Northland Securities Initiates Coverage on Movado Group (NYSE:MOV)

Analysts at Northland Securities began coverage on shares of Movado Group (NYSE:MOV) in a research report issued on Wednesday, Marketbeat.com reports. The brokerage set an “outperform” rating and a $30.00 price target on the stock. Northland Securities’ price target points to a potential upside of 34.17% from the stock’s previous close.

A number of other brokerages have also issued reports on MOV. Wall Street Zen upgraded shares of Movado Group from a “hold” rating to a “buy” rating in a research note on Friday, November 28th. BWS Financial reissued a “buy” rating and set a $31.50 price objective on shares of Movado Group in a report on Wednesday, November 26th. Zacks Research downgraded shares of Movado Group from a “hold” rating to a “strong sell” rating in a research report on Friday, November 28th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Movado Group in a research report on Monday, December 29th. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $30.75.

Movado Group Stock Performance

NYSE:MOV opened at $22.36 on Wednesday. The stock has a market cap of $495.05 million, a price-to-earnings ratio of 23.05 and a beta of 0.90. Movado Group has a one year low of $12.85 and a one year high of $22.53. The business’s 50-day simple moving average is $20.22 and its 200 day simple moving average is $18.44.

Movado Group (NYSE:MOV) last posted its quarterly earnings data on Tuesday, November 25th. The company reported $0.45 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.57 by ($0.12). Movado Group had a return on equity of 5.86% and a net margin of 3.33%.The business had revenue of $186.13 million for the quarter, compared to analysts’ expectations of $185.89 million. During the same quarter in the prior year, the firm earned $0.22 earnings per share. On average, equities research analysts predict that Movado Group will post 1.05 EPS for the current year.

Hedge Funds Weigh In On Movado Group

Several institutional investors have recently made changes to their positions in MOV. Coppell Advisory Solutions LLC boosted its position in Movado Group by 14,191.7% during the 1st quarter. Coppell Advisory Solutions LLC now owns 1,715 shares of the company’s stock worth $29,000 after acquiring an additional 1,703 shares during the period. Comerica Bank raised its stake in shares of Movado Group by 99.0% during the third quarter. Comerica Bank now owns 1,785 shares of the company’s stock valued at $34,000 after purchasing an additional 888 shares in the last quarter. CWM LLC lifted its holdings in Movado Group by 49.9% in the second quarter. CWM LLC now owns 2,588 shares of the company’s stock worth $39,000 after purchasing an additional 862 shares during the period. State of Wyoming bought a new position in Movado Group in the 2nd quarter valued at about $40,000. Finally, Harbor Capital Advisors Inc. grew its position in Movado Group by 20.4% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 4,655 shares of the company’s stock valued at $88,000 after buying an additional 790 shares in the last quarter. 72.08% of the stock is owned by institutional investors.

About Movado Group

Movado Group, Inc is a global designer, manufacturer and distributor of watches and related jewelry products. The company’s portfolio encompasses both owned and licensed brands, offering a wide range of timepieces from luxury to accessible price points. Major owned brands include Movado, Concord, and Ebel, alongside newer acquisitions such as MVMT and Olivia Burton. In addition, Movado Group holds licensing agreements to produce watches under fashion names like Hugo Boss, Tommy Hilfiger, Coach, Lacoste and Scuderia Ferrari.

Movado Group’s product line spans classic dress watches, sport and dive models, fashion-forward designs and limited-edition collections.