Zacks Investment Research upgraded shares of Fossil Group, Inc. (NASDAQ:FOSL) from a sell rating to a hold rating in a research note released on Wednesday, September 6th.
According to Zacks, “Shares of Fossil have been underperforming the industry since past many quarters, primarily due to a decline in the company's in traditional watches, softness in leather and jewelry business and tough retail landscape. The company is also facing economic challenges in many of its key international markets. Notably, the company’s sales have lagged the Zacks Consensus Estimate in nine out of the last 11 straight quarters. Though the Watches category is likely to remain sluggish due to increased competition from new entrants in the market 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, which aims at improving the financial performance of the Fossil brand and build an improved operating platform to drive long-term shareholder value.”
Several other equities research analysts also recently issued reports on FOSL. Buckingham Research decreased their price target on Fossil Group from $10.00 to $9.00 and set a neutral rating for the company in a report on Wednesday, August 9th. Bank of America Corporation set a $7.00 price target on Fossil Group and gave the stock a sell rating in a report on Wednesday, August 9th. Wells Fargo & Company set a $12.00 price target on Fossil Group and gave the stock a sell rating in a report on Wednesday, May 10th. Telsey Advisory Group decreased their price target on Fossil Group from $23.00 to $16.00 and set a market perform rating for the company in a report on Wednesday, May 10th. Finally, Nomura reiterated a hold rating and set a $13.00 price target on shares of Fossil Group in a report on Friday, May 12th. Four equities research analysts have rated the stock with a sell rating, thirteen have given a hold rating and three have given a buy rating to the company’s stock. The company presently has an average rating of Hold and a consensus target price of $16.23.
Shares of Fossil Group (NASDAQ FOSL) traded up 3.5955% during mid-day trading on Wednesday, reaching $8.3498. 1,000,936 shares of the company traded hands. The stock’s market capitalization is $405.14 million. The stock’s 50 day moving average is $9.22 and its 200 day moving average is $12.80. Fossil Group has a 52-week low of $6.80 and a 52-week high of $36.87.
Fossil Group (NASDAQ:FOSL) last released its quarterly earnings data on Tuesday, August 8th. The accessories brand company reported ($0.23) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.28) by $0.05. The firm had revenue of $596.80 million during the quarter, compared to the consensus estimate of $617.89 million. Fossil Group had a positive return on equity of 6.34% and a negative net margin of 11.33%. The company’s quarterly revenue was down 12.9% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.12 earnings per share. On average, analysts anticipate that Fossil Group will post $0.47 earnings per share for the current year.
In other news, VP John A. White acquired 13,000 shares of Fossil Group stock in a transaction dated Wednesday, August 23rd. The shares were purchased at an average cost of $7.26 per share, for a total transaction of $94,380.00. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Darren E. Hart acquired 14,347 shares of Fossil Group stock in a transaction dated Tuesday, August 22nd. The shares were purchased at an average price of $6.99 per share, for a total transaction of $100,285.53. The disclosure for this purchase can be found here. Insiders acquired a total of 114,945 shares of company stock worth $923,917 over the last 90 days. Corporate insiders own 12.80% of the company’s stock.
Several institutional investors have recently made changes to their positions in FOSL. Capstone Asset Management Co. increased its position in shares of Fossil Group by 79.9% during the 1st quarter. Capstone Asset Management Co. now owns 14,550 shares of the accessories brand company’s stock valued at $254,000 after purchasing an additional 6,460 shares during the last quarter. Louisiana State Employees Retirement System increased its position in shares of Fossil Group by 64.4% during the 1st quarter. Louisiana State Employees Retirement System now owns 17,100 shares of the accessories brand company’s stock valued at $298,000 after purchasing an additional 6,700 shares during the last quarter. Nisa Investment Advisors LLC increased its position in shares of Fossil Group by 21.2% during the 1st quarter. Nisa Investment Advisors LLC now owns 14,300 shares of the accessories brand company’s stock valued at $250,000 after purchasing an additional 2,500 shares during the last quarter. Wells Fargo & Company MN increased its position in shares of Fossil Group by 1.9% during the 1st quarter. Wells Fargo & Company MN now owns 31,572 shares of the accessories brand company’s stock valued at $551,000 after purchasing an additional 586 shares during the last quarter. Finally, Canada Pension Plan Investment Board increased its position in shares of Fossil Group by 125.7% during the 1st quarter. Canada Pension Plan Investment Board now owns 179,196 shares of the accessories brand company’s stock valued at $3,127,000 after purchasing an additional 99,800 shares during the last quarter. Hedge funds and other institutional investors own 97.21% of the company’s stock.
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Fossil Group Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Fossil Group Inc. and related companies with MarketBeat.com's FREE daily email newsletter.