Avis Budget Group, Inc. (CAR) Raised to “B-” at TheStreet
CAR has been the topic of a number of other reports. Zacks Investment Research lowered shares of Avis Budget Group from a hold rating to a sell rating in a report on Wednesday, August 2nd. J P Morgan Chase & Co began coverage on shares of Avis Budget Group in a report on Friday, August 4th. They set an overweight rating and a $39.00 target price on the stock. ValuEngine lowered shares of Avis Budget Group from a buy rating to a hold rating in a report on Monday, August 7th. BidaskClub lowered shares of Avis Budget Group from a strong-buy rating to a buy rating in a report on Wednesday, August 23rd. Finally, Goldman Sachs Group, Inc. (The) reiterated a hold rating and set a $37.00 target price on shares of Avis Budget Group in a report on Thursday, September 7th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and seven have assigned a buy rating to the company. Avis Budget Group currently has a consensus rating of Hold and a consensus price target of $37.70.
Shares of Avis Budget Group (CAR) traded down $0.14 during mid-day trading on Friday, hitting $33.32. 1,938,500 shares of the stock traded hands, compared to its average volume of 2,862,655. The company has a debt-to-equity ratio of 35.24, a quick ratio of 1.28 and a current ratio of 1.28. Avis Budget Group has a 52-week low of $20.71 and a 52-week high of $42.40. The firm has a market cap of $2,724.36, a price-to-earnings ratio of 12.82 and a beta of 2.57.
Avis Budget Group (NASDAQ:CAR) last issued its quarterly earnings data on Monday, November 6th. The business services provider reported $3.10 EPS for the quarter, topping the consensus estimate of $2.99 by $0.11. Avis Budget Group had a net margin of 1.26% and a return on equity of 95.28%. The firm had revenue of $2.75 billion for the quarter, compared to analyst estimates of $2.78 billion. During the same period in the prior year, the business posted $2.47 EPS. The business’s revenue for the quarter was up 3.6% compared to the same quarter last year. analysts forecast that Avis Budget Group will post 2.6 EPS for the current fiscal year.
The company also recently disclosed a monthly dividend, which was paid on Monday, October 16th. Shareholders of record on Friday, September 29th were given a $0.107 dividend. This represents a $1.28 dividend on an annualized basis and a dividend yield of 3.85%. The ex-dividend date was Thursday, September 28th.
In related news, Director John D. Jr. Hardy sold 831 shares of the stock in a transaction on Friday, November 10th. The shares were sold at an average price of $35.36, for a total value of $29,384.16. Following the transaction, the director now directly owns 831 shares of the company’s stock, valued at approximately $29,384.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Shon Larry D. De sold 25,000 shares of the stock in a transaction on Monday, October 30th. The shares were sold at an average price of $42.00, for a total transaction of $1,050,000.00. Following the completion of the transaction, the chief executive officer now directly owns 222,365 shares in the company, valued at $9,339,330. The disclosure for this sale can be found here. Over the last three months, insiders sold 460,631 shares of company stock worth $18,182,832. Insiders own 2.80% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Louisiana State Employees Retirement System grew its position in shares of Avis Budget Group by 1.4% in the 2nd quarter. Louisiana State Employees Retirement System now owns 22,000 shares of the business services provider’s stock valued at $600,000 after buying an additional 300 shares during the last quarter. Pacer Advisors Inc. grew its position in shares of Avis Budget Group by 4.0% in the 2nd quarter. Pacer Advisors Inc. now owns 9,261 shares of the business services provider’s stock valued at $253,000 after buying an additional 356 shares during the last quarter. Wittenberg Investment Management Inc. grew its position in shares of Avis Budget Group by 0.7% in the 2nd quarter. Wittenberg Investment Management Inc. now owns 69,309 shares of the business services provider’s stock valued at $1,890,000 after buying an additional 500 shares during the last quarter. Thrivent Financial For Lutherans grew its position in shares of Avis Budget Group by 3.6% in the 2nd quarter. Thrivent Financial For Lutherans now owns 16,820 shares of the business services provider’s stock valued at $459,000 after buying an additional 580 shares during the last quarter. Finally, LS Investment Advisors LLC grew its position in shares of Avis Budget Group by 13.0% in the 2nd quarter. LS Investment Advisors LLC now owns 8,881 shares of the business services provider’s stock valued at $242,000 after buying an additional 1,024 shares during the last quarter.
About Avis Budget Group
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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