Movado Group (NYSE:MOV) Lowered to Hold at Zacks Investment Research


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Zacks Investment Research lowered shares of Movado Group (NYSE:MOV) from a buy rating to a hold rating in a report released on Wednesday, Zacks.com reports.

According to Zacks, “Movado Group, Inc. is one of the world’s premier watchmakers. Movado Group designs, manufactures and distributes watches from ten of the most recognized and respected names in time: Movado, Concord, EBEL and ESQ Movado along with their Coach, HUGO BOSS, Juicy Couture, Lacoste, Tommy Hilfiger and Scuderia Ferrari licensed watch brands. From their Swiss luxury timepieces to our accessible fashion watches, each of their brands is recognized for its inherent quality and distinctive image within its price category. Collectively, their timepieces are sold throughout North and South America, Europe, Asia and the Far East. Between their manufacturing facilities in Switzerland, corporate headquarters in Paramus, New Jersey, USA and Bienne, Switzerland and their sales and distribution offices around the world, Movado Group. “

NYSE:MOV opened at $20.39 on Wednesday. Movado Group has a 1 year low of $8.12 and a 1 year high of $21.24. The firm’s fifty day simple moving average is $17.50 and its 200 day simple moving average is $12.85. The company has a current ratio of 3.54, a quick ratio of 2.21 and a debt-to-equity ratio of 0.10. The firm has a market capitalization of $472.93 million, a PE ratio of -3.41 and a beta of 1.08.

Movado Group (NYSE:MOV) last released its quarterly earnings results on Monday, November 23rd. The company reported $0.70 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.48 by $0.22. Movado Group had a negative net margin of 26.64% and a positive return on equity of 1.26%. As a group, analysts anticipate that Movado Group will post 0.52 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, February 5th. Shareholders of record on Thursday, January 21st will be issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 1.96%. The ex-dividend date of this dividend is Tuesday, January 19th.

Hedge funds have recently modified their holdings of the company. Point72 Hong Kong Ltd grew its stake in shares of Movado Group by 38.0% in the third quarter. Point72 Hong Kong Ltd now owns 2,969 shares of the company’s stock worth $30,000 after acquiring an additional 817 shares during the last quarter. BNP Paribas Arbitrage SA grew its position in Movado Group by 130.7% in the 3rd quarter. BNP Paribas Arbitrage SA now owns 6,153 shares of the company’s stock worth $61,000 after purchasing an additional 3,486 shares during the last quarter. Pacer Advisors Inc. grew its position in Movado Group by 191.1% in the 3rd quarter. Pacer Advisors Inc. now owns 7,455 shares of the company’s stock worth $74,000 after purchasing an additional 4,894 shares during the last quarter. Bank of Montreal Can increased its holdings in shares of Movado Group by 5,592.2% during the 2nd quarter. Bank of Montreal Can now owns 9,449 shares of the company’s stock worth $92,000 after purchasing an additional 9,283 shares during the period. Finally, BCJ Capital Management LLC acquired a new position in shares of Movado Group during the third quarter valued at about $100,000. Institutional investors own 56.11% of the company’s stock.

About Movado Group

Movado Group, Inc designs, develops, sources, markets, and distributes watches in the United States and internationally. It operates in two segments, Watch and Accessory Brands; and Company Stores. The company offers its watches under the Movado, Concord, Ebel, Olivia Burton, and MVMT owned brands, as well as under the Coach, Tommy Hilfiger, HUGO BOSS, Lacoste, SCUDERIA FERRARI, Rebecca Minkoff, and Uri Minkoff licensed brands.

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