Zacks Investment Research upgraded shares of Fossil Group (NASDAQ:FOSL) from a sell rating to a hold rating in a research note published on Tuesday morning.
According to Zacks, “Fossil has underperformed the industry in the past year 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 and improve margins.”
FOSL has been the subject of a number of other research reports. Buckingham Research dropped their price objective on shares of Fossil Group from $9.00 to $5.00 and set a neutral rating for the company in a research note on Wednesday, November 8th. Bank of America dropped their price objective on shares of Fossil Group from $7.00 to $4.00 and set an underperform rating for the company in a research note on Wednesday, November 8th. Piper Jaffray Companies set a $10.00 target price on shares of Fossil Group and gave the stock a hold rating in a research report on Thursday, October 12th. Finally, ValuEngine cut shares of Fossil Group from a buy rating to a hold rating in a research report on Thursday, November 9th. Five equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and one has given a buy rating to the stock. The stock currently has an average rating of Hold and a consensus target price of $11.35.
Shares of Fossil Group (FOSL) traded up $0.55 during mid-day trading on Tuesday, hitting $9.38. 1,612,815 shares of the stock were exchanged, compared to its average volume of 1,770,000. Fossil Group has a 52 week low of $5.50 and a 52 week high of $26.78. The firm has a market cap of $455.19, a PE ratio of -1.30 and a beta of 0.75. The company has a current ratio of 2.32, a quick ratio of 1.09 and a debt-to-equity ratio of 0.68.
Fossil Group (NASDAQ:FOSL) last announced its quarterly earnings data on Tuesday, November 7th. The accessories brand company reported $0.04 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 company had revenue of $689.00 million during the quarter, compared to analysts’ expectations of $649.87 million. During the same quarter in the prior year, the company posted $0.36 EPS. The business’s revenue was down 6.6% on a year-over-year basis. research analysts forecast that Fossil Group will post -0.22 EPS for the current year.
In related news, EVP Gregory A. Mckelvey acquired 110,000 shares of the stock in a transaction on Friday, November 10th. The stock was purchased at an average price of $6.22 per share, for a total transaction of $684,200.00. The acquisition was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Martin Frey acquired 7,500 shares of the stock in a transaction on Wednesday, November 22nd. The stock was bought at an average price of $7.41 per share, with a total value of $55,575.00. The disclosure for this purchase can be found here. Company insiders own 12.80% of the company’s stock.
A number of institutional investors and hedge funds have recently bought and sold shares of the business. Arizona State Retirement System increased its position in Fossil Group by 0.5% in the 2nd quarter. Arizona State Retirement System now owns 22,000 shares of the accessories brand company’s stock valued at $228,000 after acquiring an additional 100 shares in the last quarter. The Manufacturers Life Insurance Company increased its position in Fossil Group by 3.9% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 34,365 shares of the accessories brand company’s stock valued at $357,000 after acquiring an additional 1,288 shares in the last quarter. Thrivent Financial For Lutherans increased its position in Fossil Group by 5.8% in the 2nd quarter. Thrivent Financial For Lutherans now owns 25,280 shares of the accessories brand company’s stock valued at $262,000 after acquiring an additional 1,390 shares in the last quarter. TIAA CREF Investment Management LLC increased its position in Fossil Group by 1.3% in the 2nd quarter. TIAA CREF Investment Management LLC now owns 114,243 shares of the accessories brand company’s stock valued at $1,182,000 after acquiring an additional 1,413 shares in the last quarter. Finally, Principal Financial Group Inc. increased its position in Fossil Group by 0.5% in the 2nd quarter. Principal Financial Group Inc. now owns 320,702 shares of the accessories brand company’s stock valued at $3,319,000 after acquiring an additional 1,508 shares in the last quarter. Hedge funds and other institutional investors own 91.83% of the company’s stock.
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About Fossil Group
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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