A number of other brokerages have also commented on CAR. Desjardins restated a hold rating on shares of Avis Budget Group in a research note on Friday, August 11th. BidaskClub upgraded Avis Budget Group from a buy rating to a strong-buy rating in a research note on Monday, August 14th. National Bank Financial reiterated an outperform market weight rating on shares of Avis Budget Group in a research note on Friday, August 11th. J P Morgan Chase & Co initiated coverage on Avis Budget Group in a report on Friday, August 4th. They set an overweight rating and a $39.00 target price on the stock. Finally, Zacks Investment Research cut Avis Budget Group from a hold rating to a sell rating in a report on Wednesday, August 2nd. One research analyst has rated the stock with a sell rating, six have given a hold rating and seven have assigned a buy rating to the stock. Avis Budget Group presently has a consensus rating of Hold and a consensus target price of $37.70.
Shares of Avis Budget Group (CAR) traded down $1.09 during midday trading on Friday, hitting $34.77. The company had a trading volume of 1,102,100 shares, compared to its average volume of 2,841,231. The company has a market cap of $2,740.00, a PE ratio of 13.74 and a beta of 2.57. Avis Budget Group has a 1-year low of $20.71 and a 1-year high of $42.40. The company has a current ratio of 1.28, a quick ratio of 1.28 and a debt-to-equity ratio of 35.24.
Avis Budget Group (NASDAQ:CAR) last announced its earnings results on Monday, November 6th. The business services provider reported $3.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.99 by $0.11. The firm had revenue of $2.75 billion during the quarter, compared to analysts’ expectations of $2.78 billion. Avis Budget Group had a return on equity of 95.28% and a net margin of 1.26%. The company’s revenue was up 3.6% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.47 earnings per share. analysts predict that Avis Budget Group will post 2.6 EPS for the current fiscal year.
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In related news, Director John D. Jr. Hardy sold 831 shares of Avis Budget Group stock in a transaction that occurred on Friday, November 10th. The stock was sold at an average price of $35.36, for a total value of $29,384.16. Following the sale, the director now owns 831 shares of the company’s stock, valued at approximately $29,384.16. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Stender E. Sweeney sold 1,500 shares of Avis Budget Group stock in a transaction that occurred on Wednesday, September 6th. The shares were sold at an average price of $35.02, for a total value of $52,530.00. Following the completion of the sale, the director now directly owns 1,359 shares in the company, valued at approximately $47,592.18. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 460,631 shares of company stock worth $18,182,832. 2.80% of the stock is currently owned by insiders.
Hedge funds and other institutional investors have recently modified their holdings of the company. BlackRock Inc. boosted its stake in Avis Budget Group by 18.0% in the 2nd quarter. BlackRock Inc. now owns 8,895,289 shares of the business services provider’s stock valued at $242,574,000 after purchasing an additional 1,355,238 shares during the period. Diamond Hill Capital Management Inc. boosted its stake in Avis Budget Group by 7.0% in the 2nd quarter. Diamond Hill Capital Management Inc. now owns 6,131,332 shares of the business services provider’s stock valued at $167,201,000 after purchasing an additional 401,401 shares during the period. Bank of New York Mellon Corp boosted its stake in Avis Budget Group by 1.9% in the 3rd quarter. Bank of New York Mellon Corp now owns 4,534,212 shares of the business services provider’s stock valued at $172,573,000 after purchasing an additional 83,974 shares during the period. Neuberger Berman Group LLC boosted its stake in Avis Budget Group by 18.6% in the 2nd quarter. Neuberger Berman Group LLC now owns 3,482,454 shares of the business services provider’s stock valued at $94,967,000 after purchasing an additional 547,233 shares during the period. Finally, State Street Corp boosted its stake in Avis Budget Group by 21.6% in the 2nd quarter. State Street Corp now owns 2,951,521 shares of the business services provider’s stock valued at $80,487,000 after purchasing an additional 524,807 shares during the period.
Avis Budget Group Company Profile
Avis Budget Group Inc is a provider of vehicle rental and car sharing services. The Company operates three brands, which include Avis, Budget and Zipcar. Avis and Budget are a rental car supplier. It also owns Payless, which a car rental brand; Apex, which is a car rental brand in New Zealand and Australia; Maggiore, a vehicle rental brand in Italy, and France Cars, which operates light commercial vehicle fleets in France.
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