Zacks Investment Research upgraded shares of Movado Group (NYSE:MOV) from a hold rating to a buy rating in a report issued on Thursday morning. The brokerage currently has $35.00 target price on the stock.
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. “
Separately, ValuEngine raised Movado Group from a hold rating to a buy rating in a research report on Friday, February 2nd. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and one has issued a buy rating to the company. Movado Group has a consensus rating of Hold and an average price target of $30.00.
In related news, Director Richard D. Isserman sold 2,650 shares of the stock in a transaction dated Friday, December 22nd. The stock was sold at an average price of $32.07, for a total transaction of $84,985.50. Following the sale, the director now owns 11,184 shares of the company’s stock, valued at approximately $358,670.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Richard Cote sold 1,600 shares of the company’s stock in a transaction dated Tuesday, January 9th. The stock was sold at an average price of $32.02, for a total value of $51,232.00. Following the completion of the transaction, the director now owns 397,296 shares in the company, valued at $12,721,417.92. The disclosure for this sale can be found here. Insiders have sold a total of 10,350 shares of company stock worth $332,233 in the last three months. 33.30% of the stock is currently owned by insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in the business. BlackRock Inc. increased its stake in Movado Group by 4.5% in the 4th quarter. BlackRock Inc. now owns 2,052,460 shares of the company’s stock worth $66,090,000 after acquiring an additional 89,273 shares during the last quarter. FMR LLC increased its stake in Movado Group by 62.5% in the 2nd quarter. FMR LLC now owns 588,709 shares of the company’s stock worth $14,865,000 after acquiring an additional 226,510 shares during the last quarter. Royce & Associates LP increased its stake in Movado Group by 15.3% in the 4th quarter. Royce & Associates LP now owns 510,826 shares of the company’s stock worth $16,449,000 after acquiring an additional 67,677 shares during the last quarter. Deprince Race & Zollo Inc. increased its stake in Movado Group by 3.7% in the 3rd quarter. Deprince Race & Zollo Inc. now owns 438,144 shares of the company’s stock worth $12,268,000 after acquiring an additional 15,730 shares during the last quarter. Finally, Northern Trust Corp increased its stake in Movado Group by 31.5% in the 2nd quarter. Northern Trust Corp now owns 400,216 shares of the company’s stock worth $10,105,000 after acquiring an additional 95,967 shares during the last quarter. Institutional investors and hedge funds own 63.50% of the company’s stock.
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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 and department stores, as well as independent jewelers.
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