Movado Group (NYSE:MOV) Stock Rating Cut to “Hold” at Zacks Research

Zacks Research lowered shares of Movado Group (NYSE:MOV) from a strong-buy rating to a hold rating in a research note issued to investors on Monday morning,Zacks reports.

Several other equities analysts have also issued reports on the company. Wall Street Zen lowered Movado Group from a “strong-buy” rating to a “buy” rating in a research report on Saturday, August 29th. BWS Financial reissued a “buy” rating and set a $45.00 price objective on shares of Movado Group in a research note on Tuesday, September 1st. Finally, Weiss Ratings cut shares of Movado Group from a “buy (b-)” rating to a “hold (c+)” rating in a report on Tuesday, September 22nd. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $40.00.

Movado Group Stock Down 0.5%

NYSE:MOV opened at $31.69 on Monday. Movado Group has a 12-month low of $17.61 and a 12-month high of $40.50. The stock’s fifty day simple moving average is $32.89 and its 200-day simple moving average is $30.94. The firm has a market capitalization of $707.09 million, a P/E ratio of 17.61 and a beta of 0.90.

Movado Group (NYSE:MOV) last released its quarterly earnings data on Wednesday, August 26th. The company reported $0.54 EPS for the quarter, beating analysts’ consensus estimates of $0.35 by $0.19. Movado Group had a return on equity of 8.49% and a net margin of 6.00%. The business had revenue of $169.75 million during the quarter, compared to the consensus estimate of $164.20 million. As a group, equities research analysts expect that Movado Group will post 1.94 earnings per share for the current year.

Movado Group Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 22nd. Shareholders of record on Tuesday, September 8th were issued a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 5.0%. The ex-dividend date was Tuesday, September 8th. Movado Group’s dividend payout ratio is 88.89%.

Institutional Investors Weigh In On Movado Group

A number of hedge funds have recently modified their holdings of the business. BlackRock Inc. acquired a new stake in shares of Movado Group during the second quarter worth $52,824,000. Bank of New York Mellon Corp bought a new stake in Movado Group in the 2nd quarter valued at $6,664,000. Empowered Funds LLC bought a new stake in Movado Group in the 2nd quarter valued at $4,063,000. Renaissance Technologies LLC boosted its stake in Movado Group by 125.6% in the 1st quarter. Renaissance Technologies LLC now owns 139,198 shares of the company’s stock worth $3,399,000 after purchasing an additional 77,500 shares during the period. Finally, Inspire Investing LLC boosted its stake in Movado Group by 24.0% in the 3rd quarter. Inspire Investing LLC now owns 93,682 shares of the company’s stock worth $3,118,000 after purchasing an additional 18,140 shares during the period. Institutional investors and hedge funds own 72.08% of the company’s stock.

Movado Group Company Profile

Movado Group, Inc is a designer, manufacturer, and distributor of watches and related accessories. The company’s portfolio includes its Movado brand, known for minimalist designs and the Museum dial, as well as a range of licensed and owned brands that have included Ebel, Concord, MVMT, Olivia Burton, and fashion-label watch collections.

Movado Group sells watches, jewelry, and accessories through department and specialty stores, authorized retailers, company-operated stores, e-commerce platforms, and other distribution channels.