Connor Clark & Lunn Investment Management Ltd. Acquires New Stake in Fossil Group, Inc. $FOSL

Key Points

• Connor Clark & Lunn Investment Management acquired 254,323 Fossil Group shares worth approximately $1.05 million, representing about 0.43% of the company. Institutional investors collectively own 61.14% of FOSL.
• Fossil Group exceeded quarterly expectations, reporting an adjusted loss of $0.13 per share versus the $0.29 consensus loss estimate and revenue of $209.69 million, above the $199.33 million forecast.
• FOSL shares opened at $5.35, while analysts maintain an average “Hold” rating and a $7.50 price target; the stock remains unprofitable, with a negative net margin of 7.09% and a debt-to-equity ratio of 2.74.

Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Fossil Group, Inc. (NASDAQ:FOSL - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 254,323 shares of the accessories brand company's stock, valued at approximately $1,053,000. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.43% of Fossil Group as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in FOSL. BlackRock Inc. purchased a new stake in shares of Fossil Group in the 2nd quarter valued at about $15,263,000. Kanen Wealth Management LLC purchased a new position in shares of Fossil Group during the fourth quarter worth about $5,515,000. Nantahala Capital Management LLC increased its position in shares of Fossil Group by 35.4% in the fourth quarter. Nantahala Capital Management LLC now owns 5,064,359 shares of the accessories brand company's stock worth $19,042,000 after purchasing an additional 1,323,202 shares during the last quarter. Prescott Group Capital Management L.L.C. increased its position in shares of Fossil Group by 1,220.7% in the fourth quarter. Prescott Group Capital Management L.L.C. now owns 875,026 shares of the accessories brand company's stock worth $3,290,000 after purchasing an additional 808,770 shares during the last quarter. Finally, Quinn Opportunity Partners LLC raised its stake in Fossil Group by 4,465.6% in the third quarter. Quinn Opportunity Partners LLC now owns 470,301 shares of the accessories brand company's stock valued at $1,209,000 after purchasing an additional 460,000 shares in the last quarter. 61.14% of the stock is currently owned by institutional investors.

Fossil Group Price Performance

Shares of NASDAQ:FOSL opened at $5.35 on Monday. The stock has a market cap of $316.40 million, a PE ratio of -4.18 and a beta of 1.62. The company's fifty day moving average is $4.75 and its 200 day moving average is $4.54. Fossil Group, Inc. has a 52 week low of $1.70 and a 52 week high of $6.25. The company has a quick ratio of 1.05, a current ratio of 1.76 and a debt-to-equity ratio of 2.74.

Fossil Group (NASDAQ:FOSL - Get Free Report) last posted its quarterly earnings results on Wednesday, August 12th. The accessories brand company reported ($0.13) earnings per share for the quarter, topping the consensus estimate 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 business had revenue of $209.69 million during the quarter, compared to the consensus estimate of $199.33 million. Research analysts anticipate that Fossil Group, Inc. will post -0.04 earnings per share for the current year.

Insider Buying and Selling at Fossil Group

In related news, Director Pamela J. Edwards bought 7,208 shares of the company's stock in a transaction that occurred on Thursday, August 20th. The stock was bought at an average cost of $5.58 per share, for a total transaction of $40,220.64. Following the acquisition, the director directly owned 50,251 shares of the company's stock, valued at $280,400.58. The trade was a 16.75% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 3.80% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have issued reports on FOSL shares. Weiss Ratings reiterated a "sell (d-)" rating on shares of Fossil Group in a research report on Friday, July 17th. Northland Securities set a $8.00 price target on shares of Fossil Group in a report on Thursday, August 13th. Finally, Wall Street Zen upgraded shares of Fossil Group from a "sell" rating to a "hold" rating in a research report on Saturday, May 16th. Two research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Fossil Group has an average rating of "Hold" and an average price target of $7.50.

Fossil Group Profile

Fossil Group, Inc designs, develops, markets and distributes consumer fashion accessories, focusing on lifestyle and wearable technology. The company offers a wide range of products including analog and digital watches, smartwatches, jewelry, handbags, small leather goods and wearable devices. It sells merchandise under its own Fossil brand and via license agreements with international labels such as Michael Kors, Armani Exchange, Burberry, Diesel, DKNY, Kate Spade and Tory Burch. Through its proprietary e-commerce platforms and global retail network, Fossil Group serves markets across North America, Europe, Asia and the Middle East.

The group's wearable technology segment combines traditional timepieces with features such as fitness tracking, heart-rate monitoring and NFC payments.

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