Movado Group Inc. (MOV) Shares Down 2.9%
Movado Group Inc. (NYSE:MOV)’s share price traded down 2.9% on Thursday . The company traded as low as $22.05 and last traded at $22.07, with a volume of 93,229 shares trading hands. The stock had previously closed at $22.74.
A number of equities analysts have weighed in on the company. Cowen and Company reduced their price objective on Movado Group from $29.00 to $24.00 and set a “market perform” rating for the company in a research note on Friday, May 27th. Pacific Crest reiterated an “equal weight” rating on shares of Movado Group in a research note on Tuesday, April 19th. Finally, Zacks Investment Research lowered Movado Group from a “hold” rating to a “sell” rating in a research note on Tuesday, April 5th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and one has given a buy rating to the company’s stock. Movado Group has a consensus rating of “Hold” and a consensus price target of $29.00.
The firm’s 50-day moving average is $21.37 and its 200 day moving average is $25.27. The firm has a market capitalization of $512.87 million and a PE ratio of 11.69.
Movado Group (NYSE:MOV) last released its quarterly earnings data on Thursday, May 26th. The company reported $0.19 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.16 by $0.03. During the same quarter in the prior year, the company earned $0.25 EPS. The company earned $114.10 million during the quarter, compared to analyst estimates of $115.59 million. The business’s revenue was down 5.3% on a year-over-year basis. Equities research analysts forecast that Movado Group Inc. will post $1.64 earnings per share for the current year.
In related news, CEO Efraim Grinberg acquired 5,000 shares of the firm’s stock in a transaction on Friday, June 10th. The stock was bought at an average price of $19.62 per share, for a total transaction of $98,100.00. Following the completion of the purchase, the chief executive officer now directly owns 102,144 shares of the company’s stock, valued at approximately $2,004,065.28. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.
Other institutional investors recently added to or reduced their stakes in the company. Cornerstone Capital Management Holdings LLC. increased its position in Movado Group by 134.2% in the fourth quarter. Cornerstone Capital Management Holdings LLC. now owns 131,648 shares of the company’s stock valued at $3,385,000 after buying an additional 75,448 shares in the last quarter. Nationwide Fund Advisors increased its position in Movado Group by 0.3% in the fourth quarter. Nationwide Fund Advisors now owns 101,639 shares of the company’s stock valued at $2,613,000 after buying an additional 291 shares in the last quarter. Finally, LSV Asset Management increased its position in Movado Group by 47.5% in the fourth quarter. LSV Asset Management now owns 44,400 shares of the company’s stock valued at $1,141,000 after buying an additional 14,300 shares in the last quarter.
Movado Group, Inc (Movado Group) is engaged in designing, sourcing, marketing and distributing watches. The Company operates through two business segments: Wholesale and Retail. The Company’s Wholesale segment includes the design, development, sourcing, marketing and distribution of watches, and after-sales service activities and shipping.
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