Fossil Group, Inc. (NASDAQ:FOSL) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued on Tuesday, October 17th.
According to Zacks, “Shares of Fossil have declined and underperformed the industry in the last six months. This downside can be attributed to a decline in the company's traditional watches, softness in leather and jewelry business along with a tough retail landscape. Moreover, it is facing economic challenges in many of its key international markets. Consequently, the company’s sales have lagged the Zacks Consensus Estimate in nine of the trailing 11 quarters. Though the Watches category is likely to remain sluggish due to increased competition and volatility in sales pattern, Fossil’s expansion in connected wearables and smartwatches are expected to gain momentum. Meanwhile, the company focuses on a restructuring program named New World Fossil. This program aims at improving the financial performance of its namesake brand alongside building an improved operating platform to drive long-term shareholder value.”
Several other equities research analysts have also commented on the stock. Buckingham Research raised shares of Fossil Group from an “underperform” rating to a “neutral” rating in a research report on Tuesday, June 20th. BidaskClub upgraded Fossil Group from a “sell” rating to a “hold” rating in a research report on Wednesday, July 19th. Piper Jaffray Companies set a $10.00 price target on Fossil Group and gave the stock a “hold” rating in a research report on Thursday, October 12th. Wells Fargo & Company restated an “underperform” rating and set a $8.00 price target on shares of Fossil Group in a research note on Thursday, August 3rd. Finally, ValuEngine downgraded Fossil Group from a “buy” rating to a “hold” rating in a research report on Tuesday, August 1st. Four research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and three have given a buy rating to the company’s stock. Fossil Group currently has an average rating of “Hold” and an average target price of $15.90.
Fossil Group (NASDAQ:FOSL) traded down $0.35 during mid-day trading on Tuesday, hitting $6.98. 3,771,327 shares of the stock were exchanged, compared to its average volume of 1,669,008. The company has a market capitalization of $355.67, a P/E ratio of 6.11, a price-to-earnings-growth ratio of 1.01 and a beta of 0.77. The company has a quick ratio of 1.66, a current ratio of 3.15 and a debt-to-equity ratio of 0.94.
Fossil Group (NASDAQ:FOSL) last issued its quarterly earnings data on Tuesday, August 8th. The accessories brand company reported ($0.23) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.28) by $0.05. Fossil Group had a negative net margin of 11.33% and a positive return on equity of 6.34%. The business had revenue of $596.80 million for the quarter, compared to the consensus estimate of $617.89 million. During the same period in the previous year, the firm earned $0.12 EPS. The company’s quarterly revenue was down 12.9% compared to the same quarter last year. analysts anticipate that Fossil Group will post 0.68 EPS for the current fiscal year.
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In other news, Director James M. Zimmerman bought 36,000 shares of the business’s stock in a transaction on Friday, August 25th. The shares were bought at an average cost of $8.30 per share, with a total value of $298,800.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Gregory A. Mckelvey purchased 5,712 shares of the company’s stock in a transaction dated Tuesday, August 29th. The stock was bought at an average cost of $8.73 per share, for a total transaction of $49,865.76. The disclosure for this purchase can be found here. Over the last three months, insiders purchased 114,945 shares of company stock valued at $923,917. 12.80% of the stock is owned by corporate insiders.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in FOSL. BlackRock Inc. lifted its stake in shares of Fossil Group by 19,301.2% in the first quarter. BlackRock Inc. now owns 5,209,210 shares of the accessories brand company’s stock valued at $90,900,000 after buying an additional 5,182,360 shares during the period. JPMorgan Chase & Co. raised its position in Fossil Group by 3,915.2% in the second quarter. JPMorgan Chase & Co. now owns 2,514,634 shares of the accessories brand company’s stock worth $26,027,000 after purchasing an additional 2,452,006 shares in the last quarter. Arrowstreet Capital Limited Partnership raised its position in Fossil Group by 6,109.9% in the second quarter. Arrowstreet Capital Limited Partnership now owns 1,273,027 shares of the accessories brand company’s stock worth $13,176,000 after purchasing an additional 1,252,527 shares in the last quarter. Southpoint Capital Advisors LP acquired a new position in Fossil Group in the second quarter worth about $10,350,000. Finally, Dimensional Fund Advisors LP raised its position in Fossil Group by 86.6% in the first quarter. Dimensional Fund Advisors LP now owns 1,746,955 shares of the accessories brand company’s stock worth $30,484,000 after purchasing an additional 810,769 shares in the last quarter.
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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