Zacks Investment Research upgraded shares of Avon Products Inc. (NYSE:AVP) from a hold rating to a buy rating in a research report sent to investors on Friday. Zacks Investment Research currently has $6.75 price target 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 equities research analysts have also recently issued reports on the stock. Piper Jaffray Cos. reissued a neutral rating and issued a $4.00 price objective on shares of Avon Products in a research report on Thursday, July 14th. Deutsche Bank AG boosted 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, B. Riley boosted their price target on shares of Avon Products from $4.50 to $5.25 and gave the company a neutral rating in a report on Wednesday, August 3rd. Three equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Avon Products has an average rating of Buy and a consensus price target of $7.76.
Shares of Avon Products (NYSE:AVP) opened at 6.62 on Friday. The stock’s market cap is $2.89 billion. Avon Products has a one year low of $2.21 and a one year high of $6.84. The company has a 50-day moving average of $5.76 and a 200 day moving average of $4.77.
Avon Products (NYSE:AVP) last released its quarterly earnings data 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 analysts’ expectations of $1.43 billion. Avon Products’s quarterly revenue was down 8.3% on a year-over-year basis. During the same period last year, the firm earned $0.11 earnings per share. On average, analysts predict that Avon Products will post $0.14 earnings per share for the current year.
In other news, insider John Higson bought 10,000 shares of the business’s stock in a transaction that occurred on Thursday, August 11th. The stock was purchased at an average price of $5.20 per share, with a total value of $52,000.00. Following the purchase, the insider now owns 64,341 shares of the company’s stock, valued at approximately $334,573.20. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.80% of the stock is currently owned by corporate insiders.
Hedge funds and other institutional investors have 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 valued at $100,000 after buying an additional 11,129 shares during the last quarter. 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 valued at $100,000 after buying an additional 5,000 shares during the last quarter. Kessler Investment Group LLC purchased a new position in shares of Avon Products during the third quarter valued at $103,000. Rational Advisors LLC purchased a new position in shares of Avon Products during the second quarter valued at $104,000. Finally, 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 valued at $116,000 after buying an additional 2,716 shares during the last quarter. 88.18% of the stock is owned by hedge funds and other institutional investors.
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Avon Products Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Avon Products Inc. and related companies with MarketBeat.com's FREE daily email newsletter.