Movado Group Inc. (MOV) Earns Hold Rating from KeyCorp

KeyCorp reiterated their hold rating on shares of Movado Group Inc. (NYSE:MOV) in a research note issued to investors on Wednesday.

Several other brokerages have also recently weighed in on MOV. Zacks Investment Research upgraded Movado Group from a hold rating to a strong-buy rating and set a $32.00 target price for the company in a report on Saturday, September 2nd. ValuEngine upgraded Movado Group from a hold rating to a buy rating in a report on Friday, September 1st. Finally, BidaskClub cut Movado Group from a hold rating to a sell rating in a report on Wednesday, August 23rd. One analyst has rated the stock with a sell rating, two have given a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the stock. The company presently has an average rating of Buy and an average price target of $30.33.

Movado Group (NYSE MOV) opened at 27.20 on Wednesday. The company has a market cap of $624.81 million, a P/E ratio of 23.45 and a beta of 0.22. The firm has a 50-day moving average price of $27.43 and a 200-day moving average price of $24.49. Movado Group has a 12-month low of $20.50 and a 12-month high of $31.95.

Movado Group (NYSE:MOV) last issued its earnings results on Tuesday, August 29th. The company reported $0.43 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.25 by $0.18. Movado Group had a return on equity of 7.74% and a net margin of 4.97%. The business had revenue of $128.80 million during the quarter, compared to analysts’ expectations of $122.00 million. During the same period in the prior year, the business earned $0.27 EPS. The business’s revenue for the quarter was up .5% compared to the same quarter last year. On average, equities research analysts forecast that Movado Group will post $1.63 earnings per share for the current fiscal year.

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The business also recently declared a quarterly dividend, which was paid on Monday, September 25th. Stockholders of record on Monday, September 11th were given a $0.13 dividend. This represents a $0.52 annualized dividend and a dividend yield of 1.91%. The ex-dividend date of this dividend was Friday, September 8th. Movado Group’s payout ratio is 45.22%.

Movado Group declared that its board has approved a stock buyback program on Tuesday, August 29th that authorizes the company to repurchase $50.00 million in shares. This repurchase authorization authorizes the company to repurchase shares of its stock through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its stock is undervalued.

In other news, Director Nathan Leventhal sold 3,130 shares of the business’s stock in a transaction on Wednesday, September 6th. The stock was sold at an average price of $28.05, for a total value of $87,796.50. Following the completion of the transaction, the director now directly owns 14,565 shares of the company’s stock, valued at approximately $408,548.25. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, major shareholder Miriam Grinberg Phalen sold 2,504 shares of the business’s stock in a transaction on Tuesday, September 19th. The stock was sold at an average price of $27.38, for a total value of $68,559.52. Following the completion of the transaction, the insider now directly owns 1,376 shares of the company’s stock, valued at $37,674.88. The disclosure for this sale can be found here. Over the last three months, insiders sold 14,611 shares of company stock valued at $412,201. Corporate insiders own 32.98% of the company’s stock.

Several institutional investors and hedge funds have recently added to or reduced their stakes in MOV. Janus Henderson Group PLC bought a new position in shares of Movado Group in the 2nd quarter worth $13,810,000. Deprince Race & Zollo Inc. acquired a new position in Movado Group during the 2nd quarter valued at about $10,666,000. FMR LLC increased its position in Movado Group by 62.5% during the 2nd quarter. FMR LLC now owns 588,709 shares of the company’s stock valued at $14,865,000 after buying an additional 226,510 shares in the last quarter. Confluence Investment Management LLC acquired a new position in Movado Group during the 2nd quarter valued at about $4,416,000. Finally, Brandes Investment Partners LP increased its position in Movado Group by 1,536.0% during the 2nd quarter. Brandes Investment Partners LP now owns 142,429 shares of the company’s stock valued at $3,596,000 after buying an additional 133,723 shares in the last quarter. 64.33% of the stock is owned by hedge funds and other institutional investors.

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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