Fossil Group (FOSL) Rating Increased to Buy 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 report published on Tuesday morning. Zacks Investment Research currently has $11.00 price objective on the accessories brand company’s stock.
According to Zacks, “Fossil, which has crushed the industry in a month, seems to be gaining from its significant efforts to expand its wearables category, given the rising demand for tech-savvy watches. Notably, Fossil remains geared up to enrich its wearables portfolio with its smartwatch line-up in 2018. However, the company has been facing challenges related to persistent softness in traditional watch category and lackluster performance of leather and jewelry business across all regions. Further, Fossil’s gross margin has been strained for a year now due to intense promotions amid a tough retail landscape and weak margins from connected products. Unfortunately, management expects these headwinds to linger, which is clear from its dismal view. Nevertheless, the company remains focused on its New World Fossil plan, which aims to bring a transformation, fuel efficiencies and improve margins. Estimates have been stable lately ahead of fourth-quarter earnings.”
A number of other research firms have also recently weighed in on FOSL. Piper Jaffray Companies set a $10.00 price objective on Fossil Group and gave the stock a hold rating in a research report on Thursday, October 12th. Buckingham Research cut Fossil Group from a neutral rating to an underperform rating in a research report on Friday, January 5th. Bank of America lowered their price objective on Fossil Group from $7.00 to $4.00 and set an underperform rating for the company in a research report on Wednesday, November 8th. Finally, ValuEngine cut Fossil Group from a buy rating to a hold rating in a research report on Thursday, November 9th. Five investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and three have given a buy rating to the stock. The stock presently has a consensus rating of Hold and an average price target of $11.27.
Shares of Fossil Group (FOSL) traded up $0.16 during midday trading on Tuesday, reaching $9.33. The company’s stock had a trading volume of 1,594,237 shares, compared to its average volume of 1,725,336. The company has a debt-to-equity ratio of 0.68, a current ratio of 2.32 and a quick ratio of 1.09. The company has a market cap of $452.77, a PE ratio of -1.30 and a beta of 0.75. Fossil Group has a 1-year low of $5.50 and a 1-year high of $26.78.
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, topping the Zacks’ consensus estimate of ($0.28) by $0.32. The firm had revenue of $689.00 million during the quarter, compared to analysts’ expectations of $649.87 million. Fossil Group had a positive return on equity of 4.75% and a negative net margin of 12.33%. The business’s quarterly revenue was down 6.6% on a year-over-year basis. During the same quarter last year, the firm earned $0.36 EPS. analysts forecast that Fossil Group will post -0.22 EPS for the current year.
In other news, EVP Martin Frey bought 7,500 shares of Fossil Group stock in a transaction that occurred on Wednesday, November 22nd. The stock was bought at an average price of $7.41 per share, for a total transaction of $55,575.00. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Gregory A. Mckelvey bought 110,000 shares of Fossil Group stock in a transaction that occurred on Friday, November 10th. The stock was purchased at an average price of $6.22 per share, with a total value of $684,200.00. The disclosure for this purchase can be found here. Company insiders own 12.80% of the company’s stock.
A number of hedge funds have recently modified their holdings of the stock. The Manufacturers Life Insurance Company raised its stake in Fossil Group by 3.9% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 34,365 shares of the accessories brand company’s stock worth $357,000 after acquiring an additional 1,288 shares during the last quarter. Thrivent Financial For Lutherans raised its stake in Fossil Group by 5.8% in the 2nd quarter. Thrivent Financial For Lutherans now owns 25,280 shares of the accessories brand company’s stock worth $262,000 after acquiring an additional 1,390 shares during the last quarter. TIAA CREF Investment Management LLC raised its stake in Fossil Group by 1.3% in the 2nd quarter. TIAA CREF Investment Management LLC now owns 114,243 shares of the accessories brand company’s stock worth $1,182,000 after acquiring an additional 1,413 shares during the last quarter. Principal Financial Group Inc. raised its stake in Fossil Group by 0.5% in the 2nd quarter. Principal Financial Group Inc. now owns 320,702 shares of the accessories brand company’s stock worth $3,319,000 after acquiring an additional 1,508 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its stake in Fossil Group by 0.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 563,093 shares of the accessories brand company’s stock worth $5,828,000 after acquiring an additional 1,509 shares during the last quarter. Institutional investors own 91.83% of the company’s stock.
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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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