Movado Group (NYSE:MOV) Cut to “Hold” at StockNews.com

StockNews.com downgraded shares of Movado Group (NYSE:MOV) from a buy rating to a hold rating in a research note issued to investors on Friday morning.

Separately, Benchmark reiterated a buy rating and issued a $41.00 target price on shares of Movado Group in a research note on Friday, May 31st.

Movado Group Stock Down 1.9 %

Shares of MOV stock opened at $18.90 on Friday. Movado Group has a 12 month low of $18.71 and a 12 month high of $31.44. The firm has a market cap of $419.77 million, a PE ratio of 10.56 and a beta of 1.00. The stock has a 50 day moving average of $24.33 and a 200-day moving average of $25.81.

Movado Group (NYSE:MOV) last announced its earnings results on Thursday, September 5th. The company reported $0.16 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.03). Movado Group had a return on equity of 8.18% and a net margin of 6.09%. The company had revenue of $159.31 million for the quarter. During the same quarter in the prior year, the business earned $0.38 earnings per share. As a group, equities analysts predict that Movado Group will post 1.25 EPS for the current fiscal year.

Movado Group Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Monday, September 16th will be paid a $0.35 dividend. The ex-dividend date is Monday, September 16th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 7.41%. Movado Group’s payout ratio is 78.21%.

Insider Buying and Selling

In other Movado Group news, SVP Michelle Kennedy sold 1,245 shares of the business’s stock in a transaction on Wednesday, July 17th. The shares were sold at an average price of $26.05, for a total value of $32,432.25. Following the sale, the senior vice president now owns 12,202 shares of the company’s stock, valued at approximately $317,862.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 30.11% of the stock is owned by company insiders.

Institutional Investors Weigh In On Movado Group

A number of institutional investors have recently added to or reduced their stakes in the stock. Innealta Capital LLC acquired a new position in shares of Movado Group in the 2nd quarter worth approximately $25,000. Quadrant Capital Group LLC grew its position in Movado Group by 112.4% in the fourth quarter. Quadrant Capital Group LLC now owns 1,060 shares of the company’s stock valued at $32,000 after acquiring an additional 561 shares during the period. Allspring Global Investments Holdings LLC grew its position in Movado Group by 1,246.9% in the first quarter. Allspring Global Investments Holdings LLC now owns 3,906 shares of the company’s stock valued at $109,000 after acquiring an additional 3,616 shares during the period. SG Americas Securities LLC acquired a new position in Movado Group during the second quarter worth $122,000. Finally, Banque Cantonale Vaudoise lifted its holdings in shares of Movado Group by 117.2% during the second quarter. Banque Cantonale Vaudoise now owns 5,581 shares of the company’s stock valued at $139,000 after acquiring an additional 3,011 shares during the period. 72.08% of the stock is owned by institutional investors and hedge funds.

Movado Group Company Profile

Movado Group, Inc designs, sources, markets, and distributes watches in the United States and internationally. The company 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 brands, as well as licensed brands comprising Coach, Tommy Hilfiger, HUGO BOSS, Lacoste, and Calvin Klein.