Movado Group (NYSE:MOV) Cut to “Buy” at Wall Street Zen

Movado Group (NYSE:MOV) was downgraded by research analysts at Wall Street Zen from a “strong-buy” rating to a “buy” rating in a report released on Saturday.

MOV has been the topic of several other reports. BWS Financial reaffirmed a “buy” rating and set a $31.50 target price on shares of Movado Group in a research report on Wednesday, November 26th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Movado Group in a research report on Monday, December 29th. Northland Securities began coverage on shares of Movado Group in a research note on Wednesday, January 7th. They issued an “outperform” rating and a $30.00 target price for the company. Finally, Zacks Research cut shares of Movado Group from a “hold” rating to a “strong sell” rating in a report on Friday, November 28th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, Movado Group has a consensus rating of “Moderate Buy” and a consensus target price of $30.75.

Movado Group Price Performance

Shares of MOV stock opened at $22.46 on Friday. Movado Group has a 1-year low of $12.85 and a 1-year high of $23.06. The stock’s 50-day moving average is $21.17 and its 200 day moving average is $18.96. The company has a market cap of $497.26 million, a P/E ratio of 23.15 and a beta of 0.90.

Movado Group (NYSE:MOV) last released its quarterly earnings results on Tuesday, November 25th. The company reported $0.45 earnings per share for the quarter, missing analysts’ consensus estimates of $0.57 by ($0.12). The firm had revenue of $186.13 million during the quarter, compared to the consensus estimate of $185.89 million. Movado Group had a net margin of 3.33% and a return on equity of 5.86%. During the same quarter in the prior year, the business posted $0.22 earnings per share. On average, analysts anticipate that Movado Group will post 1.05 EPS for the current year.

Insider Activity

In related news, SVP Michelle Kennedy sold 1,290 shares of Movado Group stock in a transaction on Tuesday, December 9th. The shares were sold at an average price of $20.89, for a total value of $26,948.10. Following the sale, the senior vice president owned 27,857 shares of the company’s stock, valued at approximately $581,932.73. This trade represents a 4.43% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 30.80% of the stock is owned by company insiders.

Hedge Funds Weigh In On Movado Group

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Goldman Sachs Group Inc. increased its stake in shares of Movado Group by 212.8% during the first quarter. Goldman Sachs Group Inc. now owns 671,397 shares of the company’s stock worth $11,226,000 after purchasing an additional 456,727 shares in the last quarter. Brandes Investment Partners LP purchased a new position in Movado Group in the 2nd quarter valued at about $5,540,000. Russell Investments Group Ltd. boosted its holdings in Movado Group by 426.8% in the 2nd quarter. Russell Investments Group Ltd. now owns 176,015 shares of the company’s stock worth $2,684,000 after buying an additional 142,601 shares during the last quarter. JPMorgan Chase & Co. increased its stake in Movado Group by 153.4% during the 2nd quarter. JPMorgan Chase & Co. now owns 161,178 shares of the company’s stock worth $2,458,000 after buying an additional 97,566 shares in the last quarter. Finally, Ameriprise Financial Inc. increased its stake in Movado Group by 14.4% during the 2nd quarter. Ameriprise Financial Inc. now owns 636,862 shares of the company’s stock worth $9,712,000 after buying an additional 80,109 shares in the last quarter. 72.08% of the stock is owned by hedge funds and other institutional investors.

About Movado Group

Movado Group, Inc is a global designer, manufacturer and distributor of watches and related jewelry products. The company’s portfolio encompasses both owned and licensed brands, offering a wide range of timepieces from luxury to accessible price points. Major owned brands include Movado, Concord, and Ebel, alongside newer acquisitions such as MVMT and Olivia Burton. In addition, Movado Group holds licensing agreements to produce watches under fashion names like Hugo Boss, Tommy Hilfiger, Coach, Lacoste and Scuderia Ferrari.

Movado Group’s product line spans classic dress watches, sport and dive models, fashion-forward designs and limited-edition collections.