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

Movado Group (NYSE:MOV - Get Free Report) was upgraded by equities research analysts at StockNews.com from a "hold" rating to a "buy" rating in a note issued to investors on Monday.

Separately, BWS Financial began coverage on Movado Group in a report on Thursday, January 2nd. They issued a "buy" rating and a $31.50 target price for the company.

Movado Group Trading Down 1.8 %

MOV traded down $0.35 during trading hours on Monday, hitting $19.23. 661,290 shares of the company's stock were exchanged, compared to its average volume of 151,920. Movado Group has a 12-month low of $17.86 and a 12-month high of $29.14. The firm has a market cap of $425.85 million, a P/E ratio of 18.49 and a beta of 1.00. The firm has a 50 day moving average of $19.56 and a 200 day moving average of $20.02.

Institutional Investors Weigh In On Movado Group

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Royce & Associates LP grew its holdings in shares of Movado Group by 1.3% during the fourth quarter. Royce & Associates LP now owns 1,475,354 shares of the company's stock worth $29,035,000 after buying an additional 18,545 shares during the last quarter. Vanguard Group Inc. lifted its position in Movado Group by 1.1% during the 4th quarter. Vanguard Group Inc. now owns 959,424 shares of the company's stock worth $18,881,000 after acquiring an additional 9,999 shares during the period. Ameriprise Financial Inc. grew its stake in shares of Movado Group by 19.3% in the 4th quarter. Ameriprise Financial Inc. now owns 549,455 shares of the company's stock valued at $10,813,000 after purchasing an additional 88,778 shares during the last quarter. Arrowstreet Capital Limited Partnership increased its holdings in shares of Movado Group by 202.3% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 478,342 shares of the company's stock valued at $9,414,000 after purchasing an additional 320,103 shares during the period. Finally, Millennium Management LLC increased its holdings in shares of Movado Group by 10.2% in the fourth quarter. Millennium Management LLC now owns 443,179 shares of the company's stock valued at $8,722,000 after purchasing an additional 41,063 shares during the period. 72.08% of the stock is owned by hedge funds and other institutional investors.

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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.