Saba Capital Management L.P. lowered its stake in Avon Products, Inc. (NYSE:AVP) by 48.0% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,849,447 shares of the company’s stock after selling 1,710,116 shares during the period. Saba Capital Management L.P.’s holdings in Avon Products were worth $5,252,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Macquarie Group Ltd. raised its holdings in shares of Avon Products by 12.0% in the fourth quarter. Macquarie Group Ltd. now owns 298,500 shares of the company’s stock worth $642,000 after buying an additional 32,000 shares during the last quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. raised its holdings in shares of Avon Products by 169.0% in the fourth quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 51,362 shares of the company’s stock worth $114,000 after buying an additional 32,268 shares during the last quarter. CIBC Asset Management Inc increased its stake in shares of Avon Products by 256.7% in the first quarter. CIBC Asset Management Inc now owns 54,768 shares of the company’s stock worth $156,000 after acquiring an additional 39,412 shares during the period. Banque Pictet & Cie SA acquired a new stake in shares of Avon Products in the first quarter worth $114,000. Finally, Municipal Employees Retirement System of Michigan increased its stake in shares of Avon Products by 32.2% in the first quarter. Municipal Employees Retirement System of Michigan now owns 175,890 shares of the company’s stock worth $500,000 after acquiring an additional 42,830 shares during the period. 81.67% of the stock is owned by institutional investors and hedge funds.
A number of analysts have recently weighed in on AVP shares. ValuEngine upgraded shares of Avon Products from a “hold” rating to a “buy” rating in a research note on Thursday, March 1st. Citigroup cut their price objective on shares of Avon Products from $3.50 to $3.00 and set a “buy” rating on the stock in a research note on Friday, May 4th. Zacks Investment Research upgraded shares of Avon Products from a “sell” rating to a “hold” rating in a research note on Wednesday, March 7th. Deutsche Bank increased their price objective on shares of Avon Products from $2.00 to $3.00 and gave the stock a “hold” rating in a research note on Friday, February 16th. Finally, Royal Bank of Canada reiterated a “sector perform” rating and issued a $2.00 price objective on shares of Avon Products in a research note on Friday, February 16th. Four analysts have rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $2.53.
Avon Products (NYSE:AVP) last released its quarterly earnings results on Thursday, May 3rd. The company reported ($0.02) EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of ($0.02). The company had revenue of $1.31 billion for the quarter, compared to analyst estimates of $1.36 billion. Avon Products had a net margin of 0.66% and a negative return on equity of 9.55%. The firm’s revenue was up .9% on a year-over-year basis. During the same quarter last year, the business earned ($0.07) earnings per share. research analysts predict that Avon Products, Inc. will post 0.12 EPS for the current fiscal year.
In other news, insider Calero Miguel Angel Fernandez purchased 100,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 16th. The shares were bought at an average price of $1.89 per share, for a total transaction of $189,000.00. Following the completion of the transaction, the insider now owns 100,000 shares in the company, valued at $189,000. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Jan Zijderveld purchased 250,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 15th. The shares were purchased at an average price of $1.93 per share, for a total transaction of $482,500.00. Following the transaction, the chief executive officer now owns 250,000 shares of the company’s stock, valued at approximately $482,500. The disclosure for this purchase can be found here. In the last 90 days, insiders have purchased 1,031,742 shares of company stock worth $1,975,876. 0.72% of the stock is owned by company insiders.
Avon Products Company Profile
Avon Products, Inc manufactures and markets beauty and related products in Europe, the Middle East, Africa, south Latin America, north Latin America, and the Asia Pacific. The company offers beauty products, including skincare, fragrance, and color cosmetics; and fashion and home products, such as 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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