Movado Group (NYSE:MOV) Stock Rating Lowered by Zacks Research

Movado Group (NYSE:MOV) was downgraded by equities research analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a research report issued to clients and investors on Monday, Zacks reports.

MOV has been the topic of several other research reports. BWS Financial reaffirmed a “buy” rating and set a $45.00 price objective on shares of Movado Group in a research report on Tuesday, September 1st. Wall Street Zen downgraded shares of Movado Group from a “strong-buy” rating to a “buy” rating in a research report on Saturday, August 29th. Finally, Weiss Ratings lowered shares of Movado Group from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Tuesday, September 22nd. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, Movado Group has a consensus rating of “Moderate Buy” and an average target price of $40.00.

Movado Group Price Performance

MOV opened at $31.69 on Monday. The company has a market capitalization of $707.09 million, a PE ratio of 17.61 and a beta of 0.90. Movado Group has a fifty-two week low of $17.61 and a fifty-two week high of $40.50. The business has a 50-day moving average of $32.89 and a 200-day moving average of $30.94.

Movado Group (NYSE:MOV) last announced its quarterly earnings results on Wednesday, August 26th. The company reported $0.54 EPS for the quarter, beating the consensus estimate of $0.35 by $0.19. Movado Group had a return on equity of 8.49% and a net margin of 6.00%. The business had revenue of $169.75 million during the quarter, compared to analysts’ expectations of $164.20 million. On average, equities research analysts expect that Movado Group will post 1.94 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. BlackRock Inc. acquired a new stake in Movado Group in the 2nd quarter worth approximately $52,824,000. Bank of New York Mellon Corp acquired a new position in Movado Group during the second quarter valued at approximately $6,664,000. Empowered Funds LLC acquired a new position in Movado Group during the second quarter valued at approximately $4,063,000. Renaissance Technologies LLC grew its holdings in Movado Group by 125.6% during the first quarter. Renaissance Technologies LLC now owns 139,198 shares of the company’s stock valued at $3,399,000 after purchasing an additional 77,500 shares during the last quarter. Finally, Lazard Asset Management LLC raised its position in shares of Movado Group by 120.8% in the first quarter. Lazard Asset Management LLC now owns 124,643 shares of the company’s stock valued at $3,044,000 after purchasing an additional 68,201 shares during the period. 72.08% of the stock is owned by institutional investors.

About Movado Group

Movado Group, Inc is a designer, manufacturer, and distributor of watches and related accessories. The company’s portfolio includes its Movado brand, known for minimalist designs and the Museum dial, as well as a range of licensed and owned brands that have included Ebel, Concord, MVMT, Olivia Burton, and fashion-label watch collections.

Movado Group sells watches, jewelry, and accessories through department and specialty stores, authorized retailers, company-operated stores, e-commerce platforms, and other distribution channels.