Movado Group’s (MOV) “Hold” Rating Reiterated at KeyCorp
Movado Group Inc. (NYSE:MOV)‘s stock had its “hold” rating reissued by stock analysts at KeyCorp in a research report issued on Wednesday.
A number of other 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 Tuesday, July 25th. Zacks Investment Research upgraded shares of Movado Group from a “sell” rating to a “hold” rating in a report on Wednesday, August 9th. Finally, BidaskClub lowered shares of Movado Group from a “hold” rating to a “sell” rating in a report on Wednesday, August 23rd. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company’s stock. Movado Group has an average rating of “Buy” and an average price target of $30.33.
Shares of Movado Group (NYSE:MOV) remained flat at $27.10 during trading on Wednesday. 52,308 shares of the company’s stock were exchanged. Movado Group has a 12 month low of $20.50 and a 12 month high of $31.95. The stock’s 50-day moving average price is $27.07 and its 200 day moving average price is $24.44. The stock has a market cap of $622.51 million, a P/E ratio of 23.36 and a beta of 0.22.
Movado Group (NYSE:MOV) last posted its earnings results on Tuesday, August 29th. The company reported $0.43 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.25 by $0.18. The company had revenue of $128.80 million during the quarter, compared to analyst estimates of $122.00 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% on a year-over-year basis. During the same period in the prior year, the business posted $0.27 earnings per share. On average, analysts predict that Movado Group will post $1.63 EPS for the current year.
Movado Group declared that its board has initiated a share buyback program on Tuesday, August 29th that authorizes the company to repurchase $50.00 million in shares. This repurchase authorization authorizes the company to repurchase shares of its stock through open market purchases. Shares repurchase programs are usually an indication that the company’s board of directors believes its shares are undervalued.
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In related news, 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 value of $68,559.52. Following the completion of the transaction, the insider now directly owns 1,376 shares of the company’s stock, valued at $37,674.88. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Sallie A. Demarsilis sold 8,977 shares of the stock in a transaction dated Wednesday, September 6th. The stock was sold at an average price of $28.50, for a total transaction of $255,844.50. Following the completion of the transaction, the chief financial officer now directly owns 37,379 shares of the company’s stock, valued at $1,065,301.50. The disclosure for this sale can be found here. Over the last three months, insiders sold 14,611 shares of company stock valued at $412,201. 32.98% of the stock is owned by insiders.
A number of hedge funds have recently added to or reduced their stakes in MOV. PNC Financial Services Group Inc. raised its stake in Movado Group by 1.0% in the first quarter. PNC Financial Services Group Inc. now owns 4,777 shares of the company’s stock worth $119,000 after buying an additional 47 shares in the last quarter. QS Investors LLC raised its stake in Movado Group by 0.5% in the second quarter. QS Investors LLC now owns 5,748 shares of the company’s stock worth $145,000 after buying an additional 27 shares in the last quarter. BNP Paribas Arbitrage SA raised its stake in Movado Group by 13.3% in the second quarter. BNP Paribas Arbitrage SA now owns 6,617 shares of the company’s stock worth $167,000 after buying an additional 776 shares in the last quarter. Arizona State Retirement System raised its stake in Movado Group by 1.3% in the first quarter. Arizona State Retirement System now owns 8,023 shares of the company’s stock worth $200,000 after buying an additional 100 shares in the last quarter. Finally, Thrivent Financial For Lutherans raised its stake in Movado Group by 12.0% in the first quarter. Thrivent Financial For Lutherans now owns 9,240 shares of the company’s stock worth $231,000 after buying an additional 990 shares in the last quarter. 64.33% of the stock is owned by institutional investors.
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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