Avon Products Inc. (AVP) Upgraded by Zacks Investment Research to Buy
Zacks Investment Research upgraded shares of Avon Products Inc. (NYSE:AVP) from a hold rating to a buy rating in a report released on Friday morning. Zacks Investment Research currently has $6.75 target price on the stock.
According to Zacks, “Avon’s efforts towards improving pricing, lowering costs, building brand strength and boosting Active Representatives are finally starting to pay-off. The company, which had been battling waning top and bottom lines due to currency headwinds and a highly leveraged balance sheet, made a comeback in second-quarter 2016 with better-than-expected top- and bottom-line results. This marked the company’s first earnings beat in the last four quarters. Results were backed by better performances in 9 of the company’s top 10 markets. Alongside, Avon remains on track with its transformation plan, which seeks to lower costs and attain its long-term revenue and margin targets. However, currency woes continue to be a hurdle as it is expected to hurt results in 2016. Nonetheless, estimates have been stable lately ahead of the company’s third-quarter earnings release.”
Several other analysts have also recently issued reports on AVP. B. Riley reaffirmed a neutral rating and issued a $5.25 price target on shares of Avon Products in a report on Tuesday, August 9th. Deutsche Bank AG upped their price target on shares of Avon Products from $7.00 to $8.00 and gave the company a buy rating in a report on Wednesday, August 3rd. Finally, Piper Jaffray Cos. reaffirmed a neutral rating and issued a $4.00 price target on shares of Avon Products in a report on Thursday, July 14th. Three investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. The stock currently has an average rating of Buy and an average target price of $7.76.
Shares of Avon Products (NYSE:AVP) traded down 1.513% during mid-day trading on Friday, hitting $6.185. 1,458,630 shares of the company traded hands. The firm has a 50-day moving average price of $5.72 and a 200 day moving average price of $4.74. The firm’s market cap is $2.70 billion. Avon Products has a 52-week low of $2.21 and a 52-week high of $6.34.
Avon Products (NYSE:AVP) last posted its quarterly earnings results on Tuesday, August 2nd. The company reported $0.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.03 by $0.04. The company earned $1.43 billion during the quarter, compared to analyst estimates of $1.43 billion. The company’s revenue was down 8.3% on a year-over-year basis. During the same period in the prior year, the company earned $0.11 earnings per share. Equities research analysts anticipate that Avon Products will post $0.14 EPS for the current fiscal year.
In other news, insider John Higson acquired 10,000 shares of Avon Products stock in a transaction on Thursday, August 11th. The stock was bought at an average cost of $5.20 per share, with a total value of $52,000.00. Following the completion of the purchase, the insider now owns 64,341 shares of the company’s stock, valued at $334,573.20. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 0.80% of the company’s stock.
A number of hedge funds have recently bought and sold shares of AVP. US Bancorp DE raised its stake in Avon Products by 0.4% in the second quarter. US Bancorp DE now owns 180,602 shares of the company’s stock worth $683,000 after buying an additional 766 shares in the last quarter. World Asset Management Inc raised its stake in Avon Products by 2.5% in the second quarter. World Asset Management Inc now owns 34,710 shares of the company’s stock worth $131,000 after buying an additional 849 shares in the last quarter. State Treasurer State of Michigan raised its stake in Avon Products by 0.7% in the second quarter. State Treasurer State of Michigan now owns 175,055 shares of the company’s stock worth $662,000 after buying an additional 1,300 shares in the last quarter. Nuveen Asset Management LLC raised its stake in Avon Products by 0.6% in the second quarter. Nuveen Asset Management LLC now owns 246,600 shares of the company’s stock worth $932,000 after buying an additional 1,412 shares in the last quarter. Finally, Franklin Resources Inc. raised its stake in Avon Products by 0.6% in the second quarter. Franklin Resources Inc. now owns 257,166 shares of the company’s stock worth $972,000 after buying an additional 1,500 shares in the last quarter. 88.18% of the stock is owned by institutional investors.
Avon Products Company Profile
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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