Zacks Investment Research upgraded shares of Movado Group Inc. (NYSE:MOV) from a sell rating to a hold rating in a report published on Wednesday.
According to Zacks, “Movado Group, Inc. is a designer, manufacturer and distributor of quality watches with prominent brands sold in almost every price category comprising the watch industry. The company’s watch brands include Movado, Concord, and ESQ. “
Separately, ValuEngine cut shares of Movado Group from a buy rating to a hold rating in a research report on Friday, June 2nd. Three analysts have rated the stock with a hold rating and one has issued a buy rating to the company. The company currently has a consensus rating of Hold and an average target price of $31.00.
Shares of Movado Group (MOV) opened at 24.25 on Wednesday. Movado Group has a 12 month low of $20.23 and a 12 month high of $31.95. The company’s 50 day moving average is $24.60 and its 200 day moving average is $24.00. The company has a market cap of $557.27 million, a P/E ratio of 20.29 and a beta of 0.35.
Movado Group (NYSE:MOV) last posted its earnings results on Thursday, May 25th. The company reported $0.01 EPS for the quarter, missing the Zacks’ consensus estimate of $0.10 by $0.09. Movado Group had a net margin of 5.13% and a return on equity of 7.04%. The firm had revenue of $99.30 million for the quarter, compared to analysts’ expectations of $100.23 million. During the same period in the previous year, the company earned $0.19 EPS. The company’s revenue was down 13.0% on a year-over-year basis. On average, equities research analysts predict that Movado Group will post $1.37 EPS for the current fiscal year.
Large investors have recently bought and sold shares of the stock. Vanguard Group Inc. boosted its stake in Movado Group by 4.5% in the first quarter. Vanguard Group Inc. now owns 1,557,766 shares of the company’s stock worth $38,866,000 after buying an additional 67,655 shares during the last quarter. JPMorgan Chase & Co. boosted its stake in Movado Group by 36.9% in the first quarter. JPMorgan Chase & Co. now owns 1,097,610 shares of the company’s stock worth $27,386,000 after buying an additional 295,892 shares during the last quarter. FMR LLC boosted its stake in Movado Group by 62.5% in the second quarter. FMR LLC now owns 588,709 shares of the company’s stock worth $14,865,000 after buying an additional 226,510 shares during the last quarter. Deprince Race & Zollo Inc. purchased a new stake in Movado Group during the second quarter worth approximately $10,666,000. Finally, Northern Trust Corp boosted its stake in Movado Group by 31.5% in the second quarter. Northern Trust Corp now owns 400,216 shares of the company’s stock worth $10,105,000 after buying an additional 95,967 shares during the last quarter. 63.98% 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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