Movado Group (NYSE:MOV) Stock Rating Upgraded by Zacks Research

Movado Group (NYSE:MOV) was upgraded by analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a report released on Monday,Zacks.com reports.

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

Movado Group Price Performance

Shares of NYSE MOV traded down $0.28 during mid-day trading on Monday, hitting $22.35. 54,907 shares of the stock traded hands, compared to its average volume of 134,331. The company has a market cap of $494.76 million, a PE ratio of 23.09 and a beta of 0.90. Movado Group has a twelve month low of $12.85 and a twelve month high of $23.06. The firm has a 50 day simple moving average of $21.34 and a two-hundred day simple moving average of $19.07.

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

Insider Activity

In other news, SVP Michelle Kennedy sold 1,290 shares of the business’s stock in a transaction dated Tuesday, December 9th. The stock was sold at an average price of $20.89, for a total value of $26,948.10. Following the transaction, the senior vice president directly owned 27,857 shares of the company’s stock, valued at $581,932.73. The trade was a 4.43% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 30.80% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Movado Group

Hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its holdings in shares of Movado Group by 5.9% during the 3rd quarter. Vanguard Group Inc. now owns 1,029,220 shares of the company’s stock worth $19,524,000 after buying an additional 57,353 shares in the last quarter. Goldman Sachs Group Inc. grew its holdings in 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 during the period. Ameriprise Financial Inc. increased its stake in Movado Group by 14.4% in the second quarter. Ameriprise Financial Inc. now owns 636,862 shares of the company’s stock valued at $9,712,000 after purchasing an additional 80,109 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of Movado Group by 0.3% during the second quarter. Geode Capital Management LLC now owns 374,858 shares of the company’s stock valued at $5,718,000 after purchasing an additional 1,131 shares during the period. Finally, Brandes Investment Partners LP bought a new position in shares of Movado Group during the 2nd quarter worth about $5,540,000. 72.08% of the stock is currently owned by 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.