Zacks Investment Research upgraded shares of Movado Group Inc. (NYSE:MOV) from a hold rating to a strong-buy rating in a research report report published on Tuesday morning. Zacks Investment Research currently has $34.00 price objective on the stock.

According to Zacks, “Movado Group, Inc. is a designer, manufacturer and distributor of quality watches with prominent brands sold in almost every price category comprising the watch industry. The company’s watch brands include Movado, Concord, and ESQ. “

Several other brokerages have also recently commented on MOV. Sidoti set a $34.00 price target on Movado Group and gave the stock a buy rating in a research report on Tuesday, November 22nd. Cowen and Company reiterated a market perform rating and set a $24.00 price target on shares of Movado Group in a research report on Friday, August 26th.

Shares of Movado Group (NYSE:MOV) opened at 29.15 on Tuesday. Movado Group has a 52-week low of $19.14 and a 52-week high of $30.98. The company has a market capitalization of $668.47 million, a P/E ratio of 17.93 and a beta of 0.36. The stock’s 50 day moving average price is $23.75 and its 200 day moving average price is $22.52.

Movado Group (NYSE:MOV) last announced its earnings results on Tuesday, November 22nd. The company reported $0.91 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.72 by $0.19. The business earned $179.80 million during the quarter, compared to the consensus estimate of $174.32 million. Movado Group had a return on equity of 8.97% and a net margin of 6.67%. The business’s quarterly revenue was down 3.1% on a year-over-year basis. During the same period in the prior year, the company posted $0.92 EPS. On average, equities research analysts forecast that Movado Group will post $1.52 earnings per share for the current fiscal year.

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The company also recently declared a quarterly dividend, which will be paid on Friday, December 16th. Investors of record on Friday, December 2nd will be given a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a dividend yield of 1.77%. The ex-dividend date of this dividend is Wednesday, November 30th. Movado Group’s payout ratio is 32.10%.

Several hedge funds have recently modified their holdings of MOV. Emerald Acquisition Ltd. purchased a new stake in shares of Movado Group during the second quarter valued at approximately $447,000. Contrarius Investment Management Ltd bought a new stake in shares of Movado Group during the second quarter valued at about $3,537,000. KBC Group NV boosted its stake in shares of Movado Group by 31.6% in the second quarter. KBC Group NV now owns 43,176 shares of the company’s stock valued at $936,000 after buying an additional 10,363 shares during the last quarter. Societe Generale bought a new stake in shares of Movado Group during the second quarter valued at about $154,000. Finally, First Midwest Bank Trust Division boosted its stake in shares of Movado Group by 46.8% in the second quarter. First Midwest Bank Trust Division now owns 15,066 shares of the company’s stock valued at $327,000 after buying an additional 4,801 shares during the last quarter. Hedge funds and other institutional investors own 61.53% of the company’s stock.

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, department stores and independent jewelers.

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