Movado Group (NYSE:MOV) Downgraded by Zacks Investment Research

Zacks Investment Research cut shares of Movado Group (NYSE:MOV) from a hold rating to a sell rating in a research note released on Tuesday, 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 downgraded Worthington Industries from a b- rating to a c+ rating in a report on Monday, June 10th.

Shares of MOV opened at $27.08 on Tuesday. The company has a 50 day simple moving average of $27.24. The company has a debt-to-equity ratio of 0.26, a current ratio of 3.99 and a quick ratio of 2.40. The firm has a market capitalization of $612.16 million, a P/E ratio of 10.46 and a beta of 0.44. Movado Group has a 52-week low of $24.48 and a 52-week high of $52.10.

Movado Group (NYSE:MOV) last announced its quarterly earnings results on Thursday, May 30th. The company reported $0.24 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.30 by ($0.06). The business had revenue of $146.55 million during the quarter, compared to analyst estimates of $148.70 million. Movado Group had a net margin of 8.22% and a return on equity of 12.43%. The business’s revenue for the quarter was up 15.3% compared to the same quarter last year. During the same period last year, the company earned $0.37 earnings per share. On average, equities research analysts predict that Movado Group will post 2.75 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 25th. Shareholders of record on Tuesday, June 11th were paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 2.95%. The ex-dividend date was Monday, June 10th. Movado Group’s dividend payout ratio is currently 29.96%.

Hedge funds and other institutional investors have recently modified their holdings of the business. NumerixS Investment Technologies Inc lifted its stake in Movado Group by 633.3% in the fourth quarter. NumerixS Investment Technologies Inc now owns 2,200 shares of the company’s stock valued at $68,000 after buying an additional 1,900 shares during the last quarter. Group One Trading L.P. lifted its stake in Movado Group by 1,741.9% in the first quarter. Group One Trading L.P. now owns 4,568 shares of the company’s stock valued at $166,000 after buying an additional 4,320 shares during the last quarter. Municipal Employees Retirement System of Michigan purchased a new stake in Movado Group in the fourth quarter valued at approximately $149,000. BNP Paribas Arbitrage SA lifted its stake in Movado Group by 51.1% in the first quarter. BNP Paribas Arbitrage SA now owns 5,624 shares of the company’s stock valued at $205,000 after buying an additional 1,901 shares during the last quarter. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS purchased a new stake in Movado Group in the first quarter valued at approximately $206,000. Institutional investors own 70.97% of the company’s stock.

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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