Movado Group Inc. (MOV) Upgraded by Zacks Investment Research to Strong-Buy
Zacks Investment Research upgraded shares of Movado Group Inc. (NYSE:MOV) from a hold rating to a strong-buy rating in a research report sent to investors on Tuesday morning. The brokerage currently has $34.00 target price on the stock.
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. “
A number of other analysts also recently issued reports on MOV. Cowen and Company restated a market perform rating and issued a $24.00 price target on shares of Movado Group in a research report on Friday, August 26th. Sidoti set a $34.00 price target on Movado Group and gave the stock a buy rating in a research report on Tuesday, November 22nd.
Shares of Movado Group (NYSE:MOV) opened at 29.15 on Tuesday. The stock has a market capitalization of $668.47 million, a P/E ratio of 17.93 and a beta of 0.36. Movado Group has a 52-week low of $19.14 and a 52-week high of $30.98. The stock has a 50 day moving average of $23.75 and a 200-day moving average of $22.52.
Movado Group (NYSE:MOV) last posted its earnings results on Tuesday, November 22nd. The company reported $0.91 earnings per share for the quarter, beating analysts’ consensus estimates of $0.72 by $0.19. Movado Group had a net margin of 6.67% and a return on equity of 8.97%. The firm earned $179.80 million during the quarter, compared to analyst estimates of $174.32 million. During the same period last year, the firm posted $0.92 earnings per share. Movado Group’s revenue for the quarter was down 3.1% compared to the same quarter last year. Analysts predict that Movado Group will post $1.52 EPS for the current fiscal year.
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The firm also recently announced a quarterly dividend, which will be paid on Friday, December 16th. Stockholders of record on Friday, December 2nd will be given a dividend of $0.13 per share. The ex-dividend date of this dividend is Wednesday, November 30th. This represents a $0.52 annualized dividend and a dividend yield of 1.77%. Movado Group’s dividend payout ratio (DPR) is 32.10%.
Several hedge funds have recently added to or reduced their stakes in the company. Municipal Employees Retirement System of Michigan increased its stake in 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 valued at $123,000 after buying an additional 60 shares during the period. BNP Paribas Arbitrage SA increased its stake in Movado Group by 85.2% in the second quarter. BNP Paribas Arbitrage SA now owns 5,923 shares of the company’s stock valued at $128,000 after buying an additional 2,725 shares during the period. BlackRock Inc. increased its stake in Movado Group by 557.1% in the second quarter. BlackRock Inc. now owns 6,407 shares of the company’s stock valued at $139,000 after buying an additional 5,432 shares during the period. Societe Generale acquired a new stake in Movado Group during the second quarter valued at $154,000. Finally, BlackRock Advisors LLC increased its stake in Movado Group by 1.0% in the second quarter. BlackRock Advisors LLC now owns 7,536 shares of the company’s stock valued at $163,000 after buying an additional 78 shares during the period. Institutional investors and hedge funds own 61.53% of the company’s stock.
Movado Group Company Profile
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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