Zacks Investment Research upgraded shares of Fossil Group Inc. (NASDAQ:FOSL) from a sell rating to a hold rating in a report released 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.”
A number of other research firms also recently weighed in on FOSL. Piper Jaffray Cos. reaffirmed an underweight rating and issued a $25.00 price target on shares of Fossil Group in a research note on Saturday, August 13th. Nomura dropped their price target on shares of Fossil Group from $25.00 to $23.00 and set a neutral rating on the stock in a research note on Wednesday, August 10th. Cowen and Company reaffirmed a market perform rating and issued a $30.00 price target on shares of Fossil Group in a research note on Wednesday, August 10th. Mizuho upped their price target on shares of Fossil Group from $27.00 to $29.00 and gave the stock a neutral rating in a research note on Wednesday, August 10th. Finally, Jefferies Group reaffirmed a hold rating on shares of Fossil Group in a research note on Monday, September 12th. Six equities research analysts have rated the stock with a sell rating, eleven have issued 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 an average price target of $30.89.
Shares of Fossil Group (NASDAQ:FOSL) traded up 0.04% on Monday, hitting $27.75. The company’s stock had a trading volume of 28,426 shares. Fossil Group has a 52 week low of $26.03 and a 52 week high of $56.54. The stock’s 50 day moving average price is $28.30 and its 200 day moving average price is $31.38. The stock has a market capitalization of $1.34 billion, a P/E ratio of 9.60 and a beta of 1.89.
Fossil Group (NASDAQ:FOSL) last announced its earnings results on Tuesday, August 9th. The company reported $0.12 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.09 by $0.03. Fossil Group had a net margin of 4.49% and a return on equity of 16.91%. The company had revenue of $685 million for the quarter, compared to the consensus estimate of $670.97 million. During the same period in the previous year, the business earned $1.12 EPS. The company’s revenue was down 7.4% on a year-over-year basis. On average, analysts forecast that Fossil Group will post $1.87 earnings per share for the current fiscal year.
Hedge funds have recently bought and sold shares of the company. LS Investment Advisors LLC raised its stake in Fossil Group by 173.7% in the second quarter. LS Investment Advisors LLC now owns 4,117 shares of the company’s stock valued at $117,000 after buying an additional 2,613 shares during the last quarter. Invictus RG raised its stake in Fossil Group by 113.5% in the first quarter. Invictus RG now owns 2,690 shares of the company’s stock valued at $119,000 after buying an additional 1,430 shares during the last quarter. Societe Generale purchased a new stake in Fossil Group during the second quarter valued at $133,000. Emerald Acquisition Ltd. purchased a new stake in Fossil Group during the second quarter valued at $143,000. Finally, Teacher Retirement System of Texas raised its stake in Fossil Group by 13.9% in the second quarter. Teacher Retirement System of Texas now owns 6,064 shares of the company’s stock valued at $173,000 after buying an additional 742 shares during the last quarter. 95.56% of the stock is owned by institutional investors.
Fossil Group Company Profile
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.