Movado Group Inc. (MOV) Upgraded to Hold by Zacks Investment Research

Movado Group Inc. (NYSE:MOV) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report issued on Wednesday, August 9th.

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 raised shares of Movado Group from a “hold” rating to a “buy” rating in a research report on Tuesday, July 25th. Three equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $31.00.

Shares of Movado Group (MOV) traded down 1.97% during trading on Wednesday, reaching $22.45. The company’s stock had a trading volume of 95,148 shares. The stock’s 50 day moving average price is $24.45 and its 200-day moving average price is $23.87. Movado Group has a 12 month low of $20.23 and a 12 month high of $31.95. The firm has a market cap of $515.90 million, a PE ratio of 18.79 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 Thomson Reuters’ consensus estimate of $0.10 by $0.09. Movado Group had a return on equity of 7.04% and a net margin of 5.13%. The firm had revenue of $99.30 million for the quarter, compared to the consensus estimate of $100.23 million. During the same period in the prior year, the business earned $0.19 EPS. Movado Group’s quarterly revenue was down 13.0% compared to the same quarter last year. Equities analysts predict that Movado Group will post $1.37 EPS for the current year.

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Several large investors have recently modified their holdings of the company. Prudential Financial Inc. raised its stake in shares of Movado Group by 54.2% in the first quarter. Prudential Financial Inc. now owns 265,490 shares of the company’s stock valued at $6,624,000 after buying an additional 93,290 shares during the last quarter. Norges Bank bought a new stake in shares of Movado Group during the fourth quarter valued at about $3,209,000. Guggenheim Capital LLC raised its stake in shares of Movado Group by 64.6% in the fourth quarter. Guggenheim Capital LLC now owns 43,282 shares of the company’s stock valued at $1,245,000 after buying an additional 16,987 shares during the last quarter. First Midwest Bank Trust Division raised its stake in shares of Movado Group by 3.3% in the first quarter. First Midwest Bank Trust Division now owns 15,273 shares of the company’s stock valued at $381,000 after buying an additional 487 shares during the last quarter. Finally, AlphaOne Investment Services LLC raised its stake in shares of Movado Group by 10.0% in the first quarter. AlphaOne Investment Services LLC now owns 159,186 shares of the company’s stock valued at $3,972,000 after buying an additional 14,489 shares during the last quarter. Institutional investors own 62.97% of the company’s stock.

About Movado Group

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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