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.
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.
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