Movado Group (NYSE:MOV) Cut to Strong Sell at Zacks Research

Key Points

• Movado Group has been downgraded from a "hold" rating to a "strong sell" rating by Zacks Research, indicating a negative outlook on the stock.
• Despite this downgrade, Wall Street Zen recently upgraded the stock to a "hold" rating, while BWS Financial maintained a "buy" rating with a target price of $31.50.
• Movado Group's latest earnings report showed a net loss compared to analyst expectations, reporting $0.23 EPS against a consensus estimate of $0.31.

Zacks Research cut shares of Movado Group (NYSE:MOV - Free Report) from a hold rating to a strong sell rating in a research report report published on Tuesday, September 2nd,Zacks.com reports.

MOV has been the topic of several other reports. BWS Financial reissued a "buy" rating and issued a $31.50 target price on shares of Movado Group in a research note on Friday, August 29th. Wall Street Zen raised Movado Group from a "sell" rating to a "hold" rating in a research note on Friday, June 27th. One investment analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, Movado Group presently has an average rating of "Hold" and an average price target of $31.50.

Movado Group Stock Performance

Shares of NYSE MOV traded down $0.26 during trading hours on Tuesday, hitting $19.06. The company's stock had a trading volume of 35,431 shares, compared to its average volume of 184,151. The stock has a market cap of $421.99 million, a price-to-earnings ratio of 24.72 and a beta of 1.23. Movado Group has a 12 month low of $12.85 and a 12 month high of $22.20. The business has a 50-day simple moving average of $16.69 and a 200-day simple moving average of $16.30.

Movado Group (NYSE:MOV - Get Free Report) last posted its earnings results on Thursday, August 28th. The company reported $0.23 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.31 by ($0.08). The business had revenue of $161.83 million during the quarter, compared to the consensus estimate of $156.84 million. Movado Group had a return on equity of 5.45% and a net margin of 2.66%. On average, equities research analysts forecast that Movado Group will post 1.05 EPS for the current year.

Movado Group Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 22nd. Stockholders of record on Monday, September 8th will be issued a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 7.3%. The ex-dividend date is Monday, September 8th. Movado Group's dividend payout ratio (DPR) is presently 181.82%.

Hedge Funds Weigh In On Movado Group

Several large investors have recently made changes to their positions in the business. Royce & Associates LP lifted its holdings in shares of Movado Group by 10.3% during the first quarter. Royce & Associates LP now owns 1,628,031 shares of the company's stock valued at $27,221,000 after purchasing an additional 152,677 shares during the last quarter. Goldman Sachs Group Inc. lifted its holdings in shares of Movado Group by 212.8% during the first quarter. Goldman Sachs Group Inc. now owns 671,397 shares of the company's stock valued at $11,226,000 after purchasing an additional 456,727 shares during the last quarter. Ameriprise Financial Inc. lifted its holdings in shares of Movado Group by 14.4% during the second quarter. Ameriprise Financial Inc. now owns 636,862 shares of the company's stock valued at $9,712,000 after purchasing an additional 80,109 shares during the last quarter. Millennium Management LLC lifted its holdings in shares of Movado Group by 10.2% during the fourth quarter. Millennium Management LLC now owns 443,179 shares of the company's stock valued at $8,722,000 after purchasing an additional 41,063 shares during the last quarter. Finally, American Century Companies Inc. lifted its holdings in shares of Movado Group by 5.8% during the first quarter. American Century Companies Inc. now owns 433,322 shares of the company's stock valued at $7,245,000 after purchasing an additional 23,737 shares during the last quarter. 72.08% of the stock is currently owned by hedge funds and other institutional investors.

Movado Group Company Profile

Movado Group, Inc designs, sources, markets, and distributes watches in the United States and internationally. The company operates in two segments, Watch and Accessory Brands, and Company Stores. The company offers its watches under the Movado, Concord, Ebel, Olivia Burton, and MVMT brands, as well as licensed brands comprising Coach, Tommy Hilfiger, HUGO BOSS, Lacoste, and Calvin Klein.