Zacks Investment Research upgraded shares of Movado Group (NYSE:MOV) from a hold rating to a buy rating in a research note issued to investors on Wednesday morning. The firm currently has $36.00 target price on the stock.
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, ValuEngine upgraded shares of Movado Group from a hold rating to a buy rating in a research report on Tuesday, December 5th. One analyst has rated the stock with a sell rating, two have issued a hold rating and two have issued a buy rating to the stock. The company has a consensus rating of Hold and a consensus price target of $30.50.
Movado Group (NYSE MOV) opened at $32.15 on Wednesday. Movado Group has a 52-week low of $20.50 and a 52-week high of $33.95. The stock has a market cap of $732.90, a P/E ratio of 18.79 and a beta of -0.03. The company has a current ratio of 4.80, a quick ratio of 3.12 and a debt-to-equity ratio of 0.05.
In related news, Director Richard D. Isserman sold 2,650 shares of the stock in a transaction that occurred on Friday, December 22nd. The shares were sold at an average price of $32.07, for a total transaction of $84,985.50. Following the sale, the director now owns 11,184 shares in the company, valued at approximately $358,670.88. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Richard Cote sold 1,600 shares of the stock in a transaction that occurred on Tuesday, January 16th. The stock was sold at an average price of $32.49, for a total transaction of $51,984.00. Following the sale, the director now owns 396,296 shares in the company, valued at approximately $12,875,657.04. The disclosure for this sale can be found here. Insiders have sold a total of 13,750 shares of company stock worth $440,133 in the last quarter. 32.98% of the stock is currently owned by company insiders.
Several hedge funds and other institutional investors have recently bought and sold shares of the stock. The Manufacturers Life Insurance Company boosted its position in shares of Movado Group by 4.9% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 13,366 shares of the company’s stock worth $337,000 after acquiring an additional 623 shares in the last quarter. Public Employees Retirement System of Ohio boosted its position in shares of Movado Group by 5.1% during the 2nd quarter. Public Employees Retirement System of Ohio now owns 13,343 shares of the company’s stock worth $337,000 after acquiring an additional 647 shares in the last quarter. Nationwide Fund Advisors boosted its position in shares of Movado Group by 5.7% during the 3rd quarter. Nationwide Fund Advisors now owns 34,966 shares of the company’s stock worth $979,000 after acquiring an additional 1,884 shares in the last quarter. State Board of Administration of Florida Retirement System boosted its position in shares of Movado Group by 13.5% during the 3rd quarter. State Board of Administration of Florida Retirement System now owns 17,331 shares of the company’s stock worth $485,000 after acquiring an additional 2,060 shares in the last quarter. Finally, Municipal Employees Retirement System of Michigan boosted its position in shares of Movado Group by 10.5% during the 3rd quarter. Municipal Employees Retirement System of Michigan now owns 23,440 shares of the company’s stock worth $656,000 after acquiring an additional 2,220 shares in the last quarter. Institutional investors and hedge funds own 66.06% of the company’s stock.
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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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