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

StockNews.com upgraded shares of Movado Group (NYSE:MOV - Free Report) from a hold rating to a buy rating in a research report report published on Wednesday morning.

Separately, BWS Financial started coverage on shares of Movado Group in a report on Thursday, January 2nd. They set a "buy" rating and a $31.50 target price on the stock.

Movado Group Stock Down 0.9 %

Shares of MOV stock traded down $0.17 during mid-day trading on Wednesday, reaching $19.30. 170,366 shares of the stock traded hands, compared to its average volume of 123,322. The company has a market cap of $427.30 million, a price-to-earnings ratio of 18.56 and a beta of 1.00. The stock's fifty day simple moving average is $19.80 and its two-hundred day simple moving average is $20.50. Movado Group has a 1-year low of $17.86 and a 1-year high of $29.45.

Movado Group Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, December 30th. Stockholders of record on Monday, December 16th were paid a $0.35 dividend. The ex-dividend date of this dividend was Monday, December 16th. This represents a $1.40 annualized dividend and a dividend yield of 7.25%. Movado Group's payout ratio is 134.62%.

Hedge Funds Weigh In On Movado Group

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. AlphaQuest LLC increased its position in Movado Group by 6,913.9% during the 4th quarter. AlphaQuest LLC now owns 39,909 shares of the company's stock valued at $785,000 after purchasing an additional 39,340 shares during the period. Inceptionr LLC acquired a new stake in shares of Movado Group during the fourth quarter worth $460,000. Aigen Investment Management LP bought a new position in Movado Group during the fourth quarter worth $201,000. Proficio Capital Partners LLC bought a new position in Movado Group during the fourth quarter worth $804,000. Finally, Victory Capital Management Inc. lifted its holdings in Movado Group by 131.7% in the fourth quarter. Victory Capital Management Inc. now owns 37,835 shares of the company's stock valued at $745,000 after buying an additional 21,505 shares during the period. 72.08% of the stock is owned by institutional investors and hedge funds.

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.