Movado Group (NYSE:MOV) Downgraded by Zacks Investment Research

Zacks Investment Research lowered shares of Movado Group (NYSE:MOV) from a hold rating to a strong sell rating in a research report report published on Wednesday, Zacks.com reports.

According to Zacks, “Movado Group, Inc. is one of the world’s premier watchmakers. Movado Group designs, manufactures and distributes watches from ten of the most recognized and respected names in time: Movado, Concord, EBEL and ESQ Movado along with their Coach, HUGO BOSS, Juicy Couture, Lacoste, Tommy Hilfiger and Scuderia Ferrari licensed watch brands. From their Swiss luxury timepieces to our accessible fashion watches, each of their brands is recognized for its inherent quality and distinctive image within its price category. Collectively, their timepieces are sold throughout North and South America, Europe, Asia and the Far East. Between their manufacturing facilities in Switzerland, corporate headquarters in Paramus, New Jersey, USA and Bienne, Switzerland and their sales and distribution offices around the world, Movado Group. “

Separately, Cowen cut Movado Group from an outperform rating to a market perform rating and reduced their price objective for the stock from $40.00 to $22.00 in a research note on Thursday, August 29th.

MOV stock traded up $0.53 during trading on Wednesday, hitting $19.57. 350,396 shares of the company’s stock traded hands, compared to its average volume of 219,293. Movado Group has a 52 week low of $18.05 and a 52 week high of $40.21. The stock has a market capitalization of $450.07 million, a price-to-earnings ratio of 7.33 and a beta of 0.48. The business has a fifty day simple moving average of $24.18 and a 200 day simple moving average of $25.27. The company has a debt-to-equity ratio of 0.25, a quick ratio of 2.06 and a current ratio of 3.52.

Movado Group (NYSE:MOV) last posted its earnings results on Tuesday, November 26th. The company reported $0.82 earnings per share for the quarter, missing analysts’ consensus estimates of $1.03 by ($0.21). The business had revenue of $205.62 million during the quarter, compared to the consensus estimate of $220.00 million. Movado Group had a return on equity of 9.73% and a net margin of 7.99%. The business’s quarterly revenue was down 1.6% on a year-over-year basis. During the same quarter last year, the firm earned $1.18 earnings per share. Research analysts forecast that Movado Group will post 1.63 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 20th. Stockholders of record on Friday, December 6th will be paid a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 4.09%. The ex-dividend date is Thursday, December 5th. Movado Group’s payout ratio is 29.96%.

Several institutional investors have recently made changes to their positions in MOV. State Board of Administration of Florida Retirement System boosted its stake in Movado Group by 4.0% during the second quarter. State Board of Administration of Florida Retirement System now owns 11,331 shares of the company’s stock worth $306,000 after buying an additional 440 shares during the period. Bank of Montreal Can lifted its holdings in shares of Movado Group by 12.0% in the 2nd quarter. Bank of Montreal Can now owns 5,048 shares of the company’s stock worth $137,000 after acquiring an additional 540 shares during the last quarter. Tower Research Capital LLC TRC boosted its stake in shares of Movado Group by 97.9% during the 3rd quarter. Tower Research Capital LLC TRC now owns 1,811 shares of the company’s stock worth $45,000 after purchasing an additional 896 shares during the period. FTB Advisors Inc. purchased a new position in shares of Movado Group during the 2nd quarter worth about $26,000. Finally, Comerica Bank boosted its stake in shares of Movado Group by 6.4% during the 2nd quarter. Comerica Bank now owns 17,331 shares of the company’s stock worth $450,000 after purchasing an additional 1,046 shares during the period. Hedge funds and other institutional investors own 73.55% of the company’s stock.

About Movado Group

Movado Group, Inc designs, develops, sources, markets, and distributes fine watches in the United States and internationally. The company operates in two segments, Wholesale and Retail. The company offers its watches under the Coach, Concord, Ebel, Olivia Burton, Rebecca Minkoff and Uri Minkoff, Scuderia Ferrari, HUGO BOSS, Juicy Couture, Lacoste, Movado, and Tommy Hilfiger brand names.

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