Movado Group, Inc (NYSE:MOV) had its target price cut by Cowen and Company to $25.00 in a research note issued to investors on Monday.
Other research analysts also recently issued research reports about the company. Sidoti raised Movado Group from a “neutral” rating to a “buy” rating and set a $34.00 price target on the stock in a research note on Monday, January 30th. Zacks Investment Research downgraded Movado Group from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, January 24th. Finally, TheStreet downgraded Movado Group from a “b-” rating to a “c+” rating in a research note on Friday, March 10th. Three analysts have rated the stock with a hold rating and one has issued a buy rating to the company. The company has an average rating of “Hold” and an average target price of $31.00.
Shares of Movado Group (NYSE:MOV) traded up 5.93% on Monday, hitting $25.00. The stock had a trading volume of 725,137 shares. Movado Group has a one year low of $19.14 and a one year high of $31.95. The company has a market capitalization of $573.30 million, a P/E ratio of 15.38 and a beta of 0.47. The firm has a 50 day moving average price of $24.83 and a 200 day moving average price of $25.02.
Movado Group (NYSE:MOV) last posted its quarterly earnings data on Monday, March 20th. The company reported $0.22 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.23 by $0.01. Movado Group had a return on equity of 8.97% and a net margin of 6.67%. The firm had revenue of $130.80 million for the quarter, compared to analyst estimates of $137.11 million. During the same period in the prior year, the company posted $0.40 EPS. The firm’s quarterly revenue was down 8.7% compared to the same quarter last year. On average, equities research analysts predict that Movado Group will post $1.60 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, April 14th. Investors of record on Friday, March 31st will be paid a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a yield of 2.08%. Movado Group’s payout ratio is presently 32.10%.
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A number of hedge funds have recently modified their holdings of the company. Citadel Advisors LLC increased its stake in shares of Movado Group by 469.6% in the third quarter. Citadel Advisors LLC now owns 107,068 shares of the company’s stock valued at $2,300,000 after buying an additional 88,271 shares during the last quarter. JPMorgan Chase & Co. increased its stake in shares of Movado Group by 3.1% in the third quarter. JPMorgan Chase & Co. now owns 640,271 shares of the company’s stock valued at $13,752,000 after buying an additional 19,142 shares during the last quarter. SG Americas Securities LLC increased its stake in shares of Movado Group by 58.3% in the third quarter. SG Americas Securities LLC now owns 11,275 shares of the company’s stock valued at $242,000 after buying an additional 4,154 shares during the last quarter. Contrarius Investment Management Ltd increased its stake in shares of Movado Group by 7.6% in the third quarter. Contrarius Investment Management Ltd now owns 175,609 shares of the company’s stock valued at $3,772,000 after buying an additional 12,458 shares during the last quarter. Finally, Victory Capital Management Inc. increased its stake in shares of Movado Group by 730.9% in the third quarter. Victory Capital Management Inc. now owns 15,388 shares of the company’s stock valued at $331,000 after buying an additional 13,536 shares during the last quarter. 63.35% of the stock is currently owned by institutional investors and hedge funds.
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, department stores and independent jewelers.
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