Movado Group Inc. (MOV) Lifted to Strong-Buy at Zacks Investment Research
Movado Group Inc. (NYSE:MOV) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a report issued on Saturday. The brokerage presently has a $32.00 target price on the stock. Zacks Investment Research‘s price objective would indicate a potential upside of 16.79% from the company’s previous close.
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. “
Several other research analysts have also commented on the stock. ValuEngine raised shares of Movado Group from a “hold” rating to a “buy” rating in a report on Friday. BidaskClub lowered shares of Movado Group from a “hold” rating to a “sell” rating in a report on Wednesday, August 23rd. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating, two have given a buy rating and one has given a strong buy rating to the company’s stock. Movado Group presently has a consensus rating of “Buy” and a consensus price target of $30.33.
Shares of Movado Group (MOV) opened at 27.40 on Friday. The company has a 50-day moving average of $24.52 and a 200-day moving average of $23.76. The stock has a market capitalization of $625.84 million, a PE ratio of 23.64 and a beta of 0.35. Movado Group has a 12 month low of $20.50 and a 12 month high of $31.95.
Movado Group (NYSE:MOV) last posted its quarterly earnings results on Tuesday, August 29th. The company reported $0.43 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.25 by $0.18. Movado Group had a net margin of 4.97% and a return on equity of 7.74%. The business had revenue of $128.80 million during the quarter, compared to analyst estimates of $122 million. During the same period in the previous year, the business posted $0.27 EPS. The company’s quarterly revenue was up .5% on a year-over-year basis. On average, equities research analysts expect that Movado Group will post $1.61 EPS for the current fiscal year.
Movado Group declared that its board has approved a stock buyback plan on Tuesday, August 29th that allows the company to repurchase $50.00 million in shares. This repurchase authorization allows the company to repurchase shares of its stock through open market purchases. Shares repurchase plans are generally a sign that the company’s board believes its stock is undervalued.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Public Employees Retirement System of Ohio raised 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 during the period. The Manufacturers Life Insurance Company increased its stake in shares of Movado Group by 4.9% in the second quarter. The Manufacturers Life Insurance Company now owns 13,366 shares of the company’s stock valued at $337,000 after buying an additional 623 shares in the last quarter. Janus Henderson Group PLC purchased a new stake in shares of Movado Group during the second quarter valued at $13,810,000. AHL Partners LLP purchased a new stake in shares of Movado Group during the second quarter valued at $403,000. Finally, Balyasny Asset Management LLC purchased a new stake in shares of Movado Group during the second quarter valued at $1,721,000. 64.33% of the stock is owned by institutional investors and hedge funds.
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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