Movado Group (NYSE:MOV) declared that its board has authorized a stock buyback plan, which authorizes the company to buyback $50.00 million in shares on Tuesday, August 29th, EventVestor reports. This buyback authorization authorizes the company to purchase 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.

Movado Group (NYSE MOV) opened at 27.40 on Monday. The firm has a 50 day moving average of $24.52 and a 200-day moving average of $23.76. Movado Group has a 52 week low of $20.50 and a 52 week high of $31.95. The stock has a market capitalization of $625.84 million, a PE ratio of 23.64 and a beta of 0.20.

Movado Group (NYSE:MOV) last announced its 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 during the quarter, compared to analyst estimates of $122 million. Movado Group had a net margin of 4.97% and a return on equity of 7.74%. Movado Group’s revenue was up .5% compared to the same quarter last year. During the same quarter last year, the firm posted $0.27 earnings per share. On average, equities analysts predict that Movado Group will post $1.61 EPS for the current year.

The business also recently announced a quarterly dividend, which will be paid on Monday, September 25th. Shareholders of record on Monday, September 11th will be paid a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a yield of 1.90%. The ex-dividend date is Friday, September 8th. Movado Group’s dividend payout ratio (DPR) is presently 45.22%.

Several research firms recently weighed in on MOV. Zacks Investment Research raised shares of Movado Group from a “hold” rating to a “strong-buy” rating and set a $32.00 target price for the company in a research note on Saturday. ValuEngine raised shares of Movado Group from a “hold” rating to a “buy” rating in a research note on Friday. Finally, BidaskClub cut shares of Movado Group from a “hold” rating to a “sell” rating in a research note on Wednesday, August 23rd. One research analyst has rated the stock with a sell rating, one has given a hold rating, two have given a buy rating and one has assigned a strong buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $30.33.

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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 and department stores, as well as independent jewelers.

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