State Board of Administration of Florida Retirement System Reduces Position in Avon Products Inc. (AVP)
State Board of Administration of Florida Retirement System cut its position in shares of Avon Products Inc. (NYSE:AVP) by 42.5% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 334,872 shares of the company’s stock after selling 247,846 shares during the period. State Board of Administration of Florida Retirement System owned approximately 0.08% of Avon Products worth $1,266,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently made changes to their positions in AVP. State Street Corp raised its position in shares of Avon Products by 1.4% in the first quarter. State Street Corp now owns 11,785,754 shares of the company’s stock worth $56,692,000 after buying an additional 161,159 shares in the last quarter. Norges Bank bought a new stake in Avon Products during the fourth quarter valued at approximately $15,980,000. California Public Employees Retirement System raised its stake in Avon Products by 37.8% in the second quarter. California Public Employees Retirement System now owns 3,355,928 shares of the company’s stock valued at $12,685,000 after buying an additional 920,500 shares during the period. Bogle Investment Management L P DE raised its stake in Avon Products by 22.9% in the first quarter. Bogle Investment Management L P DE now owns 3,303,470 shares of the company’s stock valued at $15,889,000 after buying an additional 615,378 shares during the period. Finally, Geode Capital Management LLC raised its stake in Avon Products by 5.1% in the first quarter. Geode Capital Management LLC now owns 2,694,487 shares of the company’s stock valued at $12,960,000 after buying an additional 131,047 shares during the period. 88.57% of the stock is currently owned by institutional investors and hedge funds.
Avon Products Inc. (NYSE:AVP) traded down 1.62% during trading on Tuesday, hitting $5.45. The stock had a trading volume of 5,852,525 shares. The firm’s market cap is $2.38 billion. The stock’s 50 day moving average price is $5.43 and its 200 day moving average price is $4.55. Avon Products Inc. has a 12-month low of $2.21 and a 12-month high of $5.97.
Avon Products (NYSE:AVP) last posted its earnings results on Tuesday, August 2nd. The company reported $0.07 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.03 by $0.04. Avon Products had a negative return on equity of 3.13% and a negative net margin of 19.45%. The business earned $1.43 billion during the quarter, compared to the consensus estimate of $1.43 billion. During the same period in the previous year, the business earned $0.11 EPS. The business’s quarterly revenue was down 8.3% on a year-over-year basis. On average, analysts anticipate that Avon Products Inc. will post $0.14 EPS for the current fiscal year.
Several analysts recently commented on AVP shares. Jefferies Group started coverage on Avon Products in a report on Friday, June 3rd. They set a “buy” rating and a $7.00 target price on the stock. Deutsche Bank AG raised their target price on Avon Products from $7.00 to $8.00 and gave the stock a “buy” rating in a report on Wednesday, August 3rd. Zacks Investment Research raised Avon Products from a “strong sell” rating to a “hold” rating in a report on Wednesday, August 3rd. B. Riley reaffirmed a “neutral” rating and set a $5.25 target price on shares of Avon Products in a report on Tuesday, August 9th. Finally, Piper Jaffray Cos. reaffirmed a “neutral” rating and set a $4.00 target price on shares of Avon Products in a report on Thursday, July 14th. Four research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Avon Products currently has a consensus rating of “Buy” and an average price target of $7.54.
In other news, insider John Higson bought 10,000 shares of Avon Products stock in a transaction dated Thursday, August 11th. The stock was acquired at an average cost of $5.20 per share, with a total value of $52,000.00. Following the acquisition, the insider now owns 64,341 shares of the company’s stock, valued at $334,573.20. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink. 0.80% of the stock is owned by insiders.
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.
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