Fossil Group Inc. (FOSL) Upgraded to Hold at Zacks Investment Research
Fossil Group Inc. (NASDAQ:FOSL) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report issued on Monday.
According to Zacks, “Estimates have remained unchanged after Fossil’s second quarter fiscal 2016 earnings release. Fossil surpassed earnings and revenue estimates in the second quarter of fiscal 2016, but the company tightened its fiscal 2016 outlook due to economic, competitive and consumer headwinds. Though Fossil’s connected wearables and smartwatches are expected to give momentum to the company, we note that the company has been witnessing soft sales over the past few quarters due to a decline in its multi-brand licensed watch portfolio, due to general weakness in the watches category. Also, the company expects tempered growth in China and anticipates several challenges to impact international demand. However, Moreover, the company has been witnessing sluggish comps in the U.S. over the past few quarters due to weak traffic. Unfavorable currency translations, meanwhile, will continue to pose concern.”
Other analysts have also issued reports about the company. Piper Jaffray Cos. reissued a “sell” rating and issued a $25.00 price objective on shares of Fossil Group in a report on Sunday, July 17th. Mizuho boosted their price objective on Fossil Group from $27.00 to $29.00 and gave the company a “neutral” rating in a report on Wednesday, August 10th. Nomura lowered their price objective on Fossil Group from $25.00 to $23.00 and set a “neutral” rating for the company in a report on Wednesday, August 10th. Cowen and Company reaffirmed a “market perform” rating and set a $30.00 target price on shares of Fossil Group in a report on Wednesday, August 10th. Finally, Jefferies Group reaffirmed a “hold” rating on shares of Fossil Group in a report on Monday, September 12th. Six research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and three have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $30.89.
Fossil Group (NASDAQ:FOSL) traded down 2.14% during mid-day trading on Monday, hitting $27.94. The stock had a trading volume of 145,254 shares. The stock has a market cap of $1.34 billion, a price-to-earnings ratio of 9.66 and a beta of 1.89. The company has a 50-day moving average of $28.35 and a 200-day moving average of $31.67. Fossil Group has a 12-month low of $26.03 and a 12-month high of $56.54.
Fossil Group (NASDAQ:FOSL) last announced its quarterly earnings data on Tuesday, August 9th. The company reported $0.12 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.09 by $0.03. The firm earned $685 million during the quarter, compared to analyst estimates of $670.97 million. Fossil Group had a return on equity of 16.91% and a net margin of 4.49%. Fossil Group’s quarterly revenue was down 7.4% on a year-over-year basis. During the same period in the previous year, the company earned $1.12 earnings per share. On average, analysts anticipate that Fossil Group will post $1.87 earnings per share for the current fiscal year.
A number of large investors have recently added to or reduced their stakes in FOSL. Texas Permanent School Fund increased its stake in shares of Fossil Group by 126.7% in the first quarter. Texas Permanent School Fund now owns 33,094 shares of the company’s stock worth $1,470,000 after buying an additional 18,498 shares during the period. Nisa Investment Advisors L.L.C. increased its stake in shares of Fossil Group by 59.8% in the first quarter. Nisa Investment Advisors L.L.C. now owns 18,700 shares of the company’s stock worth $831,000 after buying an additional 7,000 shares during the period. Teachers Advisors Inc. increased its stake in shares of Fossil Group by 104.0% in the first quarter. Teachers Advisors Inc. now owns 77,190 shares of the company’s stock worth $3,429,000 after buying an additional 39,356 shares during the period. BlackRock Fund Advisors increased its stake in shares of Fossil Group by 115.6% in the first quarter. BlackRock Fund Advisors now owns 1,388,760 shares of the company’s stock worth $61,689,000 after buying an additional 744,537 shares during the period. Finally, BlackRock Institutional Trust Company N.A. increased its stake in shares of Fossil Group by 7.1% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 1,205,338 shares of the company’s stock worth $53,541,000 after buying an additional 79,683 shares during the period. Hedge funds and other institutional investors own 95.56% of the company’s stock.
About Fossil Group
Fossil Group, Inc is a design, marketing and distribution company that specializes in consumer fashion accessories. The Company’s segments are 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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