Zacks Investment Research downgraded shares of Movado Group (NYSE:MOV) from a hold rating to a sell rating in a research note published on Tuesday, Zacks.com reports.
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, TheStreet lowered shares of Worthington Industries from a b- rating to a c+ rating in a research note on Monday, June 10th.
Shares of NYSE:MOV opened at $25.77 on Tuesday. The firm has a fifty day moving average price of $26.46. The company has a debt-to-equity ratio of 0.26, a quick ratio of 2.40 and a current ratio of 3.99. Movado Group has a one year low of $24.48 and a one year high of $52.10. The company has a market cap of $594.00 million, a P/E ratio of 9.65 and a beta of 0.44.
Movado Group (NYSE:MOV) last announced its quarterly earnings results on Thursday, May 30th. The company reported $0.24 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.30 by ($0.06). Movado Group had a net margin of 8.22% and a return on equity of 12.43%. The firm had revenue of $146.55 million during the quarter, compared to the consensus estimate of $148.70 million. During the same period in the previous year, the business earned $0.37 earnings per share. The firm’s revenue for the quarter was up 15.3% on a year-over-year basis. As a group, sell-side analysts forecast that Movado Group will post 2.75 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 25th. Stockholders of record on Tuesday, June 11th were paid a $0.20 dividend. The ex-dividend date of this dividend was Monday, June 10th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.10%. Movado Group’s dividend payout ratio (DPR) is presently 29.96%.
Several hedge funds and other institutional investors have recently made changes to their positions in MOV. Foundry Partners LLC grew its position in shares of Movado Group by 11.0% in the 2nd quarter. Foundry Partners LLC now owns 137,652 shares of the company’s stock worth $3,717,000 after buying an additional 13,618 shares during the last quarter. North Star Investment Management Corp. grew its position in shares of Movado Group by 62.1% in the 2nd quarter. North Star Investment Management Corp. now owns 125,350 shares of the company’s stock worth $3,384,000 after buying an additional 48,000 shares during the last quarter. Tributary Capital Management LLC purchased a new position in shares of Movado Group in the 2nd quarter worth approximately $13,221,000. First National Bank of Omaha purchased a new position in shares of Movado Group in the 2nd quarter worth approximately $803,000. Finally, WINTON GROUP Ltd purchased a new position in shares of Movado Group in the 2nd quarter worth approximately $338,000. 71.12% of the stock is owned by hedge funds and other institutional investors.
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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