Movado Group Inc. (MOV) Rating Increased to Hold at Zacks Investment Research
Movado Group Inc. (NYSE:MOV) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors on Wednesday.
According to Zacks, “Movado Group, Inc. is a designer, manufacturer and distributor of quality watches with prominent brands sold in almost every price category comprising the watch industry. The company’s watch brands include Movado, Concord, and ESQ. “
Separately, Cowen and Company restated a “market perform” rating and set a $24.00 price objective on shares of Movado Group in a research report on Monday, September 12th. Four research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $29.00.
Shares of Movado Group (NYSE:MOV) opened at 25.20 on Wednesday. The firm’s 50-day moving average is $22.01 and its 200-day moving average is $22.68. Movado Group has a 12 month low of $19.14 and a 12 month high of $30.98. The company has a market cap of $578.34 million, a PE ratio of 15.06 and a beta of 0.36.
Movado Group (NYSE:MOV) last posted its quarterly earnings data on Thursday, August 25th. The company reported $0.27 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.31 by $0.04. The company had revenue of $128.10 million for the quarter, compared to analysts’ expectations of $135.92 million. Movado Group had a net margin of 6.84% and a return on equity of 9.15%. The business’s quarterly revenue was down 12.0% compared to the same quarter last year. During the same quarter last year, the business posted $0.50 EPS. On average, equities research analysts predict that Movado Group will post $1.46 earnings per share for the current year.
Institutional investors have recently modified their holdings of the company. Municipal Employees Retirement System of Michigan boosted its position in shares of Movado Group by 1.1% in the third quarter. Municipal Employees Retirement System of Michigan now owns 5,720 shares of the company’s stock worth $123,000 after buying an additional 60 shares during the last quarter. BNP Paribas Arbitrage SA boosted its position in shares of Movado Group by 85.2% in the second quarter. BNP Paribas Arbitrage SA now owns 5,923 shares of the company’s stock worth $128,000 after buying an additional 2,725 shares during the last quarter. BlackRock Inc. boosted its position in shares of Movado Group by 557.1% in the second quarter. BlackRock Inc. now owns 6,407 shares of the company’s stock worth $139,000 after buying an additional 5,432 shares during the last quarter. Societe Generale acquired a new position in shares of Movado Group during the second quarter worth approximately $154,000. Finally, BlackRock Advisors LLC boosted its position in shares of Movado Group by 1.0% in the second quarter. BlackRock Advisors LLC now owns 7,536 shares of the company’s stock worth $163,000 after buying an additional 78 shares during the last quarter. Institutional investors own 66.05% 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, department stores and independent jewelers.
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