Fossil Group Inc. (FOSL) Upgraded 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 research note 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.”
Several other analysts have also weighed in on the stock. Piper Jaffray Cos. reaffirmed an “underweight” rating and set a $25.00 price objective on shares of Fossil Group in a report on Wednesday, June 22nd. Nomura dropped their price objective on shares of 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 reaffirmed a “market perform” rating and set a $30.00 price objective on shares of Fossil Group in a report on Wednesday, August 10th. Jefferies Group reaffirmed a “hold” rating on shares of Fossil Group in a report on Monday, September 12th. Finally, Mizuho raised their price objective on shares of Fossil Group from $27.00 to $29.00 and gave the stock a “neutral” rating in a report on Wednesday, August 10th. Six equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and three have issued a buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $30.89.
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Shares of Fossil Group (NASDAQ:FOSL) traded down 2.14% during midday trading on Monday, hitting $27.94. The stock had a trading volume of 145,254 shares. The stock has a market cap of $1.34 billion, a PE ratio of 9.66 and a beta of 1.89. The stock has a 50-day moving average of $28.35 and a 200 day moving average of $31.67. Fossil Group has a 52 week low of $26.03 and a 52 week high of $56.54.
Fossil Group (NASDAQ:FOSL) last posted its quarterly earnings results on Tuesday, August 9th. The company reported $0.12 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.09 by $0.03. Fossil Group had a net margin of 4.49% and a return on equity of 16.91%. The firm earned $685 million during the quarter, compared to analyst estimates of $670.97 million. During the same quarter in the prior year, the business posted $1.12 earnings per share. The company’s quarterly revenue was down 7.4% compared to the same quarter last year. Analysts anticipate that Fossil Group will post $1.87 EPS for the current fiscal year.
Several institutional investors have recently made changes to their positions in the company. Invictus RG boosted its position in shares of Fossil Group by 113.5% in the first quarter. Invictus RG now owns 2,690 shares of the company’s stock worth $119,000 after buying an additional 1,430 shares in the last quarter. LS Investment Advisors LLC boosted its stake in Fossil Group by 173.7% in the second quarter. LS Investment Advisors LLC now owns 4,117 shares of the company’s stock valued at $117,000 after buying an additional 2,613 shares in the last quarter. Societe Generale bought a new stake in Fossil Group during the second quarter valued at approximately $133,000. Emerald Acquisition Ltd. bought a new stake in Fossil Group during the second quarter valued at approximately $143,000. Finally, Boothbay Fund Management LLC bought a new stake in Fossil Group during the first quarter valued at approximately $235,000. 95.56% of the stock is currently owned by institutional investors.
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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