Movado Group, Inc (MOV) Upgraded to “Hold” by Zacks Investment Research

Movado Group, Inc (NYSE:MOV) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued on Tuesday.

According to Zacks, “Movado Group, Inc. is a designer, manufacturer and distributor of quality watches with prominent brands sold in almost every price category comprising the watch industry. The company’s watch brands include Movado, Concord, and ESQ. “

Other equities research analysts have also issued research reports about the company. Cowen and Company lowered their target price on Movado Group from $27.00 to $25.00 and set a “market perform” rating for the company in a research note on Monday, March 20th. TheStreet lowered Movado Group from a “b-” rating to a “c+” rating in a research note on Friday, March 10th. Finally, Sidoti raised Movado Group from a “neutral” rating to a “buy” rating and set a $34.00 target price for the company in a research note on Monday, January 30th.

Shares of Movado Group (NYSE:MOV) traded down 0.22% during midday trading on Tuesday, hitting $22.25. The stock had a trading volume of 232,261 shares. The firm’s 50-day moving average price is $23.29 and its 200-day moving average price is $25.66. The stock has a market cap of $510.66 million, a price-to-earnings ratio of 14.74 and a beta of 0.47. Movado Group has a 1-year low of $19.14 and a 1-year high of $31.95.

Movado Group (NYSE:MOV) last released its earnings results on Monday, March 20th. The company reported $0.22 earnings per share for the quarter, missing analysts’ consensus estimates of $0.23 by $0.01. Movado Group had a net margin of 6.67% and a return on equity of 8.97%. The company had revenue of $130.80 million during the quarter, compared to the consensus estimate of $137.11 million. During the same period last year, the firm posted $0.40 EPS. The company’s revenue was down 8.7% on a year-over-year basis. Analysts forecast that Movado Group will post $1.43 earnings per share for the current year.

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A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MOV. Goldman Sachs Group Inc. raised its position in Movado Group by 2.9% in the first quarter. Goldman Sachs Group Inc. now owns 59,224 shares of the company’s stock worth $1,478,000 after buying an additional 1,674 shares during the last quarter. Tudor Investment Corp ET AL raised its position in Movado Group by 43.4% in the first quarter. Tudor Investment Corp ET AL now owns 23,634 shares of the company’s stock worth $590,000 after buying an additional 7,156 shares during the last quarter. Gotham Asset Management LLC acquired a new position in Movado Group during the first quarter worth approximately $343,000. Bank of America Corp DE raised its position in Movado Group by 81.4% in the first quarter. Bank of America Corp DE now owns 26,348 shares of the company’s stock worth $657,000 after buying an additional 11,825 shares during the last quarter. Finally, Lucus Advisors LLC acquired a new position in Movado Group during the first quarter worth approximately $421,000. 63.35% of the stock is owned by institutional investors and hedge funds.

Movado Group Company Profile

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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