Wall Street Zen Downgrades Movado Group (NYSE:MOV) to Buy

Movado Group (NYSE:MOV) was downgraded by Wall Street Zen from a “strong-buy” rating to a “buy” rating in a research note issued on Saturday.

MOV has been the subject of several other reports. Zacks Research upgraded Movado Group from a “hold” rating to a “strong-buy” rating in a report on Friday, May 29th. Northland Securities set a $35.00 price target on Movado Group in a report on Wednesday, May 27th. BWS Financial reiterated a “buy” rating and set a $45.00 price target on shares of Movado Group in a report on Monday, July 27th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Movado Group in a research report on Tuesday, August 25th. Two equities research analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $40.00.

Movado Group Price Performance

MOV opened at $34.44 on Friday. The firm has a market capitalization of $760.44 million, a price-to-earnings ratio of 19.13 and a beta of 0.97. The company’s 50 day simple moving average is $37.34 and its two-hundred day simple moving average is $31.27. Movado Group has a 1-year low of $17.24 and a 1-year high of $40.50.

Movado Group (NYSE:MOV) last posted its quarterly earnings results on Wednesday, August 26th. The company reported $0.54 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.35 by $0.19. Movado Group had a return on equity of 8.49% and a net margin of 6.00%.The business had revenue of $169.75 million during the quarter, compared to analyst estimates of $164.20 million. On average, equities analysts anticipate that Movado Group will post 1.89 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Movado Group

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. PNC Financial Services Group Inc. grew its stake in shares of Movado Group by 39.1% in the fourth quarter. PNC Financial Services Group Inc. now owns 1,598 shares of the company’s stock worth $33,000 after acquiring an additional 449 shares in the last quarter. Allworth Financial LP acquired a new stake in shares of Movado Group in the second quarter valued at $27,000. CANADA LIFE ASSURANCE Co boosted its holdings in Movado Group by 70.2% in the fourth quarter. CANADA LIFE ASSURANCE Co now owns 1,756 shares of the company’s stock valued at $36,000 after purchasing an additional 724 shares during the period. Comerica Bank grew its stake in Movado Group by 99.0% during the 3rd quarter. Comerica Bank now owns 1,785 shares of the company’s stock worth $34,000 after purchasing an additional 888 shares in the last quarter. Finally, State of Wyoming grew its stake in Movado Group by 23.5% during the 4th quarter. State of Wyoming now owns 5,443 shares of the company’s stock worth $112,000 after purchasing an additional 1,036 shares in 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.