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.

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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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