Fossil Group, Inc. (FOSL) Cut to “Sell” at Zacks Investment Research
Zacks Investment Research lowered shares of Fossil Group, Inc. (NASDAQ:FOSL) from a hold rating to a sell rating in a research report released on Friday.
According to Zacks, “Fossil has underperformed the industry year to date 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, improve margins and enhance the overall operating structure of the business to drive profitability.”
A number of other equities analysts also recently commented on FOSL. Telsey Advisory Group reduced their price objective on shares of Fossil Group from $13.00 to $11.00 and set a market perform rating for the company in a report on Wednesday, August 9th. Buckingham Research reduced their price objective on shares of Fossil Group from $9.00 to $5.00 and set a neutral rating for the company in a report on Wednesday, November 8th. Bank of America Corporation set a $7.00 target price on shares of Fossil Group and gave the stock a sell rating in a research report on Wednesday, August 9th. ValuEngine cut shares of Fossil Group from a buy rating to a hold rating in a research report on Thursday. Finally, Wells Fargo & Company reiterated an underperform rating and set a $7.00 target price (down previously from $8.00) on shares of Fossil Group in a research report on Thursday, August 10th. Five research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and three have assigned a buy rating to the company. The stock has an average rating of Hold and an average target price of $15.43.
Fossil Group (NASDAQ FOSL) traded up $0.92 during trading hours on Friday, hitting $6.60. 4,869,500 shares of the stock were exchanged, compared to its average volume of 2,277,020. The company has a market cap of $320.28, a P/E ratio of 8.05 and a beta of 0.77. Fossil Group has a one year low of $5.50 and a one year high of $36.87. The company has a quick ratio of 1.09, a current ratio of 2.32 and a debt-to-equity ratio of 0.68.
Fossil Group (NASDAQ:FOSL) last released its quarterly earnings data on Tuesday, November 7th. The accessories brand company reported $0.04 EPS for the quarter, topping analysts’ consensus estimates of ($0.28) by $0.32. The company had revenue of $689.00 million during the quarter, compared to the consensus estimate of $649.87 million. Fossil Group had a negative net margin of 12.33% and a positive return on equity of 4.75%. The firm’s revenue for the quarter was down 6.6% compared to the same quarter last year. During the same period last year, the firm earned $0.36 EPS. equities research analysts predict that Fossil Group will post -0.17 earnings per share for the current fiscal year.
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In other news, VP John A. White acquired 13,000 shares of Fossil Group stock in a transaction that occurred on Wednesday, August 23rd. The shares were acquired at an average price of $7.26 per share, with a total value of $94,380.00. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director James M. Zimmerman acquired 36,000 shares of Fossil Group stock in a transaction that occurred on Friday, August 25th. The shares were purchased at an average cost of $8.30 per share, for a total transaction of $298,800.00. The disclosure for this purchase can be found here. Insiders have purchased a total of 192,147 shares of company stock worth $1,329,006 in the last three months. 12.80% of the stock is owned by insiders.
A number of institutional investors and hedge funds have recently made changes to their positions in FOSL. UBS Asset Management Americas Inc. lifted its stake in Fossil Group by 37.7% in the first quarter. UBS Asset Management Americas Inc. now owns 28,194 shares of the accessories brand company’s stock valued at $492,000 after buying an additional 7,725 shares in the last quarter. Principal Financial Group Inc. lifted its stake in Fossil Group by 99.8% in the first quarter. Principal Financial Group Inc. now owns 319,194 shares of the accessories brand company’s stock valued at $5,570,000 after buying an additional 159,421 shares in the last quarter. California Public Employees Retirement System lifted its stake in Fossil Group by 18.1% in the first quarter. California Public Employees Retirement System now owns 254,800 shares of the accessories brand company’s stock valued at $4,446,000 after buying an additional 39,000 shares in the last quarter. Legal & General Group Plc lifted its stake in Fossil Group by 86.2% in the first quarter. Legal & General Group Plc now owns 116,057 shares of the accessories brand company’s stock valued at $2,025,000 after buying an additional 53,718 shares in the last quarter. Finally, Thrivent Financial For Lutherans bought a new position in Fossil Group in the first quarter valued at approximately $417,000.
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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