Movado Group (NYSE:MOV) Downgraded to C+ at TheStreet

Movado Group (NYSE:MOV) was downgraded by equities researchers at TheStreet from a “b-” rating to a “c+” rating in a research note issued to investors on Monday, TheStreetRatingsTable reports.

Separately, Zacks Investment Research lowered Movado Group from a “hold” rating to a “sell” rating in a research note on Saturday, June 1st. One analyst has rated the stock with a hold rating and three have issued a buy rating to the stock. Movado Group presently has an average rating of “Buy” and a consensus price target of $49.00.

Shares of MOV opened at $25.66 on Monday. The company has a current ratio of 3.99, a quick ratio of 2.40 and a debt-to-equity ratio of 0.26. The company has a market capitalization of $578.73 million, a price-to-earnings ratio of 9.61 and a beta of 0.44. Movado Group has a 12 month low of $24.48 and a 12 month high of $52.10.

Movado Group (NYSE:MOV) last issued its quarterly earnings results on Thursday, May 30th. The company reported $0.24 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.30 by ($0.06). The firm had revenue of $146.55 million during the quarter, compared to analyst estimates of $148.70 million. Movado Group had a return on equity of 12.43% and a net margin of 8.22%. The business’s revenue was up 15.3% on a year-over-year basis. During the same period in the prior year, the firm earned $0.37 earnings per share. Research analysts anticipate that Movado Group will post 2.75 earnings per share for the current year.

In other news, CEO Efraim Grinberg sold 20,000 shares of Movado Group stock in a transaction that occurred on Monday, April 8th. The stock was sold at an average price of $34.47, for a total value of $689,400.00. Following the sale, the chief executive officer now directly owns 204,829 shares of the company’s stock, valued at $7,060,455.63. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 29.92% of the company’s stock.

Several large investors have recently modified their holdings of MOV. Morgan Stanley boosted its stake in shares of Movado Group by 256.7% in the third quarter. Morgan Stanley now owns 150,662 shares of the company’s stock worth $6,313,000 after acquiring an additional 108,423 shares during the last quarter. Arizona State Retirement System boosted its stake in shares of Movado Group by 6.0% in the fourth quarter. Arizona State Retirement System now owns 25,408 shares of the company’s stock worth $803,000 after acquiring an additional 1,433 shares during the last quarter. Rhumbline Advisers boosted its stake in shares of Movado Group by 20.9% in the fourth quarter. Rhumbline Advisers now owns 48,283 shares of the company’s stock worth $1,527,000 after acquiring an additional 8,335 shares during the last quarter. SG Americas Securities LLC boosted its stake in shares of Movado Group by 252.7% in the fourth quarter. SG Americas Securities LLC now owns 45,796 shares of the company’s stock worth $1,448,000 after acquiring an additional 32,812 shares during the last quarter. Finally, ClariVest Asset Management LLC boosted its stake in shares of Movado Group by 4.4% in the fourth quarter. ClariVest Asset Management LLC now owns 94,240 shares of the company’s stock worth $2,980,000 after acquiring an additional 4,015 shares during the last quarter. 71.44% of the stock is currently owned by hedge funds and other institutional investors.

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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