Fossil Group (FOSL) Upgraded at Zacks Investment Research
Zacks Investment Research upgraded shares of Fossil Group (NASDAQ:FOSL) from a hold rating to a buy rating in a research report released on Tuesday morning. Zacks Investment Research currently has $24.00 target price on the accessories brand company’s stock.
According to Zacks, “Fossil has comfortably outpaced the industry in the past six months driven by robust efforts to expand in the fast-growing wearables category. Backed by these efforts, Fossil’s connected watch sales surged 91% year over year in the second quarter of 2018, forming about 20% of the company’s total sales. Strength in this arena also contributed to the company’s e-commerce growth. Adiitionally, Fossil’s New World Fossil plan is gaining traction and has stepped into its second phase. Well, the company’s bottom line marked its fifth straight beat during the second quarter of 2018 However, the top line remained soft on account of continued weakness in the traditional watch category Incidentally, sales declined 3.4% due to sluggishness in the traditional watch category across all geographies along with soft leather and jewelry businesses. Unfortunately, management expects sales to fall 16-10% in the third quarter.”
Several other brokerages have also recently weighed in on FOSL. BidaskClub cut shares of Fossil Group from a buy rating to a hold rating in a research report on Thursday, August 30th. TheStreet upgraded shares of Fossil Group from a d rating to a c- rating in a research report on Wednesday, August 8th. KeyCorp boosted their price target on shares of Fossil Group from $32.00 to $33.00 and gave the stock an overweight rating in a research report on Wednesday, August 8th. Telsey Advisory Group boosted their price target on shares of Fossil Group from $16.00 to $27.00 and gave the stock a market perform rating in a research report on Friday, August 3rd. Finally, ValuEngine cut shares of Fossil Group from a buy rating to a hold rating in a research report on Thursday, July 12th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the stock. Fossil Group has an average rating of Hold and an average target price of $19.20.
Fossil Group (NASDAQ:FOSL) last released its quarterly earnings data on Tuesday, August 7th. The accessories brand company reported $0.17 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.48) by $0.65. The firm had revenue of $576.60 million for the quarter, compared to analysts’ expectations of $571.95 million. Fossil Group had a negative net margin of 5.13% and a negative return on equity of 1.21%. As a group, analysts anticipate that Fossil Group will post 0.77 earnings per share for the current fiscal year.
In other Fossil Group news, EVP Darren E. Hart sold 25,662 shares of Fossil Group stock in a transaction on Wednesday, August 22nd. The shares were sold at an average price of $26.30, for a total transaction of $674,910.60. Following the completion of the transaction, the executive vice president now directly owns 116,325 shares of the company’s stock, valued at $3,059,347.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Gregory A. Mckelvey sold 26,138 shares of Fossil Group stock in a transaction on Wednesday, August 22nd. The stock was sold at an average price of $26.00, for a total transaction of $679,588.00. The disclosure for this sale can be found here. Insiders own 8.20% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the business. Xact Kapitalforvaltning AB purchased a new position in Fossil Group during the second quarter worth $207,000. United Services Automobile Association purchased a new position in Fossil Group during the second quarter worth $220,000. Teacher Retirement System of Texas purchased a new position in Fossil Group during the second quarter worth $238,000. Dynamic Technology Lab Private Ltd purchased a new position in Fossil Group during the second quarter worth $240,000. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS purchased a new position in Fossil Group during the second quarter worth $249,000. 88.87% of the stock is owned by institutional investors.
About Fossil Group
Fossil Group, Inc, together with its subsidiaries, designs, develops, markets, and distributes consumer fashion accessories. The company's principal products include a line of men's and women's fashion watches and jewelry, handbags, small leather goods, belts, and sunglasses. It offers its products under its proprietary brands, such as FOSSIL, MICHELE, MISFIT, RELIC, SKAGEN, and ZODIAC, as well as under the licensed brands, including ARMANI EXCHANGE, CHAPS, DIESEL, DKNY, EMPORIO ARMANI, KARL LAGERFELD, KATE SPADE NEW YORK, MARC JACOBS, MICHAEL KORS, and TORY BURCH.
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