Goldman Sachs Group Inc. grew its stake in Avon Products, Inc. (NYSE:AVP) by 49.8% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 5,878,183 shares of the company’s stock after purchasing an additional 1,953,010 shares during the quarter. Goldman Sachs Group Inc. owned about 1.34% of Avon Products worth $22,338,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently modified their holdings of the business. Ontario Teachers Pension Plan Board raised its holdings in Avon Products by 10.5% in the 2nd quarter. Ontario Teachers Pension Plan Board now owns 1,392,298 shares of the company’s stock worth $5,291,000 after purchasing an additional 132,387 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in Avon Products by 7.0% in the 2nd quarter. Dimensional Fund Advisors LP now owns 7,705,471 shares of the company’s stock worth $29,280,000 after purchasing an additional 501,656 shares in the last quarter. Virtu KCG Holdings LLC raised its holdings in Avon Products by 56.9% in the 2nd quarter. Virtu KCG Holdings LLC now owns 409,800 shares of the company’s stock worth $1,557,000 after purchasing an additional 148,653 shares in the last quarter. Renaissance Technologies LLC raised its holdings in Avon Products by 15.7% in the 2nd quarter. Renaissance Technologies LLC now owns 6,632,000 shares of the company’s stock worth $25,202,000 after purchasing an additional 899,200 shares in the last quarter. Finally, Quantbot Technologies LP raised its holdings in Avon Products by 73.7% in the 2nd quarter. Quantbot Technologies LP now owns 138,915 shares of the company’s stock worth $527,000 after purchasing an additional 58,930 shares in the last quarter. Institutional investors and hedge funds own 84.24% of the company’s stock.
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Avon Products (NYSE:AVP) last announced its earnings results on Thursday, August 3rd. The company reported ($0.03) EPS for the quarter, missing the Zacks’ consensus estimate of $0.07 by ($0.10). The firm had revenue of $1.40 billion during the quarter, compared to the consensus estimate of $1.44 billion. Avon Products had a negative return on equity of 3.68% and a negative net margin of 0.99%. The business’s revenue for the quarter was down 2.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.07 earnings per share.
Several brokerages recently issued reports on AVP. Zacks Investment Research upgraded shares of Avon Products from a “strong sell” rating to a “hold” rating in a research note on Tuesday. Jefferies Group LLC began coverage on shares of Avon Products in a research note on Wednesday, September 13th. They issued an “underperform” rating and a $2.20 price target for the company. Stifel Nicolaus reiterated a “hold” rating and issued a $4.00 price target (down from $4.50) on shares of Avon Products in a research note on Wednesday, August 9th. ValuEngine lowered shares of Avon Products from a “hold” rating to a “sell” rating in a research note on Friday, August 4th. Finally, UBS AG decreased their price target on shares of Avon Products from $3.50 to $2.75 and set a “sell” rating for the company in a research note on Friday, August 4th. Three analysts have rated the stock with a sell rating and six have assigned a hold rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $3.49.
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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