Movado Group Inc. (MOV) Lowered to Sell at BidaskClub

BidaskClub lowered shares of Movado Group Inc. (NYSE:MOV) from a hold rating to a sell rating in a report issued on Wednesday.

A number of other research analysts have also recently issued reports on MOV. ValuEngine raised Movado Group from a hold rating to a buy rating in a research note on Tuesday, July 25th. Zacks Investment Research raised Movado Group from a sell rating to a hold rating in a research note on Tuesday, May 23rd. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and one has issued a buy rating to the stock. The stock has a consensus rating of Hold and an average target price of $31.00.

Shares of Movado Group (MOV) traded up 3.19% during trading on Wednesday, hitting $22.65. The stock had a trading volume of 36,910 shares. The stock has a market capitalization of $520.50 million, a price-to-earnings ratio of 18.95 and a beta of 0.35. Movado Group has a one year low of $20.23 and a one year high of $31.95. The stock has a 50 day moving average price of $24.21 and a 200-day moving average price of $23.75.

Movado Group (NYSE:MOV) last released its earnings results on Thursday, May 25th. The company reported $0.01 EPS for the quarter, missing the Zacks’ consensus estimate of $0.10 by $0.09. The firm had revenue of $99.30 million during the quarter, compared to the consensus estimate of $100.23 million. Movado Group had a net margin of 5.13% and a return on equity of 7.04%. The firm’s revenue was down 13.0% compared to the same quarter last year. During the same period in the prior year, the company earned $0.19 EPS. On average, equities research analysts predict that Movado Group will post $1.37 earnings per share for the current year.

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Several hedge funds and other institutional investors have recently made changes to their positions in MOV. Norges Bank bought a new position in shares of Movado Group during the fourth quarter worth about $3,209,000. Teachers Advisors LLC boosted its position in shares of Movado Group by 11.1% in the fourth quarter. Teachers Advisors LLC now owns 34,936 shares of the company’s stock worth $1,004,000 after buying an additional 3,477 shares during the period. Bank of Montreal Can boosted its position in shares of Movado Group by 3.6% in the first quarter. Bank of Montreal Can now owns 7,732 shares of the company’s stock worth $193,000 after buying an additional 268 shares during the period. Nationwide Fund Advisors boosted its position in shares of Movado Group by 75.4% in the first quarter. Nationwide Fund Advisors now owns 44,252 shares of the company’s stock worth $1,104,000 after buying an additional 19,016 shares during the period. Finally, First Midwest Bank Trust Division boosted its position in shares of Movado Group by 3.3% in the first quarter. First Midwest Bank Trust Division now owns 15,273 shares of the company’s stock worth $381,000 after buying an additional 487 shares during the period. 62.97% of the stock is currently owned by hedge funds and other institutional investors.

About Movado Group

Movado Group, Inc designs, sources, markets and distributes watches. The Company operates through two segments: Wholesale and Retail. The Wholesale segment includes the design, development, sourcing, marketing and distribution of watches, and after-sales service activities and shipping. It sells all of its brands to jewelry store chains and department stores, as well as independent jewelers.