KeyCorp Equities Analysts Boost Earnings Estimates for Movado Group Inc. (MOV)
Movado Group Inc. (NYSE:MOV) – Stock analysts at KeyCorp lifted their Q4 2018 earnings estimates for Movado Group in a research report issued on Tuesday. KeyCorp analyst E. Yruma now forecasts that the company will post earnings of $0.33 per share for the quarter, up from their prior estimate of $0.26. KeyCorp also issued estimates for Movado Group’s Q1 2019 earnings at $0.10 EPS, Q2 2019 earnings at $0.38 EPS, Q3 2019 earnings at $0.92 EPS and Q4 2019 earnings at $0.36 EPS.
Movado Group (NYSE:MOV) last released its quarterly earnings results on Tuesday, August 29th. The company reported $0.43 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.25 by $0.18. The company had revenue of $128.80 million for the quarter, compared to analysts’ expectations of $122 million. Movado Group had a return on equity of 7.74% and a net margin of 4.97%. The business’s quarterly revenue was up .5% compared to the same quarter last year. During the same period in the previous year, the business posted $0.27 earnings per share. COPYRIGHT VIOLATION WARNING: “KeyCorp Equities Analysts Boost Earnings Estimates for Movado Group Inc. (MOV)” was published by The Cerbat Gem and is owned by of The Cerbat Gem. If you are reading this report on another publication, it was illegally stolen and reposted in violation of U.S. & international trademark and copyright law. The correct version of this report can be read at https://www.thecerbatgem.com/2017/09/01/keycorp-equities-analysts-boost-earnings-estimates-for-movado-group-inc-mov.html.
MOV has been the topic of a number of other reports. Zacks Investment Research upgraded Movado Group from a “sell” rating to a “hold” rating in a research report on Wednesday, August 9th. ValuEngine lowered Movado Group from a “buy” rating to a “hold” rating in a research report on Tuesday, August 1st. Finally, BidaskClub lowered 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, three have given a hold rating and one has issued a buy rating to the company’s stock. Movado Group has a consensus rating of “Hold” and an average target price of $31.00.
Movado Group (NYSE MOV) traded down 1.44% during mid-day trading on Thursday, hitting $27.35. The stock had a trading volume of 42,712 shares. Movado Group has a 52 week low of $20.50 and a 52 week high of $31.95. The firm has a market cap of $624.70 million, a PE ratio of 23.60 and a beta of 0.35. The company’s 50 day moving average price is $24.43 and its 200 day moving average price is $23.76.
Movado Group announced that its board has initiated a stock buyback plan on Tuesday, August 29th that authorizes the company to buyback $50.00 million in shares. This buyback authorization authorizes the company to buy shares of its stock through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its stock is undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Monday, September 25th. Stockholders of record on Monday, September 11th will be paid a $0.13 dividend. This represents a $0.52 annualized dividend and a dividend yield of 1.87%. The ex-dividend date of this dividend is Friday, September 8th. Movado Group’s dividend payout ratio is currently 45.22%.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Public Employees Retirement System of Ohio boosted its position in Movado Group by 5.1% in the second quarter. Public Employees Retirement System of Ohio now owns 13,343 shares of the company’s stock valued at $337,000 after buying an additional 647 shares in the last quarter. The Manufacturers Life Insurance Company boosted its stake in Movado Group by 4.9% in the second quarter. The Manufacturers Life Insurance Company now owns 13,366 shares of the company’s stock worth $337,000 after buying an additional 623 shares during the period. Janus Henderson Group PLC purchased a new stake in Movado Group during the second quarter worth approximately $13,810,000. AHL Partners LLP purchased a new stake in Movado Group during the second quarter worth approximately $403,000. Finally, Balyasny Asset Management LLC purchased a new stake in Movado Group during the second quarter worth approximately $1,721,000. 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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