Sidoti Lowers Movado (MOV) to Neutral

Movado (NYSE:MOV) was downgraded by analysts at Sidoti from a “buy” rating to a “neutral” rating in a report issued on Tuesday, The Fly reports.

MOV has been the topic of a number of other research reports. Zacks Investment Research cut shares of Movado from a “buy” rating to a “hold” rating in a research report on Friday, February 23rd. ValuEngine upgraded shares of Movado from a “buy” rating to a “strong-buy” rating in a research report on Friday, June 1st. Finally, Cowen reiterated a “hold” rating and set a $42.00 price objective on shares of Movado in a research report on Monday, April 9th. One investment analyst has rated the stock with a sell rating, three have given a hold rating, one has given a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $39.00.

Shares of MOV opened at $51.70 on Tuesday. Movado has a fifty-two week low of $21.50 and a fifty-two week high of $53.72. The firm has a market capitalization of $1.21 billion, a P/E ratio of 25.85 and a beta of -0.13.

Movado (NYSE:MOV) last announced its quarterly earnings results on Wednesday, May 30th. The company reported $0.37 earnings per share for the quarter, topping the consensus estimate of $0.11 by $0.26. Movado had a negative net margin of 0.50% and a positive return on equity of 11.59%. The company had revenue of $127.10 million for the quarter, compared to analysts’ expectations of $109.47 million. During the same quarter in the previous year, the business posted $0.01 earnings per share. Movado’s quarterly revenue was up 28.0% on a year-over-year basis. analysts forecast that Movado will post 2.41 EPS for the current fiscal year.

In other news, Director Richard Cote sold 1,600 shares of the company’s stock in a transaction dated Tuesday, March 27th. The shares were sold at an average price of $32.68, for a total value of $52,288.00. Following the transaction, the director now directly owns 387,896 shares in the company, valued at $12,676,441.28. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP Francis Anthony Morelli sold 10,000 shares of the company’s stock in a transaction dated Monday, April 2nd. The stock was sold at an average price of $37.61, for a total transaction of $376,100.00. Following the completion of the transaction, the vice president now owns 52,810 shares in the company, valued at $1,986,184.10. The disclosure for this sale can be found here. Insiders have sold 297,303 shares of company stock worth $12,595,181 in the last quarter. Company insiders own 30.56% of the company’s stock.

Several hedge funds and other institutional investors have recently bought and sold shares of MOV. Schwab Charles Investment Management Inc. grew its holdings in shares of Movado by 21.8% in the fourth quarter. Schwab Charles Investment Management Inc. now owns 126,240 shares of the company’s stock worth $4,065,000 after purchasing an additional 22,600 shares during the last quarter. Aperio Group LLC bought a new position in shares of Movado in the fourth quarter worth about $204,000. Crossmark Global Holdings Inc. bought a new position in shares of Movado in the fourth quarter worth about $206,000. California Public Employees Retirement System grew its holdings in shares of Movado by 5.6% in the fourth quarter. California Public Employees Retirement System now owns 65,131 shares of the company’s stock worth $2,097,000 after purchasing an additional 3,427 shares during the last quarter. Finally, Wells Fargo & Company MN grew its holdings in shares of Movado by 22.2% in the fourth quarter. Wells Fargo & Company MN now owns 25,470 shares of the company’s stock worth $820,000 after purchasing an additional 4,630 shares during the last quarter. Hedge funds and other institutional investors own 63.95% of the company’s stock.

Movado Company Profile

Movado Group, Inc designs, develops, sources, markets, and distributes fine watches in the United States and internationally. The company operates in two segments, Wholesale and Retail. The company offers its watches under the Coach, Concord, Ebel, Olivia Burton, Rebecca Minkoff and Uri Minkoff, Scuderia Ferrari, HUGO BOSS, Juicy Couture, Lacoste, Movado, and Tommy Hilfiger brand names.

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