Movado Group Inc. (MOV) Sees Unusually-High Trading Volume
Movado Group Inc. (NYSE:MOV) saw unusually-high trading volume on Monday . Approximately 97,988 shares changed hands during mid-day trading, a decline of 9% from the previous session’s volume of 107,845 shares.The stock last traded at $24.42 and had previously closed at $24.60.
Several research firms have recently commented on MOV. Zacks Investment Research raised Movado Group from a “sell” rating to a “hold” rating in a research note on Wednesday, August 3rd. Cowen and Company reaffirmed a “hold” rating on shares of Movado Group in a research note on Sunday, May 29th. Four research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $29.00.
The firm has a market cap of $558.43 million and a P/E ratio of 12.73. The stock’s 50 day moving average is $22.72 and its 200 day moving average is $25.14.
Movado Group (NYSE:MOV) last announced its earnings results on Thursday, May 26th. The company reported $0.19 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.16 by $0.03. The business had revenue of $114.10 million for the quarter, compared to analyst estimates of $115.59 million. The company’s quarterly revenue was down 5.3% on a year-over-year basis. During the same period in the prior year, the company earned $0.25 earnings per share. On average, analysts forecast that Movado Group Inc. will post $1.60 earnings per share for the current fiscal year.
In other Movado Group news, CEO Efraim Grinberg bought 5,000 shares of Movado Group stock in a transaction that occurred on Friday, June 10th. The shares were bought at an average cost of $19.62 per share, with a total value of $98,100.00. Following the transaction, 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 filing with the Securities & Exchange Commission, which can be accessed through the SEC website.
A hedge fund recently raised its stake in Movado Group stock. Schwab Charles Investment Management Inc. boosted its stake in shares of Movado Group Inc. (NYSE:MOV) by 2.8% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 60,587 shares of the company’s stock after buying an additional 1,673 shares during the period. Schwab Charles Investment Management Inc. owned about 0.26% of Movado Group worth $1,558,000 as of its most recent filing with the SEC.
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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