Movado Group, Inc (MOV) Given Average Rating of “Hold” by Brokerages

Shares of Movado Group, Inc (NYSE:MOV) have earned an average recommendation of “Hold” from the six brokerages that are currently covering the firm, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, three have assigned a hold recommendation and two have given a buy recommendation to the company. The average 1 year price target among analysts that have issued a report on the stock in the last year is $39.00.

MOV has been the subject of several analyst reports. Zacks Investment Research raised Movado Group from a “hold” rating to a “buy” rating and set a $36.00 target price for the company in a research report on Wednesday, March 14th. Cowen reaffirmed a “hold” rating and issued a $42.00 target price on shares of Movado Group in a research report on Monday, April 9th. ValuEngine raised Movado Group from a “buy” rating to a “strong-buy” rating in a research report on Friday, June 1st. Finally, Sidoti downgraded Movado Group from a “buy” rating to a “neutral” rating in a research report on Tuesday, June 12th.

In related news, Director Richard Cote sold 31,135 shares of the business’s stock in a transaction dated Monday, April 9th. The stock was sold at an average price of $38.34, for a total value of $1,193,715.90. Following the transaction, the director now owns 320,387 shares in the company, valued at $12,283,637.58. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Alan H. Howard sold 7,500 shares of the business’s stock in a transaction dated Friday, June 1st. The stock was sold at an average price of $49.12, for a total value of $368,400.00. Following the completion of the transaction, the director now owns 38,479 shares in the company, valued at approximately $1,890,088.48. The disclosure for this sale can be found here. Insiders sold 232,353 shares of company stock valued at $10,442,437 in the last ninety days. Company insiders own 30.56% of the company’s stock.

Several large investors have recently added to or reduced their stakes in the stock. Virginia Retirement Systems ET AL lifted its stake in shares of Movado Group by 7.4% in the first quarter. Virginia Retirement Systems ET AL now owns 20,200 shares of the company’s stock worth $776,000 after acquiring an additional 1,400 shares in the last quarter. Citigroup Inc. lifted its stake in shares of Movado Group by 13.9% in the first quarter. Citigroup Inc. now owns 13,008 shares of the company’s stock worth $500,000 after acquiring an additional 1,585 shares in the last quarter. Principal Financial Group Inc. lifted its stake in shares of Movado Group by 2.2% in the first quarter. Principal Financial Group Inc. now owns 119,516 shares of the company’s stock worth $4,589,000 after acquiring an additional 2,549 shares in the last quarter. Brandywine Global Investment Management LLC lifted its stake in shares of Movado Group by 33.4% in the fourth quarter. Brandywine Global Investment Management LLC now owns 11,602 shares of the company’s stock worth $374,000 after acquiring an additional 2,905 shares in the last quarter. Finally, California Public Employees Retirement System lifted its stake in shares of Movado Group by 5.6% in the fourth quarter. California Public Employees Retirement System now owns 65,131 shares of the company’s stock worth $2,097,000 after acquiring an additional 3,427 shares in the last quarter. Institutional investors and hedge funds own 63.51% of the company’s stock.

Shares of Movado Group opened at $49.25 on Friday, according to MarketBeat.com. Movado Group has a 1-year low of $21.50 and a 1-year high of $53.72. The stock has a market capitalization of $1.13 billion, a PE ratio of 24.63 and a beta of -0.17.

Movado Group (NYSE:MOV) last issued its earnings results on Wednesday, May 30th. The company reported $0.37 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.11 by $0.26. Movado Group had a positive return on equity of 11.59% and a negative net margin of 0.50%. The company had revenue of $127.10 million during the quarter, compared to the consensus estimate of $109.47 million. During the same quarter in the prior year, the business earned $0.01 earnings per share. The company’s revenue was up 28.0% compared to the same quarter last year. research analysts expect that Movado Group will post 2.41 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Monday, June 25th. Stockholders of record on Monday, June 11th were given a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 1.62%. The ex-dividend date was Friday, June 8th. Movado Group’s payout ratio is 40.00%.

About Movado Group

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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