Fossil Group Inc. (NASDAQ:FOSL) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note 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.”
FOSL has been the subject of a number of other research reports. Jefferies Group restated a “hold” rating on shares of Fossil Group in a research report on Monday, September 12th. Piper Jaffray Cos. restated an “underweight” rating and issued a $25.00 price objective on shares of Fossil Group in a research report on Wednesday, August 24th. Nomura reduced their price objective on shares of Fossil Group from $25.00 to $23.00 and set a “neutral” rating for the company in a research report on Wednesday, August 10th. Cowen and Company restated a “market perform” rating and issued a $30.00 price objective on shares of Fossil Group in a research report on Wednesday, August 10th. Finally, Mizuho increased their target price on shares of Fossil Group from $27.00 to $29.00 and gave the company a “neutral” rating in a report on Wednesday, August 10th. Six equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and three have issued a buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $30.89.
Fossil Group (NASDAQ:FOSL) opened at 28.02 on Monday. The firm has a market capitalization of $1.35 billion, a PE ratio of 9.69 and a beta of 1.89. Fossil Group has a 12-month low of $26.03 and a 12-month high of $56.54. The company has a 50-day moving average price of $28.29 and a 200-day moving average price of $31.35.
Fossil Group (NASDAQ:FOSL) last announced its quarterly earnings data on Tuesday, August 9th. The company reported $0.12 EPS for the quarter, beating the Zacks’ consensus estimate of $0.09 by $0.03. The firm earned $685 million during the quarter, compared to the consensus estimate of $670.97 million. Fossil Group had a net margin of 4.49% and a return on equity of 16.91%. The firm’s revenue was down 7.4% compared to the same quarter last year. During the same quarter last year, the firm earned $1.12 earnings per share. On average, analysts predict that Fossil Group will post $1.87 earnings per share for the current year.
Hedge funds have recently added to or reduced their stakes in the company. BlackRock Fund Advisors boosted its stake in Fossil Group by 115.6% in the first quarter. BlackRock Fund Advisors now owns 1,388,760 shares of the company’s stock valued at $61,689,000 after buying an additional 744,537 shares during the last quarter. UBS Oconnor LLC bought a new position in shares of Fossil Group during the second quarter worth $13,506,000. Vulcan Value Partners LLC raised its position in shares of Fossil Group by 4.1% in the second quarter. Vulcan Value Partners LLC now owns 11,611,725 shares of the company’s stock worth $331,283,000 after buying an additional 459,907 shares during the period. Eminence Capital LP raised its position in shares of Fossil Group by 19.8% in the second quarter. Eminence Capital LP now owns 2,136,408 shares of the company’s stock worth $60,952,000 after buying an additional 352,570 shares during the period. Finally, Scopia Capital Management LP raised its position in shares of Fossil Group by 450.7% in the first quarter. Scopia Capital Management LP now owns 395,925 shares of the company’s stock worth $17,587,000 after buying an additional 324,035 shares during the period. 95.56% of the stock is owned by hedge funds and other institutional investors.
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Fossil Group Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Fossil Group Inc. and related companies with MarketBeat.com's FREE daily email newsletter.