Movado Group (NYSE:MOV) Rating Lowered to Hold at Zacks Research

Key Points

• Zacks Research downgraded Movado Group from Strong Buy to Hold; Weiss Ratings also cut its rating to Hold, while other analysts remain more positive.
• Analysts’ overall rating is Moderate Buy, with a consensus price target of $40.00.
• Movado beat quarterly estimates, reporting EPS of $0.54 versus $0.35 expected and revenue of $169.75 million versus $164.20 million expected.

Movado Group (NYSE:MOV - Get Free Report) was downgraded by stock analysts at Zacks Research from a "strong-buy" rating to a "hold" rating in a research report issued on Monday, Zacks reports.

Several other equities analysts have also weighed in on MOV. Weiss Ratings lowered Movado Group from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Tuesday, September 22nd. BWS Financial restated a "buy" rating and issued a $45.00 target price on shares of Movado Group in a research report on Tuesday, September 1st. Finally, Wall Street Zen downgraded Movado Group from a "strong-buy" rating to a "buy" rating in a research report on Saturday, August 29th. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $40.00.

Movado Group Price Performance

NYSE:MOV opened at $31.69 on Monday. The company's fifty day moving average price is $32.89 and its 200-day moving average price is $30.94. The firm has a market capitalization of $707.09 million, a P/E ratio of 17.61 and a beta of 0.90. Movado Group has a 1-year low of $17.61 and a 1-year high of $40.50.

Movado Group (NYSE:MOV - Get Free Report) last released its quarterly earnings data on Wednesday, August 26th. The company reported $0.54 earnings per share for the quarter, beating analysts' consensus estimates of $0.35 by $0.19. The business had revenue of $169.75 million during the quarter, compared to analyst estimates 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 1.94 EPS for the current fiscal year.

Hedge Funds Weigh In On Movado Group

Hedge funds have recently modified their holdings of the business. Allworth Financial LP acquired a new stake in Movado Group in the 2nd quarter valued at approximately $27,000. State of Alaska Department of Revenue purchased a new stake in Movado Group during the 3rd quarter worth approximately $27,000. Fifth Third Bancorp increased its position in shares of Movado Group by 16,040.0% during the first quarter. Fifth Third Bancorp now owns 1,614 shares of the company's stock worth $39,000 after acquiring an additional 1,604 shares during the period. Laurel Wealth Advisors LLC purchased a new stake in Movado Group during the 3rd quarter worth about $68,000. Finally, Integrated Wealth Concepts LLC acquired a new stake in Movado Group in the second quarter valued at approximately $98,000. 72.08% of the stock is currently owned by hedge funds and other institutional investors.

Movado Group Company Profile

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.

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