Movado Group (MOV) Stock Rating Upgraded by ValuEngine
Movado Group (NYSE:MOV) was upgraded by stock analysts at ValuEngine from a “hold” rating to a “buy” rating in a research note issued on Tuesday.
Several other research analysts have also recently commented on the stock. Zacks Investment Research upgraded shares of Movado Group from a “hold” rating to a “strong-buy” rating and set a $32.00 target price for the company in a research report on Saturday, September 2nd. KeyCorp restated a “hold” rating on shares of Movado Group in a research report on Wednesday, October 11th. Finally, BidaskClub cut shares of Movado Group from a “hold” rating to a “sell” rating in a research report on Wednesday, August 23rd. One research analyst has rated the stock with a sell rating, two have issued a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. The company currently has an average rating of “Buy” and an average target price of $30.33.
Movado Group (NYSE:MOV) opened at $30.50 on Tuesday. Movado Group has a 1 year low of $20.50 and a 1 year high of $33.70. The company has a quick ratio of 3.12, a current ratio of 4.80 and a debt-to-equity ratio of 0.05. The company has a market cap of $701.93, a PE ratio of 18.00 and a beta of 0.21.
Movado Group (NYSE:MOV) last posted its earnings results on Tuesday, November 21st. The company reported $1.04 EPS for the quarter, topping the consensus estimate of $0.86 by $0.18. Movado Group had a net margin of 4.35% and a return on equity of 8.34%. The firm had revenue of $190.69 million during the quarter, compared to analysts’ expectations of $176.33 million. During the same quarter in the prior year, the firm earned $0.91 EPS. Movado Group’s quarterly revenue was up 6.0% on a year-over-year basis. sell-side analysts forecast that Movado Group will post 1.74 earnings per share for the current year.
Movado Group declared that its board has initiated a stock repurchase plan on Tuesday, August 29th that authorizes the company to repurchase $50.00 million in shares. This repurchase authorization authorizes the company to repurchase shares of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.
In other news, major shareholder Miriam Grinberg Phalen sold 2,504 shares of the stock in a transaction that occurred on Tuesday, September 19th. The shares were sold at an average price of $27.38, for a total value of $68,559.52. Following the completion of the transaction, the insider now directly owns 1,376 shares in the company, valued at $37,674.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Sallie A. Demarsilis sold 5,401 shares of the stock in a transaction that occurred on Monday, November 27th. The shares were sold at an average price of $28.44, for a total transaction of $153,604.44. Following the completion of the transaction, the chief financial officer now owns 31,978 shares of the company’s stock, valued at $909,454.32. The disclosure for this sale can be found here. Company insiders own 32.98% of the company’s stock.
Several institutional investors have recently bought and sold shares of MOV. Hillsdale Investment Management Inc. acquired a new stake in Movado Group during the third quarter valued at approximately $101,000. PNC Financial Services Group Inc. lifted its stake in Movado Group by 1.6% during the second quarter. PNC Financial Services Group Inc. now owns 4,855 shares of the company’s stock valued at $122,000 after purchasing an additional 78 shares during the last quarter. QS Investors LLC lifted its stake in Movado Group by 0.5% during the second quarter. QS Investors LLC now owns 5,748 shares of the company’s stock valued at $145,000 after purchasing an additional 27 shares during the last quarter. BNP Paribas Arbitrage SA lifted its stake in Movado Group by 13.3% during the second quarter. BNP Paribas Arbitrage SA now owns 6,617 shares of the company’s stock valued at $167,000 after purchasing an additional 776 shares during the last quarter. Finally, Van Hulzen Asset Management LLC acquired a new stake in Movado Group during the third quarter valued at approximately $210,000. Institutional investors and hedge funds own 63.85% of the company’s stock.
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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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