Movado Group Inc. (MOV) Given Average Recommendation of “Buy” by Brokerages
Shares of Movado Group Inc. (NYSE:MOV) have received a consensus rating of “Buy” from the six analysts that are covering the firm, MarketBeat.com reports. One analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation, two have given a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year price target among analysts that have issued a report on the stock in the last year is $30.33.
A number of brokerages have issued reports on MOV. Zacks Investment Research upgraded shares of Movado Group from a “sell” rating to a “hold” rating in a report on Wednesday, August 9th. BidaskClub downgraded shares of Movado Group from a “hold” rating to a “sell” rating in a report on Wednesday, August 23rd. Finally, ValuEngine downgraded shares of Movado Group from a “buy” rating to a “hold” rating in a report on Tuesday, August 1st.
Movado Group (NYSE:MOV) opened at 27.10 on Thursday. The stock has a 50 day moving average of $27.07 and a 200 day moving average of $24.44. The company has a market cap of $622.51 million, a PE ratio of 23.36 and a beta of 0.22. Movado Group has a 12-month low of $20.50 and a 12-month high of $31.95.
Movado Group (NYSE:MOV) last announced its quarterly earnings results on Tuesday, August 29th. The company reported $0.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.25 by $0.18. The company had revenue of $128.80 million for the quarter, compared to the consensus estimate of $122.00 million. Movado Group had a net margin of 4.97% and a return on equity of 7.74%. Movado Group’s revenue for the quarter was up .5% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.27 EPS. Equities analysts expect that Movado Group will post $1.63 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Monday, September 25th. Shareholders of record on Monday, September 11th were issued a $0.13 dividend. The ex-dividend date of this dividend was Friday, September 8th. This represents a $0.52 dividend on an annualized basis and a yield of 1.92%. Movado Group’s dividend payout ratio is currently 45.22%.
Movado Group announced that its Board of Directors has initiated a share repurchase plan on Tuesday, August 29th that authorizes the company to repurchase $50.00 million in outstanding shares. This repurchase authorization authorizes the company to purchase shares of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its stock is undervalued.
In other news, CFO Sallie A. Demarsilis sold 8,977 shares of the business’s stock in a transaction dated Wednesday, September 6th. The shares were sold at an average price of $28.50, for a total value of $255,844.50. Following the sale, the chief financial officer now directly owns 37,379 shares in the company, valued at approximately $1,065,301.50. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, major shareholder Miriam Grinberg Phalen sold 2,504 shares of the business’s stock in a transaction dated Tuesday, September 19th. The stock was 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 in the company, valued at $37,674.88. The disclosure for this sale can be found here. Over the last quarter, insiders sold 14,611 shares of company stock worth $412,201. 32.98% of the stock is currently owned by insiders.
Several institutional investors have recently bought and sold shares of MOV. Great West Life Assurance Co. Can increased its holdings in shares of Movado Group by 7.8% in the 1st quarter. Great West Life Assurance Co. Can now owns 20,853 shares of the company’s stock worth $519,000 after buying an additional 1,504 shares during the last quarter. Bank of New York Mellon Corp increased its holdings in shares of Movado Group by 4.7% in the 1st quarter. Bank of New York Mellon Corp now owns 273,985 shares of the company’s stock worth $6,836,000 after buying an additional 12,356 shares during the last quarter. Comerica Bank increased its holdings in shares of Movado Group by 3.7% in the 1st quarter. Comerica Bank now owns 16,920 shares of the company’s stock worth $405,000 after buying an additional 602 shares during the last quarter. State of Tennessee Treasury Department increased its holdings in shares of Movado Group by 17.8% in the 1st quarter. State of Tennessee Treasury Department now owns 15,318 shares of the company’s stock worth $382,000 after buying an additional 2,312 shares during the last quarter. Finally, Oxford Asset Management bought a new stake in shares of Movado Group in the 1st quarter worth about $376,000. Hedge funds and other institutional investors own 64.33% of the company’s stock.
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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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