Fossil Group, Inc. (FOSL) Lowered 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 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 brokerages have also commented on FOSL. Bank of America Corporation set a $7.00 target price on Fossil Group and gave the company a sell rating in a research note on Wednesday, August 9th. Telsey Advisory Group cut their target price on Fossil Group from $13.00 to $11.00 and set a market perform rating for the company in a research note on Wednesday, August 9th. Buckingham Research cut their target price on Fossil Group from $10.00 to $9.00 and set a neutral rating for the company in a research note on Wednesday, August 9th. ValuEngine lowered Fossil Group from a buy rating to a hold rating in a research note on Tuesday, August 1st. Finally, Wells Fargo & Company restated an underperform rating and issued a $8.00 target price on shares of Fossil Group in a research note on Thursday, August 3rd. Five investment analysts have rated the stock with a sell rating, eleven have given a hold rating and three have assigned a buy rating to the company. The stock presently has a consensus rating of Hold and a consensus target price of $15.43.
Fossil Group (NASDAQ FOSL) traded up $0.15 on Friday, hitting $6.75. The stock had a trading volume of 2,917,800 shares, compared to its average volume of 2,279,943. Fossil Group has a 12 month low of $5.50 and a 12 month 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. The company has a market capitalization of $327.56, a PE ratio of 8.05 and a beta of 0.77.
Fossil Group (NASDAQ:FOSL) last posted its quarterly earnings data on Tuesday, November 7th. The accessories brand company reported $0.04 earnings per share for the quarter, beating the consensus estimate of ($0.28) by $0.32. Fossil Group had a positive return on equity of 4.75% and a negative net margin of 12.33%. The company had revenue of $689.00 million during the quarter, compared to analysts’ expectations of $649.87 million. During the same period in the prior year, the business earned $0.36 earnings per share. Fossil Group’s revenue for the quarter was down 6.6% compared to the same quarter last year. equities research analysts anticipate that Fossil Group will post -0.17 EPS for the current fiscal year.
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In other Fossil Group news, insider Darren E. Hart bought 14,347 shares of the firm’s stock in a transaction dated Tuesday, August 22nd. The shares were bought at an average price of $6.99 per share, for a total transaction of $100,285.53. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP John A. White bought 13,000 shares of the firm’s stock in a transaction dated Wednesday, August 23rd. The shares were acquired at an average price of $7.26 per share, for a total transaction of $94,380.00. The disclosure for this purchase can be found here. Insiders have bought 192,147 shares of company stock worth $1,329,006 in the last 90 days. Company insiders own 12.80% of the company’s stock.
Several hedge funds have recently made changes to their positions in the company. FMR LLC grew its holdings in shares of Fossil Group by 0.4% during the second quarter. FMR LLC now owns 7,269,630 shares of the accessories brand company’s stock worth $75,241,000 after purchasing an additional 32,068 shares during the last quarter. BlackRock Inc. grew its holdings in shares of Fossil Group by 19,301.2% during the first quarter. BlackRock Inc. now owns 5,209,210 shares of the accessories brand company’s stock worth $90,900,000 after purchasing an additional 5,182,360 shares during the last quarter. Vanguard Group Inc. grew its holdings in shares of Fossil Group by 14.5% during the first quarter. Vanguard Group Inc. now owns 3,644,137 shares of the accessories brand company’s stock worth $63,591,000 after purchasing an additional 462,851 shares during the last quarter. JPMorgan Chase & Co. grew its holdings in shares of Fossil Group by 3,915.2% during the second quarter. JPMorgan Chase & Co. now owns 2,514,634 shares of the accessories brand company’s stock worth $26,027,000 after purchasing an additional 2,452,006 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its holdings in shares of Fossil Group by 17.0% during the second quarter. Dimensional Fund Advisors LP now owns 2,043,074 shares of the accessories brand company’s stock worth $21,146,000 after purchasing an additional 296,119 shares during the last quarter.
Fossil Group Company Profile
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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