Fossil Group, Inc. (NASDAQ:FOSL) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to investors on Tuesday.
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.”
Other analysts also recently issued reports about the company. ValuEngine raised Fossil Group from a “hold” rating to a “buy” rating in a research report on Thursday, July 13th. Piper Jaffray Companies set a $10.00 price objective on Fossil Group and gave the stock a “hold” rating in a research report on Thursday, October 12th. BidaskClub raised Fossil Group from a “sell” rating to a “hold” rating in a research report on Wednesday, July 19th. Jefferies Group LLC reaffirmed a “hold” rating and issued a $13.00 target price on shares of Fossil Group in a research report on Wednesday, August 9th. Finally, Telsey Advisory Group dropped their target price on Fossil Group from $13.00 to $11.00 and set a “market perform” rating for the company in a research report on Wednesday, August 9th. Four analysts have rated the stock with a sell rating, thirteen have given a hold rating and three have given a buy rating to the stock. Fossil Group presently has an average rating of “Hold” and an average target price of $15.90.
Shares of Fossil Group (NASDAQ FOSL) traded up 2.16% during mid-day trading on Tuesday, hitting $8.98. 531,538 shares of the stock were exchanged. The company has a 50-day moving average price of $8.74 and a 200-day moving average price of $11.34. Fossil Group has a 12 month low of $6.80 and a 12 month high of $36.87. The stock’s market cap is $435.72 million.
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, topping analysts’ consensus estimates 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 period last year, the company earned $0.12 EPS. Equities analysts expect that Fossil Group will post ($0.11) earnings per share for the current year.
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In other news, Director James M. Zimmerman acquired 36,000 shares of Fossil Group stock in a transaction on Friday, August 25th. The stock was bought at an average price of $8.30 per share, for a total transaction of $298,800.00. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Gregory A. Mckelvey acquired 5,712 shares of Fossil Group stock in a transaction on Tuesday, August 29th. The stock was purchased at an average price of $8.73 per share, with a total value of $49,865.76. The disclosure for this purchase can be found here. In the last 90 days, insiders have purchased 114,945 shares of company stock valued at $923,917. 12.80% of the stock is owned by company insiders.
Hedge funds and other institutional investors have recently modified their holdings of the business. Northwestern Mutual Investment Management Company LLC purchased a new stake in Fossil Group in the second quarter valued at approximately $204,000. Acadian Asset Management LLC purchased a new stake in Fossil Group in the second quarter valued at approximately $113,000. GSA Capital Partners LLP purchased a new stake in Fossil Group in the second quarter valued at approximately $120,000. Campbell & CO Investment Adviser LLC purchased a new stake in Fossil Group in the second quarter valued at approximately $122,000. Finally, BlueCrest Capital Management Ltd purchased a new stake in Fossil Group in the second quarter valued at approximately $130,000.
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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