206,195 Shares in Fossil Group, Inc. $FOSL Acquired by Bank of America Corp DE

Key Points

• Bank of America acquired 206,195 Fossil Group shares worth approximately $854,000, representing about 0.36% of the company. Institutional investors and hedge funds collectively own 61.14% of Fossil’s stock.
• Analyst sentiment is moderately bullish, with an average rating of “Moderate Buy” and a $9.00 price target; individual targets range from $8.00 to $12.00.
• Fossil reported quarterly revenue of $209.69 million and an adjusted loss of $0.13 per share, beating analysts’ estimates, though the company remains unprofitable with a negative net margin of 7.09%.

Bank of America Corp DE bought a new position in shares of Fossil Group, Inc. (NASDAQ:FOSL - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 206,195 shares of the accessories brand company's stock, valued at approximately $854,000. Bank of America Corp DE owned approximately 0.36% of Fossil Group at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the company. The Manufacturers Life Insurance Company bought a new position in Fossil Group during the 2nd quarter valued at $64,000. Texas Capital Bank Wealth Management Services Inc acquired a new position in Fossil Group during the second quarter worth about $73,000. State of Wyoming acquired a new position in Fossil Group during the second quarter worth about $101,000. Cannon Global Investment Management LLC bought a new stake in Fossil Group in the first quarter worth about $110,000. Finally, HB Wealth Management LLC bought a new stake in Fossil Group in the first quarter worth about $123,000. 61.14% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms recently commented on FOSL. Northland Securities set a $8.00 target price on shares of Fossil Group in a report on Thursday, August 13th. Weiss Ratings restated a "sell (d-)" rating on shares of Fossil Group in a report on Friday, July 17th. Finally, Craig Hallum assumed coverage on shares of Fossil Group in a research report on Thursday, September 10th. They issued a "buy" rating and a $12.00 price target on the stock. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $9.00.

Insider Buying and Selling at Fossil Group

In related news, Director Pamela J. Edwards acquired 7,208 shares of the company's stock in a transaction that occurred on Thursday, August 20th. The stock was purchased at an average price of $5.58 per share, for a total transaction of $40,220.64. Following the transaction, the director directly owned 50,251 shares of the company's stock, valued at approximately $280,400.58. This trade represents a 16.75% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 3.80% of the company's stock.

Fossil Group Price Performance

Shares of Fossil Group stock opened at $6.80 on Friday. The stock has a market capitalization of $402.15 million, a price-to-earnings ratio of -5.31 and a beta of 1.55. The firm's 50-day moving average price is $5.46 and its two-hundred day moving average price is $4.76. The company has a current ratio of 1.76, a quick ratio of 1.05 and a debt-to-equity ratio of 2.74. Fossil Group, Inc. has a 1-year low of $1.70 and a 1-year high of $7.06.

Fossil Group (NASDAQ:FOSL - Get Free Report) last posted its earnings results on Wednesday, August 12th. The accessories brand company reported ($0.13) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.29) by $0.16. Fossil Group had a negative net margin of 7.09% and a negative return on equity of 59.76%. The company had revenue of $209.69 million during the quarter, compared to analysts' expectations of $199.33 million. On average, equities analysts predict that Fossil Group, Inc. will post -0.04 earnings per share for the current fiscal year.

Fossil Group Profile

Fossil Group, Inc is a global design, marketing and distribution company focused on fashion accessories. The company is best known for its watches, including products sold under the Fossil brand and licensed brands, and also offers jewelry, handbags, small leather goods and other accessories.

Fossil Group sells products through a combination of wholesale customers, company-operated retail stores, e-commerce websites and other direct-to-consumer channels. Its products are distributed across North America, Europe, Asia and other international markets, serving consumers through department stores, specialty retailers and digital platforms.

Founded in 1984 and headquartered in Richardson, Texas, Fossil Group has expanded from its original watch business into a broader accessories company.

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