Zacks Investment Research Upgrades Avon Products (AVP) to Hold
Zacks Investment Research upgraded shares of Avon Products (NYSE:AVP) from a strong sell rating to a hold rating in a research note released on Monday morning.
According to Zacks, “Avon has outperformed the industry in past month driven by the company’s focus on transformation plan, which is on track to deliver cost savings goals of $230 million for 2017. Further, the company expects to drive growth through innovations, solid team execution, improving Representative experience. However, the company’s dismal earnings surprise history with fifth straight earnings miss recorded in third-quarter 2017 remains a concern. Further, operating margin remained under pressure due to higher bad debt expenses, alongside increased Representative, sales leader and field expenses, all mainly in Brazil. Nevertheless, top line trend reversed in the quarter after four consecutive misses. Though Avon is witnessing improving trends in various markets, it expects modest growth in fourth-quarter while results are likely to lag expectations in 2017. Estimates have been stable ahead of the fourth quarter earnings.”
AVP has been the subject of several other research reports. ValuEngine raised Avon Products from a sell rating to a hold rating in a research note on Friday, December 1st. DA Davidson reaffirmed a buy rating and set a $2.00 price target on shares of Avon Products in a research note on Monday, November 20th. Royal Bank of Canada reaffirmed a hold rating and set a $3.00 price target on shares of Avon Products in a research note on Friday, October 13th. Jefferies Group began coverage on Avon Products in a research note on Wednesday, September 13th. They set an underperform rating and a $2.20 price target for the company. Finally, Stifel Nicolaus reaffirmed a hold rating and set a $3.00 price target on shares of Avon Products in a research note on Friday, November 3rd. Three equities research analysts have rated the stock with a sell rating, six have given a hold rating and one has given a buy rating to the company. The company has a consensus rating of Hold and an average price target of $2.86.
Shares of Avon Products (NYSE:AVP) traded down $0.01 during mid-day trading on Monday, reaching $2.20. The company’s stock had a trading volume of 2,557,100 shares, compared to its average volume of 2,668,400. The company has a debt-to-equity ratio of -2.31, a quick ratio of 0.97 and a current ratio of 1.42. Avon Products has a 52-week low of $1.85 and a 52-week high of $6.03. The company has a market capitalization of $943.80, a price-to-earnings ratio of -9.57, a P/E/G ratio of 2.40 and a beta of 1.81.
Avon Products (NYSE:AVP) last issued its quarterly earnings results on Thursday, November 2nd. The company reported $0.03 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.07 by ($0.04). The business had revenue of $1.42 billion during the quarter, compared to analysts’ expectations of $1.41 billion. During the same period in the prior year, the business posted $0.02 earnings per share. The firm’s revenue was up .7% on a year-over-year basis. equities analysts expect that Avon Products will post -0.03 earnings per share for the current fiscal year.
Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. FMR LLC increased its holdings in shares of Avon Products by 219.8% in the second quarter. FMR LLC now owns 29,804,223 shares of the company’s stock worth $113,256,000 after buying an additional 20,485,474 shares during the period. Yacktman Asset Management LP increased its holdings in shares of Avon Products by 0.3% in the third quarter. Yacktman Asset Management LP now owns 19,132,384 shares of the company’s stock worth $44,578,000 after buying an additional 51,355 shares during the period. Investec Asset Management LTD increased its holdings in shares of Avon Products by 11.3% in the third quarter. Investec Asset Management LTD now owns 8,010,850 shares of the company’s stock worth $18,665,000 after buying an additional 811,514 shares during the period. Dimensional Fund Advisors LP increased its holdings in shares of Avon Products by 2.5% in the third quarter. Dimensional Fund Advisors LP now owns 7,899,310 shares of the company’s stock worth $18,406,000 after buying an additional 193,839 shares during the period. Finally, Renaissance Technologies LLC increased its holdings in shares of Avon Products by 15.7% in the second quarter. Renaissance Technologies LLC now owns 6,632,000 shares of the company’s stock worth $25,202,000 after buying an additional 899,200 shares during the period. Hedge funds and other institutional investors own 82.38% of the company’s stock.
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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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