Movado (NYSE:MOV) Upgraded by Zacks Investment Research to Buy

Zacks Investment Research upgraded shares of Movado (NYSE:MOV) from a hold rating to a buy rating in a research report sent to investors on Wednesday, March 14th. They currently have $36.00 price target 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. “

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Separately, ValuEngine raised shares of Movado from a hold rating to a buy rating in a research report on Friday, February 2nd.

NYSE:MOV traded down $0.55 during trading hours on Wednesday, hitting $38.55. 149,948 shares of the company were exchanged, compared to its average volume of 238,361. The company has a market cap of $884.30, a PE ratio of 19.28 and a beta of -0.16. Movado has a 52-week low of $20.50 and a 52-week high of $42.25.

Movado (NYSE:MOV) last released its earnings results on Thursday, March 29th. The company reported $0.52 earnings per share for the quarter, topping the consensus estimate of $0.26 by $0.26. The company had revenue of $149.20 million for the quarter, compared to the consensus estimate of $132.43 million. Movado had a negative net margin of 2.68% and a positive return on equity of 9.78%. Movado’s revenue was up 14.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.22 EPS. research analysts anticipate that Movado will post 2.23 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 25th. Shareholders of record on Wednesday, April 11th will be paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 2.08%. This is a boost from Movado’s previous quarterly dividend of $0.13. The ex-dividend date of this dividend is Tuesday, April 10th. Movado’s payout ratio is presently 26.00%.

In other Movado news, VP Francis Anthony Morelli sold 10,000 shares of Movado stock in a transaction that occurred on Monday, April 2nd. The shares were sold at an average price of $37.61, for a total transaction of $376,100.00. Following the completion of the sale, the vice president now directly owns 52,810 shares in the company, valued at approximately $1,986,184.10. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Richard Cote sold 1,000 shares of Movado stock in a transaction that occurred on Monday, February 26th. The shares were sold at an average price of $32.00, for a total transaction of $32,000.00. Following the sale, the director now owns 392,296 shares of the company’s stock, valued at $12,553,472. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 102,998 shares of company stock valued at $3,826,520. Company insiders own 32.98% of the company’s stock.

A number of hedge funds and other institutional investors have recently made changes to their positions in MOV. Hillsdale Investment Management Inc. acquired a new position in shares of Movado in the 3rd quarter valued at $101,000. Aperio Group LLC acquired a new position in shares of Movado in the 4th quarter valued at $204,000. Delta Capital Management LLC acquired a new position in shares of Movado in the 4th quarter valued at $206,000. Crossmark Global Holdings Inc. acquired a new position in shares of Movado in the 4th quarter valued at $206,000. Finally, Van Hulzen Asset Management LLC acquired a new position in shares of Movado in the 3rd quarter valued at $210,000. Institutional investors and hedge funds own 66.06% of the company’s stock.

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Movado 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 Ebel, Concord, Movado, ESQ Movado, Coach, HUGO BOSS, Juicy Couture, Lacoste, Tommy Hilfiger, and SCUDERIA FERRARI brands.

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