Movado Group (NYSE:MOV) Rating Lowered to Hold at Zacks Research

Movado Group (NYSE:MOV) was downgraded by equities research analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a research note issued to investors on Monday, Zacks reports.

A number of other equities analysts also recently issued reports on the company. BWS Financial reissued a “buy” rating and set a $45.00 target price on shares of Movado Group in a research note on Tuesday, September 1st. Wall Street Zen lowered shares of Movado Group from a “strong-buy” rating to a “buy” rating in a research report on Saturday, August 29th. Finally, Weiss Ratings lowered shares of Movado Group from a “buy (b-)” rating to a “hold (c+)” rating in a report on Tuesday, September 22nd. 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 stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $40.00.

Movado Group Stock Down 0.5%

NYSE MOV opened at $31.69 on Monday. Movado Group has a 52-week low of $17.61 and a 52-week high of $40.50. The business’s 50-day moving average price is $32.89 and its 200 day moving average price is $30.94. The firm has a market cap of $707.09 million, a P/E ratio of 17.61 and a beta of 0.90.

Movado Group (NYSE:MOV) last announced its earnings results on Wednesday, August 26th. The company reported $0.54 earnings per share for the quarter, beating the consensus estimate of $0.35 by $0.19. The company had revenue of $169.75 million for the quarter, compared to the consensus estimate of $164.20 million. Movado Group had a return on equity of 8.49% and a net margin of 6.00%. As a group, analysts anticipate that Movado Group will post 1.94 earnings per share for the current year.

Institutional Investors Weigh In On Movado Group

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Empowered Funds LLC purchased a new position in shares of Movado Group in the 2nd quarter worth about $4,063,000. Bank of America Corp DE purchased a new stake in shares of Movado Group during the 2nd quarter worth about $1,246,000. Man Group plc acquired a new stake in Movado Group during the 2nd quarter worth approximately $1,519,000. Bank of New York Mellon Corp acquired a new stake in Movado Group during the 2nd quarter worth approximately $6,664,000. Finally, Deutsche Bank AG purchased a new position in Movado Group in the second quarter valued at approximately $615,000. 72.08% of the stock is currently owned by institutional investors and hedge funds.

Movado Group Company Profile

Movado Group, Inc is a designer, manufacturer, and distributor of watches and related accessories. The company’s portfolio includes its Movado brand, known for minimalist designs and the Museum dial, as well as a range of licensed and owned brands that have included Ebel, Concord, MVMT, Olivia Burton, and fashion-label watch collections.

Movado Group sells watches, jewelry, and accessories through department and specialty stores, authorized retailers, company-operated stores, e-commerce platforms, and other distribution channels.