Fossil Group, Inc. (FOSL) Upgraded by Zacks Investment Research to Hold
Fossil Group, Inc. (NASDAQ:FOSL) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a research report issued on Monday.
According to Zacks, “Shares of Fossil have been underperforming the Zacks Categorized industry since the past one year, primarily due to a decline in the company's in traditional watches, softness in leather 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 since past four straight quarters. Though Fossil’s connected wearables and smartwatches are expected to gain momentum, the Watches category is likely to remain sluggish due to increased competition from new entrants in the market and volatility in sales pattern. 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.”
FOSL has been the subject of a number of other reports. Vetr lowered shares of Fossil Group from a “strong-buy” rating to a “buy” rating and set a $18.50 target price for the company. in a research note on Monday, April 17th. Jefferies Group LLC reaffirmed a “hold” rating and issued a $19.00 target price on shares of Fossil Group in a research note on Tuesday, May 2nd. Telsey Advisory Group reduced their target price on shares of Fossil Group from $23.00 to $16.00 and set a “market perform” rating for the company in a research note on Wednesday, May 10th. Cowen and Company reduced their target price on shares of Fossil Group from $15.00 to $12.00 and set a “market perform” rating for the company in a research note on Wednesday, May 10th. Finally, Instinet reduced their target price on shares of Fossil Group from $15.00 to $13.00 and set a “neutral” rating for the company in a research note on Wednesday, May 10th. Three analysts have rated the stock with a sell rating, eleven have given a hold rating and four have assigned a buy rating to the company. Fossil Group has an average rating of “Hold” and a consensus target price of $19.89.
Fossil Group (NASDAQ:FOSL) traded up 3.95% during mid-day trading on Monday, hitting $10.53. The stock had a trading volume of 982,313 shares. The company has a 50-day moving average price of $10.94 and a 200 day moving average price of $18.51. Fossil Group has a 1-year low of $8.98 and a 1-year high of $36.87. The company has a market cap of $510.33 million, a P/E ratio of 20.65 and a beta of 0.71.
Fossil Group (NASDAQ:FOSL) last announced its quarterly earnings results on Tuesday, May 9th. The accessories brand company reported ($0.35) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.21) by $0.14. Fossil Group had a net margin of 0.84% and a return on equity of 7.59%. The firm had revenue of $582 million during the quarter, compared to analyst estimates of $590.51 million. During the same period last year, the firm earned $0.12 EPS. Fossil Group’s quarterly revenue was down 11.8% on a year-over-year basis. Equities research analysts forecast that Fossil Group will post $0.84 EPS for the current fiscal year.
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In other Fossil Group news, Chairman Kosta N. Kartsotis sold 625,000 shares of the stock in a transaction dated Wednesday, June 14th. The shares were sold at an average price of $9.73, for a total value of $6,081,250.00. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Chairman Kosta N. Kartsotis sold 520,281 shares of the stock in a transaction dated Friday, June 9th. The shares were sold at an average price of $10.71, for a total transaction of $5,572,209.51. Following the completion of the transaction, the chairman now directly owns 3,445,546 shares in the company, valued at $36,901,797.66. The disclosure for this sale can be found here. Over the last three months, insiders sold 2,220,281 shares of company stock worth $23,790,210. Insiders own 12.80% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. boosted its position in Fossil Group by 19,301.2% in the first quarter. BlackRock Inc. now owns 5,209,210 shares of the accessories brand company’s stock valued at $90,900,000 after buying an additional 5,182,360 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in Fossil Group by 86.6% in the first quarter. Dimensional Fund Advisors LP now owns 1,746,955 shares of the accessories brand company’s stock valued at $30,484,000 after buying an additional 810,769 shares in the last quarter. C Partners Holding GmbH bought a new position in Fossil Group during the first quarter valued at $11,652,000. Norges Bank bought a new position in Fossil Group during the fourth quarter valued at $13,259,000. Finally, Vanguard Group Inc. boosted its position in Fossil Group by 14.5% in the first quarter. Vanguard Group Inc. now owns 3,644,137 shares of the accessories brand company’s stock valued at $63,591,000 after buying an additional 462,851 shares in the last quarter.
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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