Movado Group (NYSE:MOV) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a report issued 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 decreased their price objective for the stock from $40.00 to $22.00 in a research note on Thursday, August 29th.

Movado Group stock opened at $18.68 on Wednesday. The business has a fifty day moving average of $24.52 and a two-hundred day moving average of $25.50. The company has a quick ratio of 2.06, a current ratio of 3.52 and a debt-to-equity ratio of 0.25. The firm has a market cap of $449.61 million, a P/E ratio of 7.00 and a beta of 0.48. Movado Group has a twelve month low of $18.05 and a twelve month high of $44.39.

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

Several hedge funds have recently added to or reduced their stakes in MOV. Strs Ohio grew its position in shares of Movado Group by 7.6% in the 2nd quarter. Strs Ohio now owns 21,200 shares of the company’s stock worth $572,000 after buying an additional 1,500 shares during the last quarter. Ancora Advisors LLC boosted its stake in Movado Group by 20.9% in the third quarter. Ancora Advisors LLC now owns 30,275 shares of the company’s stock valued at $753,000 after acquiring an additional 5,236 shares in the last quarter. Morgan Stanley boosted its stake in Movado Group by 126.8% in the second quarter. Morgan Stanley now owns 149,752 shares of the company’s stock valued at $4,044,000 after acquiring an additional 83,737 shares in the last quarter. Foundry Partners LLC grew its holdings in Movado Group by 9.8% in the third quarter. Foundry Partners LLC now owns 151,187 shares of the company’s stock worth $3,759,000 after purchasing an additional 13,535 shares during the last quarter. Finally, Aperio Group LLC grew its holdings in Movado Group by 17.1% in the second quarter. Aperio Group LLC now owns 8,953 shares of the company’s stock worth $242,000 after purchasing an additional 1,310 shares during the last quarter. 73.55% of the stock is owned by institutional investors and hedge funds.

Movado Group Company Profile

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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