Movado Group (NYSE:MOV) Cut to Sell at Zacks Investment Research

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Movado Group (NYSE:MOV) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Tuesday, Zacks.com reports.

According to Zacks, “Movado Group, Inc. is one of the world’s premier watchmakers. Movado Group designs, manufactures and distributes watches from ten of the most recognized and respected names in time: Movado, Concord, EBEL and ESQ Movado along with their Coach, HUGO BOSS, Juicy Couture, Lacoste, Tommy Hilfiger and Scuderia Ferrari licensed watch brands. From their Swiss luxury timepieces to our accessible fashion watches, each of their brands is recognized for its inherent quality and distinctive image within its price category. Collectively, their timepieces are sold throughout North and South America, Europe, Asia and the Far East. Between their manufacturing facilities in Switzerland, corporate headquarters in Paramus, New Jersey, USA and Bienne, Switzerland and their sales and distribution offices around the world, Movado Group. “

Separately, TheStreet lowered shares of Worthington Industries from a “b-” rating to a “c+” rating in a research report on Monday, June 10th.

MOV traded up $0.61 during trading on Tuesday, hitting $26.56. 119,366 shares of the company traded hands, compared to its average volume of 209,016. The company has a market cap of $598.10 million, a P/E ratio of 9.88 and a beta of 0.44. The stock has a 50-day moving average price of $27.50. Movado Group has a 1 year low of $24.48 and a 1 year high of $52.10. The company has a debt-to-equity ratio of 0.26, a quick ratio of 2.40 and a current ratio of 3.99.

Movado Group (NYSE:MOV) last released its quarterly earnings data on Thursday, May 30th. The company reported $0.24 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.30 by ($0.06). Movado Group had a net margin of 8.22% and a return on equity of 12.43%. The business had revenue of $146.55 million for the quarter, compared to the consensus estimate of $148.70 million. During the same quarter last year, the business earned $0.37 EPS. Movado Group’s revenue for the quarter was up 15.3% compared to the same quarter last year. Analysts anticipate that Movado Group will post 2.75 earnings per share for the current fiscal year.

A number of hedge funds have recently added to or reduced their stakes in MOV. Tributary Capital Management LLC bought a new position in Movado Group during the second quarter valued at $13,221,000. Fort Washington Investment Advisors Inc. OH lifted its position in Movado Group by 109.1% during the first quarter. Fort Washington Investment Advisors Inc. OH now owns 230,000 shares of the company’s stock valued at $8,367,000 after purchasing an additional 120,000 shares during the last quarter. Janus Henderson Group PLC lifted its position in Movado Group by 20.5% during the first quarter. Janus Henderson Group PLC now owns 677,628 shares of the company’s stock valued at $24,652,000 after purchasing an additional 115,305 shares during the last quarter. Deutsche Bank AG lifted its position in Movado Group by 135.2% during the fourth quarter. Deutsche Bank AG now owns 78,530 shares of the company’s stock valued at $2,481,000 after purchasing an additional 45,138 shares during the last quarter. Finally, Two Sigma Investments LP bought a new position in Movado Group during the fourth quarter valued at $1,260,000. Institutional investors and hedge funds own 70.97% of the company’s stock.

Movado Group Company Profile

Movado Group, Inc designs, develops, sources, markets, and distributes fine watches in the United States and internationally. The company operates in two segments, Wholesale and Retail. The company offers its watches under the Coach, Concord, Ebel, Olivia Burton, Rebecca Minkoff and Uri Minkoff, Scuderia Ferrari, HUGO BOSS, Juicy Couture, Lacoste, Movado, and Tommy Hilfiger brand names.

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