Movado Group (NYSE:MOV) Cut to Buy at Wall Street Zen

Key Points

• Wall Street Zen downgraded Movado Group from “strong buy” to “buy,” while the broader analyst consensus remains “Buy” with an average price target of $40.00.
• Movado Group exceeded quarterly expectations, reporting $0.54 in EPS versus the $0.35 consensus estimate and revenue of $169.75 million against expectations of $164.20 million.
• The stock opened at $34.44, down 0.2%, and institutional investors own 72.08% of outstanding shares after several funds increased or initiated positions.

Movado Group (NYSE:MOV - Get Free Report) was downgraded by stock analysts at Wall Street Zen from a "strong-buy" rating to a "buy" rating in a research note issued on Saturday.

Other analysts have also recently issued research reports about the stock. Zacks Research upgraded shares of Movado Group from a "hold" rating to a "strong-buy" rating in a report on Friday, May 29th. Northland Securities set a $35.00 price target on shares of Movado Group in a research note on Wednesday, May 27th. Weiss Ratings reissued a "hold (c)" rating on shares of Movado Group in a research note on Tuesday. Finally, BWS Financial reissued a "buy" rating and set a $45.00 price objective on shares of Movado Group in a research note on Monday, July 27th. Two investment analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has issued a Hold rating to the company's stock. According to data from MarketBeat, Movado Group has a consensus rating of "Buy" and an average price target of $40.00.

Movado Group Stock Down 0.2%

MOV opened at $34.44 on Friday. Movado Group has a 52 week low of $17.24 and a 52 week high of $40.50. The stock has a market cap of $760.44 million, a PE ratio of 19.13 and a beta of 0.97. The business has a 50 day moving average of $37.34 and a 200-day moving average of $31.22.

Movado Group (NYSE:MOV - Get Free Report) last issued its quarterly earnings results on Wednesday, August 26th. The company reported $0.54 earnings per share for the quarter, topping the consensus estimate of $0.35 by $0.19. The company had revenue of $169.75 million for the quarter, compared to analysts' expectations of $164.20 million. Movado Group had a return on equity of 8.49% and a net margin of 6.00%. Equities analysts anticipate that Movado Group will post 1.89 EPS for the current year.

Institutional Investors Weigh In On Movado Group

A number of institutional investors have recently modified their holdings of the stock. California State Teachers Retirement System increased its holdings in shares of Movado Group by 906.6% during the second quarter. California State Teachers Retirement System now owns 8,294 shares of the company's stock valued at $326,000 after acquiring an additional 7,470 shares in the last quarter. BTG Pactual Asset Management US LLC bought a new position in Movado Group in the 2nd quarter worth about $264,000. Hsbc Holdings PLC boosted its stake in Movado Group by 87.4% in the 2nd quarter. Hsbc Holdings PLC now owns 16,759 shares of the company's stock worth $657,000 after purchasing an additional 7,814 shares in the last quarter. Empowered Funds LLC purchased a new stake in Movado Group during the 2nd quarter valued at about $4,063,000. Finally, Public Employees Retirement System of Ohio purchased a new stake in Movado Group during the 2nd quarter valued at about $1,032,000. 72.08% of the stock is owned by hedge funds and other institutional investors.

About Movado Group

Movado Group, Inc is a global designer, manufacturer and distributor of watches and related jewelry products. The company's portfolio encompasses both owned and licensed brands, offering a wide range of timepieces from luxury to accessible price points. Major owned brands include Movado, Concord, and Ebel, alongside newer acquisitions such as MVMT and Olivia Burton. In addition, Movado Group holds licensing agreements to produce watches under fashion names like Hugo Boss, Tommy Hilfiger, Coach, Lacoste and Scuderia Ferrari.

Movado Group's product line spans classic dress watches, sport and dive models, fashion-forward designs and limited-edition collections.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source