Avon Products, Inc. (NYSE:AVP)’s share price traded down NaN during mid-day trading on Thursday following a dissappointing earnings announcement. The stock traded as low as $2.11 and last traded at $0.00. 6,482,106 shares changed hands during mid-day trading, an increase of Infinity from the average session volume of 0 shares. The company reported $0.03 EPS for the quarter, missing the Zacks’ consensus estimate of $0.07 by ($0.04). Avon Products had a negative net margin of 0.99% and a negative return on equity of 3.68%. The company had revenue of $1.42 billion for the quarter, compared to analyst estimates of $1.41 billion. During the same period in the prior year, the company earned $0.02 EPS. The company’s revenue was up .7% compared to the same quarter last year.
A number of research analysts have recently commented on the stock. Zacks Investment Research raised shares of Avon Products from a “hold” rating to a “buy” rating and set a $2.50 price objective for the company in a research note on Monday, October 23rd. Royal Bank Of Canada reaffirmed a “hold” rating and set a $3.00 price objective on shares of Avon Products in a research note on Friday, October 13th. 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 objective for the company. Stifel Nicolaus reaffirmed a “hold” rating and set a $4.00 price objective (down previously from $4.50) on shares of Avon Products in a research note on Wednesday, August 9th. Finally, ValuEngine downgraded shares of Avon Products from a “hold” rating to a “sell” rating in a research note on Friday, August 4th. Three analysts have rated the stock with a sell rating, five have issued a hold rating and one has issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $3.37.
Large investors have recently modified their holdings of the company. Vanguard Group Inc. grew its holdings 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 purchasing an additional 1,495,063 shares during the period. Retirement Systems of Alabama grew its holdings in shares of Avon Products by 0.5% during the 2nd quarter. Retirement Systems of Alabama now owns 567,032 shares of the company’s stock worth $2,155,000 after purchasing an additional 2,854 shares during the period. Cubist Systematic Strategies LLC purchased a new stake in shares of Avon Products during the 2nd quarter worth about $307,000. Engineers Gate Manager LP purchased a new stake in shares of Avon Products during the 2nd quarter worth about $1,636,000. Finally, State Street Corp grew its holdings in shares of Avon Products by 1.7% during the 1st quarter. State Street Corp now owns 14,342,565 shares of the company’s stock worth $63,106,000 after purchasing an additional 234,308 shares during the period. Institutional investors and hedge funds own 84.88% of the company’s stock.
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Avon Products Company Profile
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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