Zacks Investment Research upgraded shares of Avon Products, Inc. (NYSE:AVP) from a strong sell rating to a hold rating in a research report sent to investors on Tuesday.
According to Zacks, “Avon has underperformed the industry in the last three months largely due to its dismal surprise history. Notably, the company has lagged top-line and bottom-line estimates for four straight quarters now. Results for the most recent quarter were mainly impacted by strong comparisons with the prior-year quarter. Based on the dismal performance, the company now expects constant-dollar revenue growth for 2017 to be at the low-end of its previous guidance range of low-single digits growth. However, the company’s progress on Transformation Plan, which is on track to deliver cost savings goals of $230 million for 2017, is impressive. With significant progress on enhancing cost structure and improving financial flexibility, the company is now keen on investing in growth by implementing strategies to aid in strengthening Avon while driving profitable growth. Estimates have been stable lately ahead of the third quarter earnings release.”
AVP has been the subject of a number of other reports. Jefferies Group LLC assumed coverage on shares of Avon Products in a research note on Wednesday, September 13th. They set an underperform rating and a $2.20 price target for the company. Stifel Nicolaus reissued a hold rating on shares of Avon Products in a research report on Thursday, August 3rd. ValuEngine cut shares of Avon Products from a hold rating to a sell rating in a research report on Friday, August 4th. Deutsche Bank AG reissued a hold rating and issued a $3.00 price objective (down from $5.00) on shares of Avon Products in a research report on Friday, August 4th. Finally, Royal Bank Of Canada lowered their price objective on shares of Avon Products from $4.00 to $3.00 and set a sector perform rating for the company in a research report on Friday, August 4th. Three analysts have rated the stock with a sell rating and six have given a hold rating to the stock. The company currently has a consensus rating of Hold and a consensus price target of $3.49.
Avon Products (NYSE:AVP) remained flat at $2.28 during mid-day trading on Tuesday. The stock had a trading volume of 1,550,628 shares. The company’s market cap is $1.00 billion. Avon Products has a 12 month low of $2.24 and a 12 month high of $6.96. The firm has a 50 day moving average price of $2.46 and a 200-day moving average price of $3.41.
Avon Products (NYSE:AVP) last released its quarterly earnings results on Thursday, August 3rd. The company reported ($0.03) EPS for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.10). Avon Products had a negative return on equity of 3.68% and a negative net margin of 0.99%. The firm had revenue of $1.40 billion for the quarter, compared to analysts’ expectations of $1.44 billion. During the same period in the prior year, the firm posted $0.07 earnings per share. Avon Products’s revenue for the quarter was down 2.7% on a year-over-year basis. On average, equities research analysts forecast that Avon Products will post $0.14 earnings per share for the current fiscal year.
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Hedge funds and other institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. raised its stake in shares of Avon Products by 3.9% during the 1st quarter. Vanguard Group Inc. now owns 40,109,692 shares of the company’s stock worth $176,482,000 after acquiring an additional 1,495,063 shares in the last quarter. Retirement Systems of Alabama increased its stake in Avon Products by 0.5% during the 2nd quarter. Retirement Systems of Alabama now owns 567,032 shares of the company’s stock valued at $2,155,000 after purchasing an additional 2,854 shares in the last quarter. Dynamic Capital Management Ltd increased its stake in Avon Products by 565.6% during the 1st quarter. Dynamic Capital Management Ltd now owns 185,384 shares of the company’s stock valued at $816,000 after purchasing an additional 157,531 shares in the last quarter. Dynamic Technology Lab Private Ltd acquired a new position in Avon Products during the 1st quarter valued at approximately $140,000. Finally, Engineers Gate Manager LP acquired a new position in Avon Products during the 2nd quarter valued at approximately $1,636,000. Hedge funds and other institutional investors own 84.24% of the company’s stock.
About Avon Products
Avon Products, Inc is a manufacturer and marketer of beauty and related products. The Company’s segments include Europe, Middle East & Africa; South Latin America; North Latin America, and Asia Pacific. Its product categories are Beauty, and Fashion and Home. Beauty consists of skincare (which includes personal care), fragrance and color (cosmetics).
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