Movado Group (MOV) Raised to Buy at ValuEngine
ValuEngine upgraded shares of Movado Group (NYSE:MOV) from a hold rating to a buy rating in a research note published on Tuesday morning.
MOV has been the topic of several other reports. Zacks Investment Research raised shares of Movado Group from a sell rating to a hold rating in a research note on Wednesday, August 9th. BidaskClub lowered shares of Movado Group from a hold rating to a sell rating in a research note on Wednesday, August 23rd. Finally, KeyCorp reissued a hold rating on shares of Movado Group in a research note on Wednesday, October 11th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, two have given a buy rating and one has given a strong buy rating to the company. The stock has an average rating of Buy and an average price target of $30.33.
Movado Group (NYSE:MOV) traded up $0.25 during trading hours on Tuesday, hitting $30.75. 259,000 shares of the stock were exchanged, compared to its average volume of 139,790. The company has a debt-to-equity ratio of 0.05, a quick ratio of 3.12 and a current ratio of 4.80. Movado Group has a 12 month low of $20.50 and a 12 month high of $33.70. The company has a market cap of $699.67, a price-to-earnings ratio of 17.94 and a beta of 0.21.
Movado Group (NYSE:MOV) last posted its quarterly earnings data on Tuesday, November 21st. The company reported $1.04 EPS for the quarter, beating the Zacks’ consensus estimate of $0.86 by $0.18. Movado Group had a net margin of 4.35% and a return on equity of 8.34%. The company had revenue of $190.69 million for the quarter, compared to analyst estimates of $176.33 million. During the same period in the prior year, the firm posted $0.91 EPS. The company’s quarterly revenue was up 6.0% on a year-over-year basis. equities analysts expect that Movado Group will post 1.74 EPS for the current year.
Movado Group declared that its board has authorized a share repurchase plan on Tuesday, August 29th that allows the company to repurchase $50.00 million in outstanding shares. This repurchase authorization allows the company to repurchase shares of its stock through open market purchases. Shares repurchase plans are typically a sign that the company’s management believes its shares are undervalued.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 15th. Shareholders of record on Friday, December 1st will be paid a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a dividend yield of 1.69%. The ex-dividend date of this dividend is Thursday, November 30th. Movado Group’s dividend payout ratio (DPR) is 50.49%.
In other news, CFO Sallie A. Demarsilis sold 5,401 shares of the stock in a transaction dated Monday, November 27th. The shares were sold at an average price of $28.44, for a total value of $153,604.44. Following the completion of the sale, the chief financial officer now owns 31,978 shares in the company, valued at $909,454.32. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, major shareholder Miriam Grinberg Phalen sold 2,504 shares of the stock in a transaction dated Tuesday, September 19th. The shares were sold at an average price of $27.38, for a total transaction of $68,559.52. Following the completion of the sale, the insider now owns 1,376 shares of the company’s stock, valued at approximately $37,674.88. The disclosure for this sale can be found here. 32.98% of the stock is currently owned by company insiders.
Hedge funds have recently made changes to their positions in the company. Systematic Financial Management LP raised its holdings in shares of Movado Group by 9.2% in the second quarter. Systematic Financial Management LP now owns 69,041 shares of the company’s stock valued at $1,743,000 after purchasing an additional 5,790 shares during the last quarter. Vanguard Group Inc. raised its holdings in shares of Movado Group by 4.5% in the first quarter. Vanguard Group Inc. now owns 1,557,766 shares of the company’s stock valued at $38,866,000 after purchasing an additional 67,655 shares during the last quarter. AHL Partners LLP purchased a new stake in shares of Movado Group in the second quarter valued at about $403,000. Janus Henderson Group PLC purchased a new stake in shares of Movado Group in the second quarter valued at about $13,810,000. Finally, Foundry Partners LLC increased its holdings in Movado Group by 7.5% during the third quarter. Foundry Partners LLC now owns 145,772 shares of the company’s stock worth $4,082,000 after buying an additional 10,196 shares during the last quarter. Institutional investors own 63.85% of the company’s stock.
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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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