Fossil Group, Inc. (FOSL) Trading -23.3% Higher on Strong Earnings

Shares of Fossil Group, Inc. (NASDAQ:FOSL) traded up 23.3% during mid-day trading on Wednesday following a stronger than expected earnings report. The stock traded as high as $12.59 and last traded at $9.09, with a volume of 13,574,653 shares changing hands. The stock had previously closed at $11.84.

The accessories brand company reported ($0.23) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.28) by $0.05. Fossil Group had a negative net margin of 11.33% and a positive return on equity of 5.80%. The business had revenue of $596.80 million during the quarter, compared to the consensus estimate of $617.89 million. During the same quarter in the prior year, the firm earned $0.12 EPS. The company’s revenue for the quarter was down 12.9% compared to the same quarter last year.

Several research analysts have commented on FOSL shares. Cowen and Company decreased their target price on shares of Fossil Group from $15.00 to $12.00 and set a “market perform” rating for the company in a research report on Wednesday, May 10th. Telsey Advisory Group decreased their target price on shares of Fossil Group from $23.00 to $16.00 and set a “market perform” rating for the company in a research report on Wednesday, May 10th. Jefferies Group LLC restated a “hold” rating and issued a $19.00 target price on shares of Fossil Group in a research report on Tuesday, May 2nd. Zacks Investment Research upgraded shares of Fossil Group from a “strong sell” rating to a “hold” rating in a research report on Monday, May 8th. Finally, Vetr cut shares of Fossil Group from a “strong-buy” rating to a “buy” rating and set a $18.50 target price for the company. in a research report on Monday, April 17th. Four analysts have rated the stock with a sell rating, twelve have assigned a hold rating and four have given a buy rating to the company’s stock. Fossil Group currently has a consensus rating of “Hold” and an average price target of $16.23.

In other news, Chairman Kosta N. Kartsotis sold 1,075,000 shares of the stock in a transaction on Tuesday, May 30th. The shares were sold at an average price of $11.29, for a total transaction of $12,136,750.00. Following the transaction, the chairman now owns 4,183,047 shares in the company, valued at approximately $47,226,600.63. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Chairman Kosta N. Kartsotis sold 520,281 shares of the stock in a transaction on Friday, June 9th. The stock was sold at an average price of $10.71, for a total transaction of $5,572,209.51. Following the transaction, the chairman now owns 3,445,546 shares in the company, valued at approximately $36,901,797.66. The disclosure for this sale can be found here. In the last quarter, insiders sold 2,220,281 shares of company stock worth $23,790,210. Company insiders own 12.80% of the company’s stock.

Hedge funds and other institutional investors have recently made changes to their positions in the company. Acadian Asset Management LLC acquired a new position in shares of Fossil Group during the second quarter valued at approximately $113,000. Campbell & CO Investment Adviser LLC purchased a new stake in Fossil Group during the second quarter valued at about $122,000. Louisiana State Employees Retirement System increased its stake in Fossil Group by 0.6% in the second quarter. Louisiana State Employees Retirement System now owns 17,200 shares of the accessories brand company’s stock valued at $178,000 after buying an additional 100 shares in the last quarter. Koch Industries Inc. purchased a new stake in Fossil Group during the first quarter valued at about $196,000. Finally, Northwestern Mutual Investment Management Company LLC purchased a new stake in Fossil Group during the second quarter valued at about $204,000. Institutional investors own 97.21% of the company’s stock.

The stock has a 50 day moving average of $10.42 and a 200-day moving average of $15.24. The stock’s market capitalization is $427.29 million.

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About Fossil Group

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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