Avon Products, Inc. (NYSE:AVP) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a report issued 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 several other research reports. Jefferies Group LLC started coverage on shares of Avon Products in a report on Wednesday, September 13th. They set an “underperform” rating and a $2.20 price target for the company. Stifel Nicolaus reiterated a “hold” rating on shares of Avon Products in a report on Thursday, August 3rd. ValuEngine cut shares of Avon Products from a “hold” rating to a “sell” rating in a report on Friday, August 4th. Deutsche Bank AG reiterated a “hold” rating and set a $3.00 price target (down previously from $5.00) on shares of Avon Products in a report on Friday, August 4th. Finally, Royal Bank Of Canada lowered their price target on shares of Avon Products from $4.00 to $3.00 and set a “sector perform” rating for the company in a 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. Avon Products currently has a consensus rating of “Hold” and an average target price of $3.49.
Avon Products (NYSE:AVP) last posted its quarterly earnings results on Thursday, August 3rd. The company reported ($0.03) EPS for the quarter, missing the consensus estimate 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 analyst estimates of $1.44 billion. During the same quarter last year, the firm earned $0.07 EPS. The company’s revenue was down 2.7% on a year-over-year basis. On average, equities analysts predict that Avon Products will post $0.14 earnings per share for the current fiscal year.
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Institutional investors have recently modified their holdings of the company. Vanguard Group Inc. boosted its holdings in shares of Avon Products by 3.9% in the 1st quarter. Vanguard Group Inc. now owns 40,109,692 shares of the company’s stock valued at $176,482,000 after buying an additional 1,495,063 shares in the last quarter. Retirement Systems of Alabama boosted its holdings in shares of Avon Products by 0.5% in the 2nd quarter. Retirement Systems of Alabama now owns 567,032 shares of the company’s stock valued at $2,155,000 after buying an additional 2,854 shares in the last quarter. Dynamic Capital Management Ltd boosted its holdings in shares of Avon Products by 565.6% in the 1st quarter. Dynamic Capital Management Ltd now owns 185,384 shares of the company’s stock valued at $816,000 after buying an additional 157,531 shares in the last quarter. Dynamic Technology Lab Private Ltd acquired a new position in shares of Avon Products in the 1st quarter valued at $140,000. Finally, Engineers Gate Manager LP acquired a new position in shares of Avon Products in the 2nd quarter valued at $1,636,000. Institutional investors and hedge funds 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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