Miller Value Partners LLC Purchases Shares of 2,143,445 Fossil Group, Inc. $FOSL

Key Points

• Miller Value Partners purchased 2.14 million Fossil Group shares worth approximately $8.9 million, giving it a 3.78% stake and making FOSL its 16th-largest holding.
• Institutional investors own 61.14% of Fossil Group, while company director Pamela J. Edwards bought an additional 7,208 shares, increasing her position by 16.75%.
• Fossil Group recently beat quarterly earnings and revenue expectations, but remains unprofitable; analysts hold a consensus “Hold” rating with an average price target of $7.50.

Miller Value Partners LLC purchased a new stake in shares of Fossil Group, Inc. (NASDAQ:FOSL - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 2,143,445 shares of the accessories brand company's stock, valued at approximately $8,874,000. Fossil Group accounts for 2.1% of Miller Value Partners LLC's portfolio, making the stock its 16th largest holding. Miller Value Partners LLC owned approximately 3.78% of Fossil Group at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of FOSL. Wexford Capital LP purchased a new stake in Fossil Group during the 3rd quarter worth $28,000. Carrera Capital Advisors bought a new stake in shares of Fossil Group in the fourth quarter worth $38,000. Qube Research & Technologies Ltd bought a new stake in shares of Fossil Group in the 3rd quarter worth about $39,000. Texas Capital Bank Wealth Management Services Inc acquired a new stake in Fossil Group during the third quarter valued at approximately $45,000. Finally, Jane Street Group LLC raised its position in shares of Fossil Group by 93.1% during the 1st quarter. Jane Street Group LLC now owns 42,584 shares of the accessories brand company's stock valued at $49,000 after acquiring an additional 20,530 shares in the last quarter. 61.14% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Fossil Group

In other Fossil Group news, Director Pamela J. Edwards purchased 7,208 shares of the firm's stock in a transaction on Thursday, August 20th. The shares were purchased at an average price of $5.58 per share, for a total transaction of $40,220.64. Following the completion of the transaction, the director owned 50,251 shares in the company, valued at $280,400.58. This represents a 16.75% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 3.80% of the company's stock.

Fossil Group Trading Down 2.0%

Shares of NASDAQ:FOSL opened at $5.46 on Wednesday. The company has a 50 day moving average of $4.68 and a 200-day moving average of $4.50. The company has a current ratio of 1.76, a quick ratio of 1.05 and a debt-to-equity ratio of 2.74. The firm has a market cap of $322.90 million, a P/E ratio of -4.27 and a beta of 1.62. Fossil Group, Inc. has a twelve month low of $1.70 and a twelve month high of $6.25.

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

Analyst Ratings Changes

FOSL has been the subject of a number of recent research reports. Wall Street Zen raised shares of Fossil Group from a "sell" rating to a "hold" rating in a research report on Saturday, May 16th. Weiss Ratings reissued a "sell (d-)" rating on shares of Fossil Group in a report on Friday, July 17th. Finally, Northland Securities set a $8.00 target price on shares of Fossil Group in a report on Thursday, August 13th. Two equities 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's stock. According to data from MarketBeat, Fossil Group currently has a consensus rating of "Hold" and an average price target of $7.50.

Fossil Group Company 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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