Movado Group (NYSE:MOV) Upgraded to Buy at StockNews.com

StockNews.com upgraded shares of Movado Group (NYSE:MOV) from a hold rating to a buy rating in a report issued on Wednesday.

Separately, BWS Financial initiated coverage on Movado Group in a research report on Thursday, January 2nd. They set a “buy” rating and a $31.50 price target for the company.

Movado Group Trading Up 4.1 %

NYSE:MOV opened at $19.72 on Wednesday. The company has a market capitalization of $436.62 million, a P/E ratio of 18.96 and a beta of 1.00. Movado Group has a 12 month low of $17.86 and a 12 month high of $29.45. The firm has a fifty day simple moving average of $19.84 and a 200-day simple moving average of $20.59.

Movado Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, December 30th. Shareholders of record on Monday, December 16th were paid a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 7.10%. The ex-dividend date of this dividend was Monday, December 16th. Movado Group’s payout ratio is 134.62%.

Institutional Trading of Movado Group

Hedge funds and other institutional investors have recently made changes to their positions in the business. AQR Capital Management LLC boosted its holdings in Movado Group by 1.4% in the second quarter. AQR Capital Management LLC now owns 93,643 shares of the company’s stock valued at $2,328,000 after purchasing an additional 1,255 shares during the last quarter. Victory Capital Management Inc. lifted its holdings in shares of Movado Group by 8.7% in the 3rd quarter. Victory Capital Management Inc. now owns 16,330 shares of the company’s stock valued at $304,000 after buying an additional 1,301 shares during the period. Exchange Traded Concepts LLC boosted its stake in shares of Movado Group by 3.0% in the fourth quarter. Exchange Traded Concepts LLC now owns 68,091 shares of the company’s stock worth $1,340,000 after buying an additional 1,994 shares during the last quarter. nVerses Capital LLC acquired a new stake in Movado Group during the third quarter worth about $45,000. Finally, Nisa Investment Advisors LLC raised its position in Movado Group by 9.6% during the third quarter. Nisa Investment Advisors LLC now owns 27,659 shares of the company’s stock valued at $514,000 after acquiring an additional 2,412 shares in the last quarter. Institutional investors and hedge funds own 72.08% of the company’s stock.

About Movado Group

Movado Group, Inc designs, sources, markets, and distributes watches in the United States and internationally. The company operates in two segments, Watch and Accessory Brands, and Company Stores. The company offers its watches under the Movado, Concord, Ebel, Olivia Burton, and MVMT brands, as well as licensed brands comprising Coach, Tommy Hilfiger, HUGO BOSS, Lacoste, and Calvin Klein.