Zacks Investment Research Downgrades Fossil Group, Inc. (FOSL) to Sell

Fossil Group, Inc. (NASDAQ:FOSL) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Friday, November 10th.

According to Zacks, “Fossil has underperformed the industry year to date owing to persistent softness in traditional watch category and lackluster performance of leather and jewelry business across all regions. Further, the company’s gross margin has been strained for a year now owing to intense promotions amid a tough retail landscape and weak margins from connected products. These factors weighed upon the company’s third-quarter 2017 results, wherein both top and bottom lines declined year over year. Also, management expects these headwinds to linger in 2017, which is clear from its dismal outlook. Nonetheless, the company is undertaking significant efforts to expand its wearables category, given the rising demand for tech-savvy watches. Also, it remains focused on its New World Fossil plan, which aims to bring a transformation, fuel efficiencies, improve margins and enhance the overall operating structure of the business to drive profitability.”

A number of other research firms also recently weighed in on FOSL. Piper Jaffray Companies reiterated a “hold” rating and set a $15.00 price target on shares of Fossil Group in a research note on Friday, July 14th. ValuEngine cut Fossil Group from a “buy” rating to a “hold” rating in a report on Tuesday, August 1st. BidaskClub raised Fossil Group from a “sell” rating to a “hold” rating in a report on Wednesday, July 19th. Telsey Advisory Group cut their price objective on Fossil Group from $13.00 to $11.00 and set a “market perform” rating for the company in a report on Wednesday, August 9th. Finally, Wells Fargo & Company reissued an “underperform” rating and set a $8.00 price objective on shares of Fossil Group in a report on Thursday, August 3rd. Five analysts have rated the stock with a sell rating, eleven have issued a hold rating and two have given a buy rating to the stock. Fossil Group presently has an average rating of “Hold” and a consensus target price of $13.54.

Fossil Group (NASDAQ:FOSL) traded up $0.24 on Friday, reaching $7.51. 1,444,600 shares of the company’s stock were exchanged, compared to its average volume of 2,270,711. Fossil Group has a 1 year low of $5.50 and a 1 year high of $36.87. The company has a debt-to-equity ratio of 0.68, a current ratio of 2.32 and a quick ratio of 1.09. The firm has a market capitalization of $352.80, a P/E ratio of 8.87 and a beta of 0.77.

Fossil Group (NASDAQ:FOSL) last posted its quarterly earnings results on Tuesday, November 7th. The accessories brand company reported $0.04 earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.28) by $0.32. Fossil Group had a negative net margin of 12.33% and a positive return on equity of 4.75%. The firm had revenue of $689.00 million for the quarter, compared to the consensus estimate of $649.87 million. During the same quarter in the previous year, the company earned $0.36 earnings per share. The business’s revenue was down 6.6% compared to the same quarter last year. analysts forecast that Fossil Group will post -0.22 earnings per share for the current fiscal year.

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In other news, Director James M. Zimmerman acquired 36,000 shares of the company’s stock in a transaction on Friday, August 25th. The stock was purchased at an average cost of $8.30 per share, with a total value of $298,800.00. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Martin Frey acquired 7,500 shares of the company’s stock in a transaction on Wednesday, November 22nd. The shares were purchased at an average cost of $7.41 per share, with a total value of $55,575.00. The disclosure for this purchase can be found here. Insiders purchased 165,200 shares of company stock valued at $1,138,441 over the last ninety days. 12.80% of the stock is currently owned by company insiders.

A number of large investors have recently made changes to their positions in the business. AHL Partners LLP acquired a new position in shares of Fossil Group during the 2nd quarter worth about $393,000. Numeric Investors LLC acquired a new position in shares of Fossil Group during the 2nd quarter worth about $1,630,000. Marshall Wace North America L.P. grew its position in shares of Fossil Group by 363.9% during the 2nd quarter. Marshall Wace North America L.P. now owns 67,089 shares of the accessories brand company’s stock worth $671,000 after buying an additional 52,626 shares during the period. Engineers Gate Manager LP grew its position in shares of Fossil Group by 214.8% during the 2nd quarter. Engineers Gate Manager LP now owns 260,043 shares of the accessories brand company’s stock worth $2,691,000 after buying an additional 177,446 shares during the period. Finally, Airain ltd acquired a new position in shares of Fossil Group during the 2nd quarter worth about $3,214,000.

Fossil Group Company Profile

Fossil Group, Inc is a design, marketing and distribution company that specializes in consumer fashion accessories. The Company’s segments include Americas, Europe and Asia. Each segment includes sales to wholesale and distributor customers, and sales through the Company-owned retail stores and e-commerce activities based on the location of the selling entity.

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