Fossil Group (NASDAQ:FOSL) Downgraded by Zacks Investment Research to “Hold”

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Zacks Investment Research lowered shares of Fossil Group (NASDAQ:FOSL) from a buy rating to a hold rating in a report issued on Monday, Zacks.com reports. They currently have $12.00 target price on the accessories brand company’s stock.

According to Zacks, “Shares of Fossil have underperformed the industry in the past year. This is attributable to dismal sales trend, triggered by softness in the company’s traditional watch category and several business and licensed brand exits. Markedly, in the second quarter of 2019, the company’s net sales tumbled 13% year over year.  Apart from sluggishness in traditional watches, the leathers and jewelry categories have been weak, on account of soft demand. Nevertheless, expansion in the wearable’s category has been an upside. Notably, connected watch sales constituted 21% of Fossil’s total watch sales in the second quarter. Moreover, the company is focusing on product launches to bolster this unit. Additionally, it is on track with the New World Fossil initiative, directed toward reducing costs and boosting margins.”

Several other equities analysts have also commented on the company. BidaskClub lowered Fossil Group from a buy rating to a hold rating in a research report on Friday. TheStreet raised Fossil Group from a d+ rating to a c- rating in a research report on Friday, September 20th. ValuEngine raised Fossil Group from a sell rating to a hold rating in a research report on Wednesday, October 2nd. Finally, Telsey Advisory Group reissued a market perform rating and set a $12.00 price target (down from $15.00) on shares of Fossil Group in a research report on Monday, August 5th. One research analyst has rated the stock with a sell rating and four have given a hold rating to the company. The company currently has a consensus rating of Hold and an average price target of $10.67.

Fossil Group stock traded down $0.10 during midday trading on Monday, hitting $10.90. 29,764 shares of the company were exchanged, compared to its average volume of 1,192,546. The company’s fifty day moving average price is $12.21 and its 200-day moving average price is $11.79. The company has a market cap of $561.50 million, a PE ratio of 13.97 and a beta of 0.44. The company has a debt-to-equity ratio of 0.87, a current ratio of 1.92 and a quick ratio of 1.05. Fossil Group has a fifty-two week low of $9.00 and a fifty-two week high of $24.28.

Fossil Group (NASDAQ:FOSL) last released its quarterly earnings results on Wednesday, August 7th. The accessories brand company reported ($0.04) EPS for the quarter, topping the consensus estimate of ($0.07) by $0.03. The firm had revenue of $501.40 million for the quarter, compared to analyst estimates of $499.05 million. Fossil Group had a return on equity of 6.94% and a net margin of 1.40%. Fossil Group’s revenue for the quarter was down 13.0% on a year-over-year basis. During the same period in the previous year, the company posted ($0.16) EPS. On average, analysts expect that Fossil Group will post 1.49 EPS for the current fiscal year.

In other Fossil Group news, EVP Gregory A. Mckelvey bought 33,600 shares of the business’s stock in a transaction on Friday, August 23rd. The shares were bought at an average cost of $10.22 per share, with a total value of $343,392.00. Following the transaction, the executive vice president now directly owns 432,093 shares in the company, valued at approximately $4,415,990.46. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Gregory A. Mckelvey bought 100,000 shares of the business’s stock in a transaction on Wednesday, August 21st. The stock was acquired at an average cost of $9.86 per share, for a total transaction of $986,000.00. Following the completion of the transaction, the executive vice president now owns 432,093 shares in the company, valued at $4,260,436.98. The disclosure for this purchase can be found here. Over the last ninety days, insiders acquired 153,600 shares of company stock worth $1,529,992. 8.00% of the stock is currently owned by corporate insiders.

Several institutional investors and hedge funds have recently made changes to their positions in the business. FMR LLC raised its position in shares of Fossil Group by 0.3% in the 1st quarter. FMR LLC now owns 7,437,523 shares of the accessories brand company’s stock valued at $102,043,000 after purchasing an additional 20,000 shares in the last quarter. Vanguard Group Inc. raised its position in shares of Fossil Group by 1.6% in the 2nd quarter. Vanguard Group Inc. now owns 7,144,848 shares of the accessories brand company’s stock valued at $82,166,000 after purchasing an additional 111,037 shares in the last quarter. BlackRock Inc. raised its position in shares of Fossil Group by 1.9% in the 2nd quarter. BlackRock Inc. now owns 6,811,086 shares of the accessories brand company’s stock valued at $78,327,000 after purchasing an additional 127,049 shares in the last quarter. D. E. Shaw & Co. Inc. raised its position in shares of Fossil Group by 39.4% in the 2nd quarter. D. E. Shaw & Co. Inc. now owns 1,744,558 shares of the accessories brand company’s stock valued at $20,062,000 after purchasing an additional 492,935 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its position in shares of Fossil Group by 27.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 679,871 shares of the accessories brand company’s stock valued at $7,819,000 after purchasing an additional 146,150 shares in the last quarter.

Fossil Group Company Profile

Fossil Group, Inc designs, develops, markets, and distributes consumer fashion accessories in the United States, Europe, Asia, and internationally. Its principal products include men's and women's fashion watches and jewelry, smartwatches, handbags, small leather goods, belts, and sunglasses.

Further Reading: Capital Gains Distribution

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