Movado Group (MOV) Lifted to Buy at ValuEngine
Movado Group (NYSE:MOV) was upgraded by investment analysts at ValuEngine from a “hold” rating to a “buy” rating in a research note issued to investors on Tuesday.
A number of other research firms have also recently commented on MOV. KeyCorp reissued a “hold” rating on shares of Movado Group in a research report on Wednesday, October 11th. Zacks Investment Research raised shares of Movado Group from a “sell” rating to a “hold” rating in a research report on Wednesday, August 9th. Finally, BidaskClub cut shares of Movado Group from a “hold” rating to a “sell” rating in a research report on Wednesday, August 23rd. One 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’s stock. Movado Group presently has an average rating of “Buy” and an average price target of $30.33.
Shares of Movado Group (MOV) traded up $0.85 during mid-day trading on Tuesday, reaching $30.60. 234,388 shares of the company’s stock were exchanged, compared to its average volume of 138,926. The firm has a market capitalization of $668.67, a PE ratio of 17.15 and a beta of 0.21. The company has a current ratio of 4.80, a quick ratio of 3.12 and a debt-to-equity ratio of 0.05. Movado Group has a 1 year low of $20.50 and a 1 year high of $33.70.
Movado Group declared that its board has approved a share repurchase program on Tuesday, August 29th that permits the company to buyback $50.00 million in outstanding shares. This buyback authorization permits the company to repurchase shares of its stock through open market purchases. Shares buyback programs are usually an indication that the company’s management believes its stock is undervalued.
In other news, CFO Sallie A. Demarsilis sold 8,977 shares of the company’s stock in a transaction dated Wednesday, September 6th. The shares were 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 owns 37,379 shares in the company, valued at $1,065,301.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Miriam Grinberg Phalen sold 2,504 shares of the company’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 transaction, 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. In the last 90 days, insiders sold 20,012 shares of company stock valued at $565,805. Insiders own 33.30% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in the company. QS Investors LLC grew its position in shares of Movado Group by 0.5% during the second quarter. QS Investors LLC now owns 5,748 shares of the company’s stock worth $145,000 after acquiring an additional 27 shares during the last quarter. PNC Financial Services Group Inc. grew its position in shares of Movado Group by 1.0% during the first quarter. PNC Financial Services Group Inc. now owns 4,777 shares of the company’s stock worth $119,000 after acquiring an additional 47 shares during the last quarter. Municipal Employees Retirement System of Michigan grew its position in shares of Movado Group by 1.1% during the third quarter. Municipal Employees Retirement System of Michigan now owns 5,720 shares of the company’s stock worth $123,000 after acquiring an additional 60 shares during the last quarter. Arizona State Retirement System grew its position in shares of Movado Group by 1.3% during the first quarter. Arizona State Retirement System now owns 8,023 shares of the company’s stock worth $200,000 after acquiring an additional 100 shares during the last quarter. Finally, Texas Permanent School Fund grew its position in shares of Movado Group by 1.1% during the second quarter. Texas Permanent School Fund now owns 11,207 shares of the company’s stock worth $283,000 after acquiring an additional 121 shares during the last quarter. Institutional investors and hedge funds own 63.85% of the company’s stock.
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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