Movado Group Inc. (MOV) Rating Reiterated by KeyCorp
Movado Group Inc. (NYSE:MOV)‘s stock had its “hold” rating reissued by research analysts at KeyCorp in a research note issued on Wednesday.
Several other brokerages also recently weighed in on MOV. Zacks Investment Research upgraded Movado Group from a “hold” rating to a “strong-buy” rating and set a $32.00 price target for the company in a report on Saturday, September 2nd. BidaskClub downgraded Movado Group from a “hold” rating to a “sell” rating in a report on Wednesday, August 23rd. Finally, ValuEngine downgraded Movado Group from a “buy” rating to a “hold” rating in a report on Tuesday, August 1st. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus price target of $30.33.
Movado Group (MOV) opened at 27.05 on Wednesday. The stock has a market capitalization of $621.37 million, a price-to-earnings ratio of 23.32 and a beta of 0.22. Movado Group has a 12 month low of $20.50 and a 12 month high of $31.95. The company has a 50-day moving average price of $27.21 and a 200 day moving average price of $24.46.
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 Thomson Reuters’ consensus estimate of $0.25 by $0.18. The company had revenue of $128.80 million during the quarter, compared to the consensus estimate of $122.00 million. Movado Group had a return on equity of 7.74% and a net margin of 4.97%. Movado Group’s revenue was up .5% on a year-over-year basis. During the same period in the previous year, the firm posted $0.27 EPS. Equities analysts predict that Movado Group will post $1.63 earnings per share for the current year.
Movado Group announced that its Board of Directors has initiated a stock buyback plan on Tuesday, August 29th that authorizes the company to buyback $50.00 million in shares. This buyback authorization authorizes the company to purchase shares of its stock through open market purchases. Shares buyback plans are often a sign that the company’s leadership believes its shares are undervalued.
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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 transaction of $87,796.50. Following the completion of the sale, the director now directly owns 14,565 shares of the company’s stock, valued at approximately $408,548.25. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Miriam Grinberg Phalen sold 2,504 shares of the business’s stock in a transaction on Tuesday, September 19th. The shares were sold at an average price of $27.38, for a total transaction of $68,559.52. Following the sale, the insider now directly owns 1,376 shares of the company’s stock, valued at $37,674.88. The disclosure for this sale can be found here. Insiders have sold a total of 14,611 shares of company stock valued at $412,201 over the last three months. Corporate insiders own 32.98% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the company. Prudential Financial Inc. grew its stake in shares of Movado Group by 54.2% during the 1st quarter. Prudential Financial Inc. now owns 265,490 shares of the company’s stock valued at $6,624,000 after buying an additional 93,290 shares during the period. Systematic Financial Management LP grew its stake in shares of Movado Group by 9.2% during the 2nd quarter. Systematic Financial Management LP now owns 69,041 shares of the company’s stock valued at $1,743,000 after buying an additional 5,790 shares during the period. Vanguard Group Inc. grew its stake in shares of Movado Group by 4.5% during the 1st quarter. Vanguard Group Inc. now owns 1,557,766 shares of the company’s stock valued at $38,866,000 after buying an additional 67,655 shares during the period. Tudor Investment Corp ET AL grew its stake in shares of Movado Group by 43.4% during the 1st quarter. Tudor Investment Corp ET AL now owns 23,634 shares of the company’s stock valued at $590,000 after buying an additional 7,156 shares during the period. Finally, State of Tennessee Treasury Department grew its stake in shares of Movado Group by 17.8% during the 1st quarter. State of Tennessee Treasury Department now owns 15,318 shares of the company’s stock valued at $382,000 after buying an additional 2,312 shares during the period. 64.33% of the stock is owned by institutional investors.
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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