Fossil Group, Inc. (NASDAQ:FOSL) Upgraded to Buy at Zacks Investment Research
Zacks Investment Research upgraded shares of Fossil Group, Inc. (NASDAQ:FOSL) from a hold rating to a buy rating in a research note published on Thursday morning. They currently have $12.00 price target on the accessories brand company’s stock.
According to Zacks, “Shares of Fossil have outperformed the industry in the last one month. We note that the company boasts a solid watch brand portfolio and the Fossil brand is the key growth driver owing to its strong global distribution platform and successful innovations. Also, it has been exploring the potential of wearable technology, owing to its rising demand. In fact, wearables represented 7% of the first-quarter 2017 sales across product categories and over 75% of the sales came from smart watches. Meanwhile, the company focuses on a restructuring program named New World Fossil, which aims at improving its financial performance. However, Fossil has been witnessing soft sales in the traditional watches for quite some time now, due to increased competition. This has been adversely hurting the company’s top line that declined 12% in the quarter. Nevertheless, estimates for 2017 have increased in the last seven days.”
A number of other research analysts have also commented on FOSL. ValuEngine upgraded Fossil Group from a hold rating to a buy rating in a research report on Thursday, July 13th. Cowen and Company decreased their price objective on Fossil Group from $15.00 to $12.00 and set a market perform rating on the stock in a research report on Wednesday, May 10th. Telsey Advisory Group decreased their price objective on Fossil Group from $23.00 to $16.00 and set a market perform rating on the stock in a research report on Wednesday, May 10th. Piper Jaffray Companies reiterated a hold rating and issued a $15.00 price objective on shares of Fossil Group in a research report on Friday, July 14th. Finally, Nomura reiterated a hold rating and issued a $13.00 price objective on shares of Fossil Group in a research report on Friday, May 12th. Three analysts have rated the stock with a sell rating, twelve have assigned a hold rating and four have assigned a buy rating to the company. Fossil Group presently has an average rating of Hold and an average target price of $18.75.
Fossil Group (FOSL) traded down 2.191% during mid-day trading on Thursday, hitting $11.385. The stock had a trading volume of 1,373,908 shares. The stock has a 50 day moving average of $10.19 and a 200-day moving average of $15.76. The firm has a market cap of $551.76 million, a P/E ratio of 22.324 and a beta of 0.73. Fossil Group has a 1-year low of $8.98 and a 1-year high of $36.87.
Fossil Group (NASDAQ:FOSL) last announced its quarterly earnings data on Tuesday, May 9th. The accessories brand company reported ($0.35) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.21) by $0.14. The firm had revenue of $582 million during the quarter, compared to the consensus estimate of $590.51 million. Fossil Group had a net margin of 0.84% and a return on equity of 7.59%. The firm’s quarterly revenue was down 11.8% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.12 earnings per share. Analysts predict that Fossil Group will post $0.87 EPS for the current fiscal year.
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In related news, Chairman Kosta N. Kartsotis sold 520,281 shares of the firm’s stock in a transaction on Friday, June 9th. The stock was sold at an average price of $10.71, for a total transaction of $5,572,209.51. Following the sale, the chairman now owns 3,445,546 shares of the company’s stock, valued at approximately $36,901,797.66. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Chairman Kosta N. Kartsotis sold 1,075,000 shares of the firm’s stock in a transaction on Tuesday, May 30th. The stock was sold at an average price of $11.29, for a total value of $12,136,750.00. Following the sale, the chairman now directly owns 4,183,047 shares in the company, valued at approximately $47,226,600.63. The disclosure for this sale can be found here. Insiders have sold a total of 2,220,281 shares of company stock worth $23,790,210 in the last ninety days. 12.80% of the stock is currently owned by company insiders.
A number of hedge funds have recently modified their holdings of FOSL. Dimensional Fund Advisors LP increased its stake in shares of Fossil Group by 55.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 936,186 shares of the accessories brand company’s stock valued at $24,210,000 after buying an additional 332,793 shares during the last quarter. Renaissance Technologies LLC acquired a new stake in shares of Fossil Group during the fourth quarter valued at approximately $217,000. Norges Bank acquired a new stake in shares of Fossil Group during the fourth quarter valued at approximately $13,259,000. Teachers Advisors LLC increased its stake in shares of Fossil Group by 7.4% in the fourth quarter. Teachers Advisors LLC now owns 1,277,667 shares of the accessories brand company’s stock valued at $33,040,000 after buying an additional 88,087 shares during the last quarter. Finally, Winslow Asset Management Inc. increased its stake in shares of Fossil Group by 1.6% in the first quarter. Winslow Asset Management Inc. now owns 168,823 shares of the accessories brand company’s stock valued at $2,946,000 after buying an additional 2,645 shares during the last quarter. 97.21% of the stock is currently owned by institutional investors and hedge funds.
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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