Movado Group, Inc (NYSE:MOV) had its price target lowered by equities researchers at Cowen and Company to $25.00 in a report issued on Monday.
A number of other brokerages have also recently issued reports on MOV. Sidoti cut Movado Group from a “buy” rating to a “neutral” rating in a report on Thursday, December 15th. Zacks Investment Research upgraded Movado Group from a “hold” rating to a “strong-buy” rating and set a $34.00 price target on the stock in a report on Tuesday, November 29th. Finally, TheStreet upgraded Movado Group from a “hold” rating to a “buy” rating in a report on Wednesday, December 7th. Three equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $31.00.
Movado Group (NYSE:MOV) traded up 5.93% during trading on Monday, hitting $25.00. The stock had a trading volume of 725,137 shares. Movado Group has a 1-year low of $19.14 and a 1-year high of $31.95. The firm’s 50 day moving average is $24.83 and its 200 day moving average is $25.02. The firm has a market cap of $573.30 million, a price-to-earnings ratio of 15.38 and a beta of 0.47.
Movado Group (NYSE:MOV) last issued its earnings results on Monday, March 20th. The company reported $0.22 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.23 by $0.01. The company earned $130.80 million during the quarter, compared to analyst estimates of $137.11 million. Movado Group had a return on equity of 8.97% and a net margin of 6.67%. The business’s revenue was down 8.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.40 earnings per share. On average, analysts anticipate that Movado Group will post $1.60 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, April 14th. Stockholders of record on Friday, March 31st will be issued a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a dividend yield of 2.08%. Movado Group’s dividend payout ratio is 32.10%.
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Hedge funds and other institutional investors have recently modified their holdings of the stock. Royce & Associates LP increased its position in shares of Movado Group by 7.9% in the fourth quarter. Royce & Associates LP now owns 1,266,640 shares of the company’s stock worth $36,416,000 after buying an additional 92,264 shares in the last quarter. JPMorgan Chase & Co. increased its position in shares of Movado Group by 3.1% in the third quarter. JPMorgan Chase & Co. now owns 640,271 shares of the company’s stock worth $13,752,000 after buying an additional 19,142 shares in the last quarter. Perkins Investment Management LLC increased its position in shares of Movado Group by 34.7% in the third quarter. Perkins Investment Management LLC now owns 521,247 shares of the company’s stock worth $11,196,000 after buying an additional 134,344 shares in the last quarter. State Street Corp increased its position in shares of Movado Group by 6.8% in the fourth quarter. State Street Corp now owns 377,643 shares of the company’s stock worth $10,859,000 after buying an additional 24,137 shares in the last quarter. Finally, LSV Asset Management increased its position in shares of Movado Group by 20.5% in the third quarter. LSV Asset Management now owns 227,172 shares of the company’s stock worth $4,879,000 after buying an additional 38,597 shares in the last quarter. Institutional investors and hedge funds own 63.35% of the company’s stock.
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, department stores and independent jewelers.
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