments of the travel industry; the Budget Truck brand, a local, and one-way truck and cargo van rental businesses with a fleet of approximately 19,000 vehicles, which are rented through a network of approximately 415 dealer-operated and 390 company-operated locations that serve the light commercial and consumer sectors in the continental United States; and the Zipcar brand, a car sharing network.

Further Reading

Earnings History for Avis Budget Group (NASDAQ:CAR)

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