Movado Group (NYSE:MOV) Upgraded at Zacks Research

Zacks Research upgraded shares of Movado Group (NYSE:MOV) from a strong sell rating to a hold rating in a report issued on Monday,Zacks.com reports.

A number of other analysts have also recently commented on the stock. BWS Financial restated a “buy” rating and issued a $31.50 price objective on shares of Movado Group in a research report on Wednesday, November 26th. Northland Securities assumed coverage on Movado Group in a research note on Wednesday, January 7th. They issued an “outperform” rating and a $30.00 target price for the company. Weiss Ratings restated a “hold (c)” rating on shares of Movado Group in a report on Monday, December 29th. Finally, Wall Street Zen cut Movado Group from a “strong-buy” rating to a “buy” rating in a report on Saturday, January 24th. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $30.75.

Movado Group Trading Down 1.6%

NYSE MOV opened at $22.28 on Monday. Movado Group has a 12 month low of $12.85 and a 12 month high of $23.06. The stock has a 50-day simple moving average of $21.41 and a 200 day simple moving average of $19.09. The company has a market capitalization of $493.19 million, a PE ratio of 22.97 and a beta of 0.90.

Movado Group (NYSE:MOV) last posted its earnings results on Tuesday, November 25th. The company reported $0.45 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.57 by ($0.12). The company had revenue of $186.13 million for the quarter, compared to analyst estimates of $185.89 million. Movado Group had a return on equity of 5.86% and a net margin of 3.33%.During the same quarter in the previous year, the firm posted $0.22 earnings per share. As a group, sell-side analysts predict that Movado Group will post 1.05 earnings per share for the current fiscal year.

Movado Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, December 22nd. Stockholders of record on Monday, December 8th were given a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 6.3%. The ex-dividend date of this dividend was Monday, December 8th. Movado Group’s dividend payout ratio is currently 144.33%.

Insider Transactions at Movado Group

In related news, SVP Michelle Kennedy sold 1,290 shares of Movado Group stock in a transaction that occurred on Tuesday, December 9th. The stock was 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 sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 30.80% of the company’s stock.

Hedge Funds Weigh In On Movado Group

Hedge funds have recently made changes to their positions in the business. Goldman Sachs Group Inc. lifted its position in shares of Movado Group by 212.8% in 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 acquired a new stake in Movado Group in the 2nd quarter valued at $5,540,000. Russell Investments Group Ltd. lifted its position in Movado Group by 426.8% during 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 in the last quarter. JPMorgan Chase & Co. lifted its position 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. boosted its stake in shares of 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 during the last quarter. 72.08% of the stock is owned by institutional investors.

Movado Group Company Profile

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.