Movado Group (NYSE:MOV) Rating Increased to Strong-Buy at Wall Street Zen

Wall Street Zen upgraded shares of Movado Group (NYSE:MOV) from a buy rating to a strong-buy rating in a research report sent to investors on Saturday morning.

A number of other equities analysts have also commented on MOV. Northland Securities initiated coverage on shares of Movado Group in a research note on Wednesday, January 7th. They issued an “outperform” rating and a $30.00 price objective for the company. BWS Financial reaffirmed a “buy” rating and issued a $31.50 target price on shares of Movado Group in a research report on Monday, February 2nd. Zacks Research upgraded Movado Group from a “strong sell” rating to a “hold” rating in a report on Monday, January 26th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Movado Group in a research note on Monday, December 29th. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $30.75.

Movado Group Stock Up 1.7%

Shares of NYSE MOV opened at $24.48 on Friday. The business has a fifty day simple moving average of $21.94 and a 200-day simple moving average of $19.46. The company has a market cap of $541.99 million, a price-to-earnings ratio of 25.24 and a beta of 0.95. Movado Group has a 12 month low of $12.85 and a 12 month high of $25.22.

Movado Group (NYSE:MOV) last posted its quarterly earnings data on Tuesday, November 25th. The company reported $0.45 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.57 by ($0.12). Movado Group had a return on equity of 5.86% and a net margin of 3.33%.The company had revenue of $186.13 million for the quarter, compared to analyst estimates of $185.89 million. During the same quarter in the previous year, the firm posted $0.22 EPS. As a group, sell-side analysts expect that Movado Group will post 1.05 EPS for the current fiscal year.

Movado Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, December 22nd. Investors of record on Monday, December 8th were issued a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 5.7%. The ex-dividend date was Monday, December 8th. Movado Group’s dividend payout ratio (DPR) is currently 144.33%.

Insider Transactions at Movado Group

In other Movado Group news, SVP Michelle Kennedy sold 1,290 shares of the company’s stock in a transaction dated Tuesday, December 9th. The stock was sold at an average price of $20.89, for a total value of $26,948.10. Following the transaction, the senior vice president directly owned 27,857 shares of the company’s stock, valued at $581,932.73. This represents a 4.43% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 30.80% of the company’s stock.

Hedge Funds Weigh In On Movado Group

A number of hedge funds have recently added to or reduced their stakes in the company. PNC Financial Services Group Inc. boosted its stake in shares of Movado Group by 39.1% in the 4th quarter. PNC Financial Services Group Inc. now owns 1,598 shares of the company’s stock valued at $33,000 after purchasing an additional 449 shares in the last quarter. CWM LLC lifted its holdings in Movado Group by 28.2% during the 3rd quarter. CWM LLC now owns 3,318 shares of the company’s stock valued at $63,000 after purchasing an additional 730 shares during the last quarter. Harbor Capital Advisors Inc. lifted its holdings in Movado Group by 20.4% during the 3rd quarter. Harbor Capital Advisors Inc. now owns 4,655 shares of the company’s stock valued at $88,000 after purchasing an additional 790 shares during the last quarter. Comerica Bank boosted its position in Movado Group by 99.0% in the third quarter. Comerica Bank now owns 1,785 shares of the company’s stock valued at $34,000 after buying an additional 888 shares in the last quarter. Finally, Royal Bank of Canada grew its stake in Movado Group by 4.1% during the first quarter. Royal Bank of Canada now owns 26,524 shares of the company’s stock worth $444,000 after buying an additional 1,042 shares during the last quarter. Institutional investors and hedge funds own 72.08% of the company’s stock.

About Movado Group

Movado Group, Inc is a global designer, manufacturer and distributor of watches and related jewelry products. The company’s portfolio encompasses both owned and licensed brands, offering a wide range of timepieces from luxury to accessible price points. Major owned brands include Movado, Concord, and Ebel, alongside newer acquisitions such as MVMT and Olivia Burton. In addition, Movado Group holds licensing agreements to produce watches under fashion names like Hugo Boss, Tommy Hilfiger, Coach, Lacoste and Scuderia Ferrari.

Movado Group’s product line spans classic dress watches, sport and dive models, fashion-forward designs and limited-edition collections.