Shares of Movado Group Inc. (NYSE:MOV) have been given an average rating of “Buy” by the seven brokerages that are presently covering the company, MarketBeat Ratings reports. One analyst has rated the stock with a sell recommendation, two have assigned a hold recommendation, two have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1 year target price among brokerages that have issued ratings on the stock in the last year is $30.33.
Several research analysts have weighed in on MOV shares. KeyCorp reiterated a “hold” rating on shares of Movado Group in a report on Wednesday, October 11th. Zacks Investment Research upgraded Movado Group from a “hold” rating to a “strong-buy” rating and set a $32.00 target price on the stock in a report on Saturday, September 2nd. BidaskClub lowered Movado Group from a “hold” rating to a “sell” rating in a report on Wednesday, August 23rd. Finally, ValuEngine lowered Movado Group from a “buy” rating to a “hold” rating in a report on Tuesday, August 1st.
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Shares of Movado Group (MOV) traded up 0.90% during midday trading on Thursday, reaching $27.95. The company had a trading volume of 135,873 shares. Movado Group has a 52-week low of $20.50 and a 52-week high of $31.95. The company’s 50-day moving average is $27.43 and its 200-day moving average is $24.49. The firm has a market cap of $642.04 million, a P/E ratio of 24.09 and a beta of 0.22.
Movado Group (NYSE:MOV) last announced its quarterly earnings data on Tuesday, August 29th. The company reported $0.43 EPS for the quarter, topping analysts’ consensus estimates of $0.25 by $0.18. Movado Group had a return on equity of 7.74% and a net margin of 4.97%. The business had revenue of $128.80 million during the quarter, compared to analysts’ expectations of $122.00 million. During the same period in the previous year, the firm earned $0.27 earnings per share. The firm’s quarterly revenue was up .5% compared to the same quarter last year. Equities research analysts expect that Movado Group will post $1.63 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Monday, September 25th. Shareholders of record on Monday, September 11th were issued a dividend of $0.13 per share. The ex-dividend date was Friday, September 8th. This represents a $0.52 annualized dividend and a yield of 1.86%. Movado Group’s dividend payout ratio is presently 45.22%.
Movado Group declared that its board has authorized a stock buyback program on Tuesday, August 29th that allows the company to buyback $50.00 million in outstanding shares. This buyback authorization allows the company to purchase shares of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its stock is undervalued.
In other Movado Group news, CFO Sallie A. Demarsilis sold 8,977 shares of Movado Group stock in a transaction dated Wednesday, September 6th. The stock was sold at an average price of $28.50, for a total transaction of $255,844.50. Following the transaction, the chief financial officer now directly owns 37,379 shares in the company, valued at $1,065,301.50. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Nathan Leventhal sold 3,130 shares of Movado Group stock in a transaction dated Wednesday, September 6th. The stock was sold at an average price of $28.05, for a total value of $87,796.50. Following the transaction, the director now owns 14,565 shares in the company, valued at $408,548.25. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 14,611 shares of company stock worth $412,201. Corporate insiders own 33.30% of the company’s stock.
A number of hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. lifted its holdings in Movado Group by 4.5% during the first quarter. Vanguard Group Inc. now owns 1,557,766 shares of the company’s stock worth $38,866,000 after acquiring an additional 67,655 shares in the last quarter. FMR LLC lifted its holdings in shares of Movado Group by 62.5% in the second quarter. FMR LLC now owns 588,709 shares of the company’s stock valued at $14,865,000 after purchasing an additional 226,510 shares in the last quarter. Janus Henderson Group PLC bought a new stake in shares of Movado Group in the second quarter valued at about $13,810,000. Deprince Race & Zollo Inc. bought a new stake in shares of Movado Group in the second quarter valued at about $10,666,000. Finally, Northern Trust Corp lifted its holdings in shares of Movado Group by 31.5% in the second quarter. Northern Trust Corp now owns 400,216 shares of the company’s stock valued at $10,105,000 after purchasing an additional 95,967 shares in the last quarter. Hedge funds and other institutional investors own 64.37% of the company’s stock.
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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