Fossil Group Inc. (FOSL) Raised to “Hold” at Zacks Investment Research
Fossil Group Inc. (NASDAQ:FOSL) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report issued on Monday.
According to Zacks, “Estimates have remained unchanged after Fossil’s second quarter fiscal 2016 earnings release. Fossil surpassed earnings and revenue estimates in the second quarter of fiscal 2016, but the company tightened its fiscal 2016 outlook due to economic, competitive and consumer headwinds. Though Fossil’s connected wearables and smartwatches are expected to give momentum to the company, we note that the company has been witnessing soft sales over the past few quarters due to a decline in its multi-brand licensed watch portfolio, due to general weakness in the watches category. Also, the company expects tempered growth in China and anticipates several challenges to impact international demand. However, Moreover, the company has been witnessing sluggish comps in the U.S. over the past few quarters due to weak traffic. Unfavorable currency translations, meanwhile, will continue to pose concern.”
A number of other analysts have also recently commented on the company. Piper Jaffray Cos. set a $25.00 price target on Fossil Group and gave the stock a “sell” rating in a research report on Tuesday, September 20th. Jefferies Group reissued a “hold” rating on shares of Fossil Group in a report on Monday, September 12th. Nomura decreased their price objective on Fossil Group from $25.00 to $23.00 and set a “neutral” rating for the company in a report on Wednesday, August 10th. Cowen and Company reissued a “market perform” rating and issued a $30.00 price objective on shares of Fossil Group in a report on Wednesday, August 10th. Finally, Mizuho boosted their price objective on Fossil Group from $27.00 to $29.00 and gave the company a “neutral” rating in a report on Wednesday, August 10th. Six research analysts have rated the stock with a sell rating, eleven have issued a hold rating and three have assigned a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $30.89.
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Fossil Group (NASDAQ:FOSL) traded down 2.17% during mid-day trading on Monday, hitting $27.93. The company had a trading volume of 142,885 shares. The company has a 50-day moving average price of $28.35 and a 200 day moving average price of $31.67. The firm has a market capitalization of $1.34 billion, a P/E ratio of 9.66 and a beta of 1.89. Fossil Group has a 12 month low of $26.03 and a 12 month high of $56.54.
Fossil Group (NASDAQ:FOSL) last issued its quarterly earnings results on Tuesday, August 9th. The company reported $0.12 EPS for the quarter, topping the Zacks’ consensus estimate of $0.09 by $0.03. Fossil Group had a return on equity of 16.91% and a net margin of 4.49%. The company earned $685 million during the quarter, compared to analysts’ expectations of $670.97 million. During the same quarter in the previous year, the firm posted $1.12 EPS. The firm’s revenue was down 7.4% compared to the same quarter last year. Equities analysts forecast that Fossil Group will post $1.87 EPS for the current fiscal year.
A number of large investors have recently bought and sold shares of FOSL. Vulcan Value Partners LLC boosted its position in shares of Fossil Group by 4.1% in the second quarter. Vulcan Value Partners LLC now owns 11,611,725 shares of the company’s stock valued at $331,283,000 after buying an additional 459,907 shares in the last quarter. Bank of New York Mellon Corp boosted its position in shares of Fossil Group by 0.6% in the second quarter. Bank of New York Mellon Corp now owns 2,958,131 shares of the company’s stock valued at $84,395,000 after buying an additional 17,464 shares in the last quarter. Vanguard Group Inc. boosted its position in shares of Fossil Group by 5.3% in the second quarter. Vanguard Group Inc. now owns 2,949,371 shares of the company’s stock valued at $84,146,000 after buying an additional 149,439 shares in the last quarter. Eminence Capital LP boosted its position in shares of Fossil Group by 19.8% in the second quarter. Eminence Capital LP now owns 2,136,408 shares of the company’s stock valued at $60,952,000 after buying an additional 352,570 shares in the last quarter. Finally, BlackRock Fund Advisors boosted its position in shares of Fossil Group by 48.7% in the second quarter. BlackRock Fund Advisors now owns 2,064,524 shares of the company’s stock valued at $58,901,000 after buying an additional 675,764 shares in the last quarter. Institutional investors own 95.56% 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 are 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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