According to a new filing with the Securities and Exchange Commission, Larry Robbins‘ Glenview Capital has raised its stake in Fossil Group Inc (NASDAQ:FOSL) amid the company entering into a partnership with Intel Corporation (NASDAQ:INTC). Glenview reported holding around 3.26 million shares of the company, up from 2.67 million the fund reported in its latest 13F filing for the second quarter. Following the increase, the stake held by Glenview amasses 6.15% of Fossil Group’s common stock.
As it was mentioned earlier, Fossil Group Inc (NASDAQ:FOSL) has recently entered into a collaboration agreement with Intel Corporation (NASDAQ:INTC). As Intel said in a statement, both companies will collaborate to combine Fossil’s design capabilities and Intel’s technology to create yet unannounced products. However, as Intel Corporation (NASDAQ:INTC) has recently launched its smart bracelet, My Intelligent Communication Accessory (MICA), it’s easy to assume that its collaboration with Fossil Group will be focused around wearable devices. Moreover, Intel Corporation (NASDAQ:INTC) added that it’s global investment organization, Intel Capital, will also collaborate with Fossil Group Inc (NASDAQ:FOSL) in order to find co-investments in different emerging technologies.
Fossil Group Inc (NASDAQ:FOSL) is a global designer and distributor of consumer fashion accessories. The company has a vast portfolio of notorious global brands such as Emporio Armani, Burberry, and Michael Kors, among others. The stock of the company has declined by around 16% since the beginning of the year, however, with the recent agreement with Intel Corporation (NASDAQ:INTC), the stock might be poised to rebound and investors have found a good entry point.
Among the hedge funds we track at Insider Monkey, most of those that hold stakes in Fossil Group Inc (NASDAQ:FOSL) have increased their positions during the second quarter. Ricky Sandler‘s Eminence Capital has boosted its stake by around 40% during the second quarter and owns some 2.71 million shares as of the end of June. Steve Cohen‘s Point72 Asset Management is another shareholder of Fossil Group, owning over 492,700 shares, according to its latest 13F filing.
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