Movado Group (NYSE:MOV) Reaches New 1-Year High – Here’s What Happened

Movado Group Inc. (NYSE:MOV) shares hit a new 52-week high during trading on Friday . The company traded as high as $39.63 and last traded at $39.0140, with a volume of 25689 shares changing hands. The stock had previously closed at $38.29.

Analyst Ratings Changes

Several equities research analysts have issued reports on the stock. Northland Securities set a $35.00 price objective on shares of Movado Group in a research report on Wednesday, May 27th. Zacks Research raised Movado Group from a “hold” rating to a “strong-buy” rating in a research report on Friday, May 29th. Weiss Ratings lowered Movado Group from a “hold (c+)” rating to a “hold (c)” rating in a research note on Thursday, May 28th. Finally, BWS Financial lifted their price target on Movado Group from $31.50 to $45.00 and gave the stock a “buy” rating in a report on Thursday, May 28th. Two analysts have rated the stock with a Strong Buy rating, one has given a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, Movado Group has a consensus rating of “Buy” and a consensus price target of $40.00.

Movado Group Trading Up 2.1%

The stock has a market capitalization of $862.89 million, a P/E ratio of 27.91 and a beta of 0.98. The business has a 50-day moving average price of $29.42 and a two-hundred day moving average price of $25.16.

Movado Group (NYSE:MOV) last issued its quarterly earnings results on Wednesday, May 27th. The company reported $0.32 EPS for the quarter, topping analysts’ consensus estimates of $0.06 by $0.26. The company had revenue of $142.40 million for the quarter, compared to analysts’ expectations of $135.12 million. Movado Group had a return on equity of 7.13% and a net margin of 4.70%.During the same quarter last year, the business earned $0.06 earnings per share. On average, sell-side analysts forecast that Movado Group Inc. will post 1.83 earnings per share for the current fiscal year.

Movado Group Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, June 24th. Shareholders of record on Wednesday, June 10th will be issued a $0.40 dividend. The ex-dividend date of this dividend is Wednesday, June 10th. This represents a $1.60 annualized dividend and a yield of 4.1%. This is an increase from Movado Group’s previous quarterly dividend of $0.35. Movado Group’s payout ratio is 114.29%.

Institutional Trading of Movado Group

Institutional investors and hedge funds have recently made changes to their positions in the company. PNC Financial Services Group Inc. boosted its position in shares of Movado Group by 39.1% during the 4th quarter. PNC Financial Services Group Inc. now owns 1,598 shares of the company’s stock worth $33,000 after acquiring an additional 449 shares in the last quarter. Comerica Bank raised its position in Movado Group by 99.0% during the third quarter. Comerica Bank now owns 1,785 shares of the company’s stock valued at $34,000 after purchasing an additional 888 shares in the last quarter. CANADA LIFE ASSURANCE Co lifted its stake in Movado Group by 70.2% during the fourth quarter. CANADA LIFE ASSURANCE Co now owns 1,756 shares of the company’s stock worth $36,000 after purchasing an additional 724 shares during the last quarter. Fifth Third Bancorp lifted its stake in Movado Group by 16,040.0% during the first quarter. Fifth Third Bancorp now owns 1,614 shares of the company’s stock worth $39,000 after purchasing an additional 1,604 shares during the last quarter. Finally, State of Wyoming acquired a new stake in shares of Movado Group in the 2nd quarter valued at $40,000. Institutional investors own 72.08% of the company’s stock.

Movado Group Company Profile

Movado Group, Inc is a global designer, manufacturer and distributor of watches and related jewelry products. The company’s portfolio encompasses both owned and licensed brands, offering a wide range of timepieces from luxury to accessible price points. Major owned brands include Movado, Concord, and Ebel, alongside newer acquisitions such as MVMT and Olivia Burton. In addition, Movado Group holds licensing agreements to produce watches under fashion names like Hugo Boss, Tommy Hilfiger, Coach, Lacoste and Scuderia Ferrari.

Movado Group’s product line spans classic dress watches, sport and dive models, fashion-forward designs and limited-edition collections.