Shah Capital Management Boosts Position in Avon Products Inc. (AVP)
Shah Capital Management increased its position in shares of Avon Products Inc. (NYSE:AVP) by 13.0% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 3,098,410 shares of the company’s stock after buying an additional 356,267 shares during the period. Avon Products comprises 9.8% of Shah Capital Management’s holdings, making the stock its 4th largest position. Shah Capital Management’s holdings in Avon Products were worth $17,537,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. LS Investment Advisors LLC increased its position in shares of Avon Products by 72.7% in the second quarter. LS Investment Advisors LLC now owns 26,439 shares of the company’s stock worth $100,000 after buying an additional 11,129 shares during the period. Searle & CO. increased its position in shares of Avon Products by 38.5% in the third quarter. Searle & CO. now owns 18,000 shares of the company’s stock worth $100,000 after buying an additional 5,000 shares during the period. Rational Advisors LLC bought a new position in shares of Avon Products during the second quarter worth about $104,000. PNC Financial Services Group Inc. increased its position in shares of Avon Products by 9.7% in the second quarter. PNC Financial Services Group Inc. now owns 30,646 shares of the company’s stock worth $116,000 after buying an additional 2,716 shares during the period. Finally, Parametrica Management Ltd bought a new position in shares of Avon Products during the second quarter worth about $129,000. Institutional investors own 88.26% of the company’s stock.
Shares of Avon Products Inc. (NYSE:AVP) opened at 6.00 on Thursday. The company’s 50-day moving average price is $5.70 and its 200 day moving average price is $4.72. The stock’s market cap is $2.62 billion. Avon Products Inc. has a 12-month low of $2.21 and a 12-month high of $6.30.
Avon Products (NYSE:AVP) last announced its quarterly earnings results on Tuesday, August 2nd. The company reported $0.07 earnings per share for the quarter, beating the consensus estimate of $0.03 by $0.04. The company had revenue of $1.43 billion for the quarter, compared to analysts’ expectations of $1.43 billion. The firm’s revenue was down 8.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.11 earnings per share. On average, equities analysts predict that Avon Products Inc. will post $0.14 earnings per share for the current year.
A number of brokerages recently issued reports on AVP. B. Riley reiterated a “neutral” rating and set a $5.25 price objective on shares of Avon Products in a research note on Tuesday, August 9th. Deutsche Bank AG boosted their price objective on Avon Products from $7.00 to $8.00 and gave the company a “buy” rating in a research note on Wednesday, August 3rd. Zacks Investment Research upgraded Avon Products from a “strong sell” rating to a “hold” rating in a research note on Wednesday, August 3rd. Finally, Piper Jaffray Cos. reiterated a “neutral” rating and set a $4.00 price objective on shares of Avon Products in a research note on Thursday, July 14th. Four equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. The stock currently has an average rating of “Buy” and an average target price of $7.54.
In other Avon Products news, insider John Higson acquired 10,000 shares of the business’s stock in a transaction dated Thursday, August 11th. The stock was acquired at an average cost of $5.20 per share, for a total transaction of $52,000.00. Following the completion of the transaction, the insider now directly owns 64,341 shares of the company’s stock, valued at $334,573.20. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Corporate insiders own 0.80% of the company’s stock.
About Avon Products
Avon Products, Inc is a manufacturer and marketer of beauty and related products. The Company’s product categories are Beauty, and Fashion and Home. Beauty consists of skincare (which includes personal care), fragrance and color (cosmetics). Fashion and Home consists of fashion jewelry, watches, apparel, footwear, accessories, gift and decorative products, housewares, entertainment and leisure products, children’s products and nutritional products.
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