Movado Group (MOV) Cut to Hold at Zacks Investment Research
Zacks Investment Research downgraded shares of Movado Group (NYSE:MOV) from a buy rating to a hold rating in a research report released on Friday.
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, ValuEngine upgraded shares of Movado Group from a hold rating to a buy rating in a report on Tuesday, December 5th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and one has assigned a buy rating to the stock. The stock has an average rating of Hold and an average target price of $30.00.
In other Movado Group news, CFO Sallie A. Demarsilis sold 5,401 shares of the stock in a transaction on Monday, November 27th. The shares were sold at an average price of $28.44, for a total value of $153,604.44. Following the sale, the chief financial officer now directly owns 31,978 shares in the company, valued at $909,454.32. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Richard Cote sold 1,600 shares of the stock in a transaction on Tuesday, January 9th. The stock was sold at an average price of $32.02, for a total transaction of $51,232.00. Following the completion of the sale, the director now owns 397,296 shares in the company, valued at $12,721,417.92. The disclosure for this sale can be found here. Insiders sold 15,751 shares of company stock worth $485,837 over the last 90 days. 32.98% of the stock is currently owned by company insiders.
Institutional investors and hedge funds have recently bought and sold shares of the business. Hillsdale Investment Management Inc. acquired a new stake in Movado Group in the third quarter worth $101,000. PNC Financial Services Group Inc. raised its holdings in Movado Group by 1.6% in the second quarter. PNC Financial Services Group Inc. now owns 4,855 shares of the company’s stock worth $122,000 after purchasing an additional 78 shares during the period. Aperio Group LLC acquired a new stake in Movado Group in the fourth quarter worth $204,000. Crossmark Global Holdings Inc. acquired a new stake in Movado Group in the fourth quarter worth $206,000. Finally, Delta Capital Management LLC acquired a new stake in Movado Group in the fourth quarter worth $206,000. Institutional investors own 63.50% of the company’s stock.
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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.
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