Movado Group Inc. (MOV) Upgraded to Buy by ValuEngine

Movado Group Inc. (NYSE:MOV) was upgraded by ValuEngine from a “hold” rating to a “buy” rating in a report released on Friday, September 1st.

A number of other analysts also recently issued reports on MOV. Zacks Investment Research raised Movado Group from a “sell” rating to a “hold” rating in a report on Tuesday, May 23rd. BidaskClub cut Movado Group from a “hold” rating to a “sell” rating in a research report on Wednesday, August 23rd. One analyst has rated the stock with a sell rating, one has assigned a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the stock. Movado Group has an average rating of “Buy” and a consensus target price of $30.33.

Shares of Movado Group (NYSE MOV) opened at 27.35 on Friday. The stock’s 50 day moving average price is $25.26 and its 200-day moving average price is $23.90. Movado Group has a 1-year low of $20.50 and a 1-year high of $31.95. The stock has a market cap of $628.26 million, a price-to-earnings ratio of 23.58 and a beta of 0.20.

Movado Group (NYSE:MOV) last announced its quarterly earnings results on Tuesday, August 29th. The company reported $0.43 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.25 by $0.18. The company had revenue of $128.80 million during the quarter, compared to the consensus estimate of $122.00 million. Movado Group had a return on equity of 7.74% and a net margin of 4.97%. Movado Group’s revenue for the quarter was up .5% on a year-over-year basis. During the same period in the previous year, the business earned $0.27 EPS. On average, equities research analysts forecast that Movado Group will post $1.61 earnings per share for the current year.

Movado Group announced that its Board of Directors has approved a stock buyback program on Tuesday, August 29th that permits the company to buyback $50.00 million in outstanding shares. This buyback authorization permits the company to buy shares of its stock through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

COPYRIGHT VIOLATION WARNING: This news story was posted by The Ledger Gazette and is the sole property of of The Ledger Gazette. If you are viewing this news story on another publication, it was illegally stolen and reposted in violation of U.S. & international trademark & copyright laws. The correct version of this news story can be read at https://ledgergazette.com/2017/09/17/movado-group-inc-mov-upgraded-to-buy-by-valuengine.html.

In other Movado Group news, CFO Sallie A. Demarsilis sold 8,977 shares of the business’s stock in a transaction on Wednesday, September 6th. The stock was sold at an average price of $28.50, for a total value of $255,844.50. Following the completion of the transaction, the chief financial officer now directly owns 37,379 shares in the company, valued at approximately $1,065,301.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Nathan Leventhal sold 3,130 shares of the company’s stock in a transaction on Wednesday, September 6th. The stock was sold at an average price of $28.05, for a total value of $87,796.50. Following the sale, the director now owns 14,565 shares of the company’s stock, valued at $408,548.25. The disclosure for this sale can be found here. 32.98% of the stock is owned by insiders.

A number of hedge funds and other institutional investors have recently made changes to their positions in MOV. Teachers Advisors LLC increased its holdings in Movado Group by 11.1% in the 4th quarter. Teachers Advisors LLC now owns 34,936 shares of the company’s stock valued at $1,004,000 after purchasing an additional 3,477 shares in the last quarter. Bank of Montreal Can boosted its position in Movado Group by 3.6% in the 1st quarter. Bank of Montreal Can now owns 7,732 shares of the company’s stock valued at $193,000 after buying an additional 268 shares during the last quarter. Nationwide Fund Advisors boosted its position in Movado Group by 75.4% in the 1st quarter. Nationwide Fund Advisors now owns 44,252 shares of the company’s stock valued at $1,104,000 after buying an additional 19,016 shares during the last quarter. Great West Life Assurance Co. Can boosted its position in Movado Group by 7.8% in the 1st quarter. Great West Life Assurance Co. Can now owns 20,853 shares of the company’s stock valued at $519,000 after buying an additional 1,504 shares during the last quarter. Finally, LSV Asset Management boosted its position in Movado Group by 1.4% in the 1st quarter. LSV Asset Management now owns 231,972 shares of the company’s stock valued at $5,787,000 after buying an additional 3,200 shares during the last quarter. Hedge funds and other institutional investors own 64.33% of the company’s stock.

About Movado Group

Movado Group, Inc designs, sources, markets and distributes watches. The Company operates through two segments: Wholesale and Retail. The Wholesale segment includes the design, development, sourcing, marketing and distribution of watches, and after-sales service activities and shipping. It sells all of its brands to jewelry store chains and department stores, as well as independent jewelers.

To view ValuEngine’s full report, visit ValuEngine’s official website.

Receive News & Ratings for Movado Group Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Movado Group Inc. and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply