ValuEngine Upgrades Movado Group (MOV) to Buy
Movado Group (NYSE:MOV) was upgraded by ValuEngine from a “hold” rating to a “buy” rating in a report released on Sunday.
Other research analysts have also recently issued research reports about the company. KeyCorp restated a “hold” rating on shares of Movado Group in a research 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 price target for the company in a research report on Saturday, September 2nd. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. The company has a consensus rating of “Buy” and an average price target of $30.33.
Movado Group (NYSE MOV) opened at $32.20 on Friday. Movado Group has a 52-week low of $20.50 and a 52-week high of $33.70. The firm has a market capitalization of $738.64, a price-to-earnings ratio of 31.26 and a beta of 0.20. The company has a debt-to-equity ratio of 0.05, a current ratio of 4.80 and a quick ratio of 3.12.
Movado Group (NYSE:MOV) last announced its quarterly earnings results on Tuesday, November 21st. The company reported $1.04 earnings per share for the quarter, beating analysts’ consensus estimates of $0.86 by $0.18. Movado Group had a return on equity of 8.34% and a net margin of 4.35%. The business had revenue of $190.69 million during the quarter, compared to analysts’ expectations of $176.33 million. During the same quarter last year, the business posted $0.91 earnings per share. The business’s revenue for the quarter was up 6.0% on a year-over-year basis. sell-side analysts forecast that Movado Group will post 1.74 EPS for the current year.
In related news, Director Richard D. Isserman sold 2,650 shares of the stock in a transaction on Friday, December 22nd. The stock was sold at an average price of $32.07, for a total transaction of $84,985.50. Following the sale, the director now owns 11,184 shares of the company’s stock, valued at $358,670.88. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CFO Sallie A. Demarsilis sold 5,401 shares of the stock in a transaction on Monday, November 27th. The shares were sold at an average price of $28.44, for a total value of $153,604.44. Following the sale, the chief financial officer now directly owns 31,978 shares in the company, valued at approximately $909,454.32. The disclosure for this sale can be found here. 33.30% of the stock is owned by company insiders.
Several institutional investors and hedge funds have recently bought and sold shares of the stock. California Public Employees Retirement System boosted its stake in shares of Movado Group by 4.4% during the third quarter. California Public Employees Retirement System now owns 61,704 shares of the company’s stock valued at $1,728,000 after acquiring an additional 2,604 shares during the last quarter. Cubist Systematic Strategies LLC acquired a new stake in shares of Movado Group during the third quarter valued at $307,000. Highbridge Capital Management LLC acquired a new stake in shares of Movado Group during the third quarter valued at $238,000. Magnetar Financial LLC acquired a new stake in shares of Movado Group during the third quarter valued at $354,000. Finally, OxFORD Asset Management LLP acquired a new stake in shares of Movado Group during the third quarter valued at $249,000. 63.85% of the stock is currently owned by institutional investors and hedge funds.
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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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