September 30, 2023
Benchmark Initiates Coverage on Movado Group with a “Buy” Rating
Equities research analysts at Benchmark have recently released a report initiating coverage on Movado Group (NYSE:MOV), assigning a “buy” rating on the stock. The report provides valuable insight into the company’s performance and potential for investors to consider.
Movado Group opened at $25.97 on Friday, and it has experienced a 52-week low of $23.94 and a high of $37.28. As of September 30, 2023, the company boasts a market capitalization of $575.24 million. With a price-to-earnings ratio of 8.54 and a beta of 1.23, Movado Group demonstrates its stability and growth potential in the market.
The company’s performance is further evident through its 50-day simple moving average of $27.24 as well as its 200-day simple moving average of $27.15, indicating consistent positive movement within the market.
Movado Group, Inc primarily operates in two segments: Watch and Accessory Brands, and Company Stores. The company designs, sources, markets, and distributes watches internationally under renowned brands including Movado, Concord, Ebel, Olivia Burton, MVMT as well as licensed brands such as Coach, Tommy Hilfiger, HUGO BOSS, Lacoste, and Calvin Klein.
In its recent earnings results announced on August 24th, Movado Group exceeded expectations by reporting earnings per share (EPS) of $0.38 for the quarter compared to a consensus estimate of $0.34 EPS—a beat of $0.04.The company generated revenue worth $160.39 million during this period.Unlike the previous year where it posted EPS of $1.07 during the same quarter,Movado Group demonstrated positive growth along with an impressive return on equity (ROE) of 14.33% and net margin of 9.73%. Based on sell-side analysts’ forecasts, Movado Group is expected to post an EPS of 2.23 for the current year.
In conclusion, Benchmark’s recent report initiating coverage on Movado Group highlights the company’s positive outlook in the market. With a “buy” rating on the stock, investors may find it promising to explore potential opportunities associated with this renowned global watch designer, source, marketer, and distributor.
Disclaimer: The information presented in this article is based on Benchmark’s research report released on September 30, 2023. Investors are advised to conduct their own independent research and analysis before making any investment decisions.
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Prominent Institutional Investors Increase Stakes in Movado Group Following ‘Buy’ Rating
Movado Group, a renowned luxury watchmaker, has recently received favorable coverage from StockNews.com. In an August 17th research note, the financial news platform issued a “buy” rating on the company’s stock. This announcement has captured the attention of several hedge funds and institutional investors who have either increased or reduced their stakes in Movado Group.
One notable institutional investor that has significantly boosted its position in Movado Group is First Trust Advisors LP. During the first quarter of this year, the firm increased its stake in the luxury watchmaker by an astounding 774.8%. As a result, First Trust Advisors LP now owns 346,757 shares of Movado Group’s stock, amounting to an estimated value of $9,976,000. The firm achieved this increase by acquiring an additional 307,118 shares during the stated period.
Following suit is Renaissance Technologies LLC, which raised its stake in Movado Group by an impressive 166.3% during the second quarter. The investment management firm now holds approximately 124,100 shares of the luxury watchmaker’s stock with a market value of $3,838,000. To attain this increase in holding, Renaissance Technologies LLC procured an additional 77,500 shares during said quarter.
Another notable addition to Movado Group’s list of investors is Foundry Partners LLC. This investment firm acquired a new position in Movado Group during the first quarter valued at around $2,228,000.
Similarly entering into the fray is EA Series Trust and LSV Asset Management. EA Series Trust successfully purchased a new stake in Movado Group during the second quarter worth $1,789,000. On the other hand, LSV Asset Management saw fit to bolster its holdings in Movado Group by a staggering 233.5% during the first quarter. As a consequence of this move, LSV Asset Management currently owns approximately 94,244 shares of the company’s stock, with an estimated value of $3,680,000.
Overall, institutional investors and hedge funds own a significant portion (approximately 63.63%) of Movado Group’s stock. As these prominent financial entities continue to adjust their positions in the luxury watchmaker, it will be interesting to observe how this affects the company’s market performance moving forward.
It is worth noting that while StockNews.com’s coverage may have positively influenced these investment decisions, investors should exercise caution and conduct thorough evaluations before making any financial commitments. The world of investments can be volatile and unpredictable, making it essential for investors to consider every factor meticulously.
As of September 30, 2023, this article provides an analysis of recent institutional investments in Movado Group based on available information. It is crucial to stay updated with current news and changes in market dynamics before making any investment decisions.
