Movado Group Inc. (MOV) Given a $34.00 Price Target at Sidoti
Other equities research analysts have also recently issued research reports about the company. Zacks Investment Research cut Movado Group from a hold rating to a strong sell rating in a report on Tuesday, August 30th. Cowen and Company reiterated a market perform rating and set a $24.00 target price on shares of Movado Group in a report on Friday, August 26th. Four research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. Movado Group has a consensus rating of Hold and an average price target of $29.00.
Movado Group (NYSE:MOV) traded down 2.20% during midday trading on Tuesday, hitting $28.85. The company had a trading volume of 56,768 shares. Movado Group has a 52-week low of $19.14 and a 52-week high of $30.98. The firm has a market cap of $662.11 million, a price-to-earnings ratio of 17.24 and a beta of 0.36. The stock has a 50 day moving average of $23.09 and a 200 day moving average of $22.49.
Movado Group (NYSE:MOV) last announced its earnings results on Tuesday, November 22nd. The company reported $0.91 EPS for the quarter, beating analysts’ consensus estimates of $0.72 by $0.19. The firm had revenue of $179.80 million for the quarter, compared to analysts’ expectations of $174.32 million. Movado Group had a return on equity of 9.15% and a net margin of 6.84%. Movado Group’s quarterly revenue was down 3.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.92 EPS. On average, analysts anticipate that Movado Group will post $1.46 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 16th. Investors of record on Friday, December 2nd will be given a $0.13 dividend. This represents a $0.52 annualized dividend and a dividend yield of 1.76%. Movado Group’s dividend payout ratio (DPR) is currently 31.14%.
Hedge funds and other institutional investors have recently modified their holdings of the company. FMR LLC raised its position in shares of Movado Group by 67.2% in the second quarter. FMR LLC now owns 585,357 shares of the company’s stock valued at $12,691,000 after buying an additional 235,297 shares during the period. Riverhead Capital Management LLC raised its position in shares of Movado Group by 15,254.9% in the second quarter. Riverhead Capital Management LLC now owns 217,732 shares of the company’s stock valued at $14,364,000 after buying an additional 216,314 shares during the period. Contrarius Investment Management Ltd purchased a new position in shares of Movado Group during the second quarter valued at $3,537,000. Perkins Investment Management LLC raised its position in shares of Movado Group by 34.7% in the third quarter. Perkins Investment Management LLC now owns 521,247 shares of the company’s stock valued at $11,196,000 after buying an additional 134,344 shares during the period. Finally, Vanguard Group Inc. raised its position in shares of Movado Group by 8.0% in the second quarter. Vanguard Group Inc. now owns 1,420,446 shares of the company’s stock valued at $30,796,000 after buying an additional 105,809 shares during the period. 63.09% of the stock is currently owned by institutional investors and hedge funds.
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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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