KeyCorp Comments on Movado Group Inc.’s Q4 2018 Earnings (MOV)
Movado Group Inc. (NYSE:MOV) – Analysts at KeyCorp lifted their Q4 2018 earnings per share estimates for Movado Group in a research report issued to clients and investors on Tuesday. KeyCorp analyst E. Yruma now forecasts that the company will post earnings of $0.33 per share for the quarter, up from their prior estimate of $0.26. KeyCorp also issued estimates for Movado Group’s Q1 2019 earnings at $0.10 EPS, Q2 2019 earnings at $0.38 EPS, Q3 2019 earnings at $0.92 EPS and Q4 2019 earnings at $0.36 EPS.
A number of other equities analysts have also weighed in on MOV. ValuEngine upgraded shares of Movado Group from a “hold” rating to a “buy” rating in a report on Friday. Zacks Investment Research upgraded shares of Movado Group from a “hold” rating to a “strong-buy” rating and set a $32.00 price objective for the company in a report on Saturday. Finally, BidaskClub lowered shares of Movado Group from a “hold” rating to a “sell” rating in a report on Wednesday, August 23rd. One analyst has rated the stock with a sell rating, one has issued a hold rating, two have given a buy rating and one has given a strong buy rating to the stock. Movado Group currently has a consensus rating of “Buy” and an average target price of $30.33.
Movado Group (NYSE MOV) traded down 1.26% during trading on Thursday, hitting $27.40. The stock had a trading volume of 100,184 shares. Movado Group has a 1-year low of $20.50 and a 1-year high of $31.95. The company has a market capitalization of $625.84 million, a P/E ratio of 23.64 and a beta of 0.20. The stock’s 50-day moving average price is $24.52 and its 200-day moving average price is $23.76.
Movado Group (NYSE:MOV) last released its earnings results on Tuesday, August 29th. The company reported $0.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.25 by $0.18. The company had revenue of $128.80 million during the quarter, compared to analyst estimates of $122 million. Movado Group had a return on equity of 7.74% and a net margin of 4.97%. Movado Group’s quarterly revenue was up .5% on a year-over-year basis. During the same period in the prior year, the company posted $0.27 earnings per share.
A number of large investors have recently bought and sold shares of MOV. Janus Henderson Group PLC bought a new stake in Movado Group during the second quarter worth approximately $13,810,000. Deprince Race & Zollo Inc. acquired a new stake in shares of Movado Group during the second quarter worth about $10,666,000. JPMorgan Chase & Co. increased its stake in shares of Movado Group by 36.9% in the first quarter. JPMorgan Chase & Co. now owns 1,097,610 shares of the company’s stock worth $27,386,000 after buying an additional 295,892 shares during the last quarter. FMR LLC increased its stake in shares of Movado Group by 62.5% in the second quarter. FMR LLC now owns 588,709 shares of the company’s stock worth $14,865,000 after buying an additional 226,510 shares during the last quarter. Finally, Confluence Investment Management LLC acquired a new stake in shares of Movado Group during the second quarter worth about $4,416,000. 64.33% of the stock is owned by institutional investors and hedge funds.
Movado Group announced that its Board of Directors has initiated a share repurchase plan on Tuesday, August 29th that allows the company to buyback $50.00 million in shares. This buyback authorization allows the company to reacquire shares of its stock through open market purchases. Shares buyback plans are generally an indication that the company’s board of directors believes its stock is undervalued.
The business also recently announced a quarterly dividend, which will be paid on Monday, September 25th. Shareholders of record on Monday, September 11th will be given a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a yield of 1.90%. The ex-dividend date is Friday, September 8th. Movado Group’s dividend payout ratio (DPR) is presently 45.22%.
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 and department stores, as well as independent jewelers.
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