Movado Group Inc. (MOV) Receives Average Recommendation of “Buy” from Brokerages
Shares of Movado Group Inc. (NYSE:MOV) have been given a consensus recommendation of “Buy” by the six brokerages that are presently covering the company, Marketbeat reports. One analyst has rated the stock with a sell rating, one has assigned a hold rating, two have assigned a buy rating and one has issued a strong buy rating on the company. The average 12 month target price among brokerages that have issued a report on the stock in the last year is $30.33.
Several brokerages have weighed in on MOV. Zacks Investment Research raised shares of Movado Group from a “sell” rating to a “hold” rating in a report on Wednesday, August 9th. BidaskClub downgraded shares of Movado Group from a “hold” rating to a “sell” rating in a report on Wednesday, August 23rd. Finally, ValuEngine downgraded shares of Movado Group from a “buy” rating to a “hold” rating in a report on Tuesday, August 1st.
Shares of Movado Group (NYSE:MOV) opened at 27.35 on Friday. The company’s 50-day moving average is $25.26 and its 200-day moving average is $23.90. The company has a market cap of $628.26 million, a price-to-earnings ratio of 23.58 and a beta of 0.20. Movado Group has a 12-month low of $20.50 and a 12-month high of $31.95.
Movado Group (NYSE:MOV) last issued its quarterly earnings results on Tuesday, August 29th. The company reported $0.43 earnings per share for the quarter, beating the consensus estimate of $0.25 by $0.18. Movado Group had a net margin of 4.97% and a return on equity of 7.74%. The business had revenue of $128.80 million for the quarter, compared to the consensus estimate of $122.00 million. During the same quarter in the previous year, the firm earned $0.27 earnings per share. The company’s revenue for the quarter was up .5% on a year-over-year basis. Equities research analysts predict that Movado Group will post $1.61 earnings per share for the current year.
Movado Group declared that its board has approved a stock repurchase program on Tuesday, August 29th that authorizes the company to repurchase $50.00 million in outstanding shares. This repurchase authorization authorizes the company to buy shares of its stock through open market purchases. Shares repurchase programs are typically a sign that the company’s board believes its shares are undervalued.
The company also recently declared a quarterly dividend, which will be paid on Monday, September 25th. Shareholders of record on Monday, September 11th will be issued a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a yield of 1.90%. The ex-dividend date of this dividend is Friday, September 8th. Movado Group’s dividend payout ratio is currently 45.22%.
In other news, Director Nathan Leventhal sold 3,130 shares of the business’s stock in a transaction on Wednesday, September 6th. The shares were sold at an average price of $28.05, for a total value of $87,796.50. Following the transaction, the director now owns 14,565 shares of the company’s stock, valued at $408,548.25. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Sallie A. Demarsilis sold 8,977 shares of the business’s stock in a transaction on Wednesday, September 6th. The stock was sold at an average price of $28.50, for a total transaction of $255,844.50. Following the completion of the transaction, the chief financial officer now directly owns 37,379 shares in the company, valued at approximately $1,065,301.50. The disclosure for this sale can be found here. 32.98% of the stock is currently owned by insiders.
Several hedge funds have recently added to or reduced their stakes in the company. QS Investors LLC lifted its holdings in shares of Movado Group by 0.5% in the second quarter. QS Investors LLC now owns 5,748 shares of the company’s stock worth $145,000 after buying an additional 27 shares in the last quarter. PNC Financial Services Group Inc. lifted its holdings in shares of Movado Group by 1.0% in the first quarter. PNC Financial Services Group Inc. now owns 4,777 shares of the company’s stock worth $119,000 after buying an additional 47 shares in the last quarter. Arizona State Retirement System lifted its holdings in shares of Movado Group by 1.3% in the first quarter. Arizona State Retirement System now owns 8,023 shares of the company’s stock worth $200,000 after buying an additional 100 shares in the last quarter. Texas Permanent School Fund lifted its holdings in shares of Movado Group by 1.1% in the second quarter. Texas Permanent School Fund now owns 11,207 shares of the company’s stock worth $283,000 after buying an additional 121 shares in the last quarter. Finally, Bank of Montreal Can lifted its holdings in shares of Movado Group by 3.6% in the first quarter. Bank of Montreal Can now owns 7,732 shares of the company’s stock worth $193,000 after buying an additional 268 shares in the last quarter. 64.33% of the stock is currently owned by hedge funds and other institutional investors.
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Movado Group Company Profile
Movado Group, Inc designs, sources, markets and distributes watches. The Company operates through two segments: Wholesale and Retail. The Wholesale segment includes the design, development, sourcing, marketing and distribution of watches, and after-sales service activities and shipping. It sells all of its brands to jewelry store chains and department stores, as well as independent jewelers.
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