Movado Group Inc. (NYSE:MOV) was upgraded by research analysts at Sidoti from a “neutral” rating to a “buy” rating in a research note issued to investors on Monday. The firm currently has a $34.00 price objective on the stock. Sidoti’s price objective indicates a potential upside of 25.23% from the stock’s current price.
A number of other equities analysts have also commented on MOV. TheStreet upgraded Movado Group from a “hold” rating to a “buy” rating in a research note on Wednesday, December 7th. Zacks Investment Research lowered Movado Group from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, January 24th. Three equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $30.67.
Shares of Movado Group (NYSE:MOV) opened at 27.15 on Monday. The stock’s 50 day moving average price is $28.11 and its 200-day moving average price is $24.64. Movado Group has a 12 month low of $19.14 and a 12 month high of $31.95. The firm has a market capitalization of $622.60 million, a PE ratio of 16.70 and a beta of 0.47.
Movado Group (NYSE:MOV) last posted its earnings results on Tuesday, November 22nd. The company reported $0.91 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.72 by $0.19. Movado Group had a return on equity of 8.97% and a net margin of 6.67%. The company had revenue of $179.80 million for the quarter, compared to analyst estimates of $174.32 million. During the same period last year, the company earned $0.92 earnings per share. The business’s revenue was down 3.1% compared to the same quarter last year. On average, equities analysts anticipate that Movado Group will post $1.60 earnings per share for the current fiscal year.
A number of large investors have recently added to or reduced their stakes in MOV. Municipal Employees Retirement System of Michigan increased its stake in Movado Group by 1.1% in the third quarter. Municipal Employees Retirement System of Michigan now owns 5,720 shares of the company’s stock worth $123,000 after buying an additional 60 shares during the period. BlackRock Inc. increased its stake in Movado Group by 557.1% in the second quarter. BlackRock Inc. now owns 6,407 shares of the company’s stock worth $139,000 after buying an additional 5,432 shares during the period. BlackRock Advisors LLC increased its stake in Movado Group by 1.0% in the second quarter. BlackRock Advisors LLC now owns 7,536 shares of the company’s stock worth $163,000 after buying an additional 78 shares during the period. Van Hulzen Asset Management LLC purchased a new stake in Movado Group during the second quarter worth $163,000. Finally, Hudson Bay Capital Management LP purchased a new stake in Movado Group during the third quarter worth $215,000. 62.73% of the stock is currently owned by institutional investors and hedge funds.
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, department stores and independent jewelers.