Movado Group's (MOV) Buy Rating Reaffirmed at BWS Financial

Key Points

• BWS Financial reaffirmed its “buy” rating on Movado Group and set a $45 price target, implying 35.07% upside from the prior close. Analysts overall maintain a consensus “Buy” rating with a $40 target.
• Movado Group’s latest quarterly results exceeded expectations, with earnings per share of $0.54 versus the $0.35 consensus and revenue of $169.75 million compared with estimates of $164.20 million.
• The stock fell 1.2% to $33.32 in Tuesday trading, while institutional investors and hedge funds own 72.08% of the company; Goldman Sachs notably increased its position by 212.8% during the first quarter.

Movado Group (NYSE:MOV - Get Free Report)'s stock had its "buy" rating reaffirmed by research analysts at BWS Financial in a research note issued on Tuesday, Benzinga reports. They presently have a $45.00 target price on the stock. BWS Financial's price target indicates a potential upside of 35.07% from the stock's previous close.

Other analysts also recently issued reports about the stock. Northland Securities set a $35.00 price target on shares of Movado Group in a report on Wednesday, May 27th. Weiss Ratings restated a "hold (c)" rating on shares of Movado Group in a report on Tuesday, August 25th. Wall Street Zen lowered shares of Movado Group from a "strong-buy" rating to a "buy" rating in a research report on Saturday. Finally, Zacks Research upgraded shares of Movado Group from a "hold" rating to a "strong-buy" rating in a research note on Friday, May 29th. Two investment analysts have rated the stock with a Strong Buy rating, one has given a Buy rating and one has issued a Hold rating to the company's stock. According to MarketBeat, the company has an average rating of "Buy" and a consensus price target of $40.00.

Movado Group Trading Down 1.2%

NYSE:MOV traded down $0.41 during mid-day trading on Tuesday, hitting $33.32. 30,691 shares of the company's stock traded hands, compared to its average volume of 189,411. The firm has a market capitalization of $735.64 million, a price-to-earnings ratio of 18.56 and a beta of 0.97. The firm has a 50 day moving average of $37.23 and a two-hundred day moving average of $31.34. Movado Group has a 12 month low of $17.24 and a 12 month high of $40.50.

Movado Group (NYSE:MOV - Get Free Report) last issued its quarterly earnings results on Wednesday, August 26th. The company reported $0.54 EPS for the quarter, topping analysts' consensus estimates of $0.35 by $0.19. The company 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%. As a group, equities research analysts expect that Movado Group will post 1.89 earnings per share for the current year.

Institutional Trading of Movado Group

Several institutional investors have recently made changes to their positions in the business. Royal Bank of Canada lifted its stake in Movado Group by 4.1% during the first quarter. Royal Bank of Canada now owns 26,524 shares of the company's stock worth $444,000 after purchasing an additional 1,042 shares during the period. AQR Capital Management LLC raised its holdings in shares of Movado Group by 26.5% in the 1st quarter. AQR Capital Management LLC now owns 129,746 shares of the company's stock worth $2,169,000 after buying an additional 27,182 shares in the last quarter. Goldman Sachs Group Inc. lifted its position in shares of Movado Group by 212.8% during the 1st quarter. Goldman Sachs Group Inc. now owns 671,397 shares of the company's stock worth $11,226,000 after buying an additional 456,727 shares during the period. Empowered Funds LLC lifted its position in shares of Movado Group by 5.5% during the 1st quarter. Empowered Funds LLC now owns 108,377 shares of the company's stock worth $1,812,000 after buying an additional 5,697 shares during the period. Finally, Jane Street Group LLC lifted its position in shares of Movado Group by 11.4% during the 1st quarter. Jane Street Group LLC now owns 104,188 shares of the company's stock worth $1,742,000 after buying an additional 10,670 shares during the period. 72.08% of the stock is currently owned by institutional investors and hedge funds.

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