Movado Group (NYSE:MOV) Reaches New 12-Month High – Here’s What Happened

Movado Group Inc. (NYSE:MOV)’s stock price reached a new 52-week high during trading on Tuesday . The company traded as high as $39.87 and last traded at $39.6210, with a volume of 30220 shares changing hands. The stock had previously closed at $38.94.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on MOV shares. Zacks Research raised shares of Movado Group from a “hold” rating to a “strong-buy” rating in a report on Friday, May 29th. BWS Financial reaffirmed a “buy” rating and set a $45.00 price objective on shares of Movado Group in a research note on Monday, July 27th. Weiss Ratings lowered shares of Movado Group from a “hold (c+)” rating to a “hold (c)” rating in a report on Thursday, May 28th. Finally, Northland Securities set a $35.00 target price on Movado Group in a research note on Wednesday, May 27th. Two investment analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, Movado Group has an average rating of “Buy” and a consensus price target of $40.00.

Movado Group Stock Up 1.1%

The company has a market cap of $869.29 million, a PE ratio of 28.17 and a beta of 0.97. The firm’s 50-day moving average is $37.60 and its 200-day moving average is $29.54.

Movado Group (NYSE:MOV) last issued its quarterly earnings data on Wednesday, May 27th. The company reported $0.32 EPS for the quarter, topping the consensus estimate of $0.06 by $0.26. The business had revenue of $142.40 million during the quarter, compared to analyst estimates of $135.12 million. Movado Group had a net margin of 4.70% and a return on equity of 7.13%. During the same period last year, the business posted $0.06 earnings per share. As a group, equities research analysts anticipate that Movado Group Inc. will post 1.87 EPS for the current fiscal year.

Movado Group Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, June 24th. Stockholders of record on Wednesday, June 10th were paid a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 4.1%. The ex-dividend date was Wednesday, June 10th. This is a boost from Movado Group’s previous quarterly dividend of $0.35. Movado Group’s dividend payout ratio (DPR) is 114.29%.

Institutional Investors Weigh In On Movado Group

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Deprince Race & Zollo Inc. grew its stake in shares of Movado Group by 27.6% in the 4th quarter. Deprince Race & Zollo Inc. now owns 258,478 shares of the company’s stock worth $5,330,000 after buying an additional 55,967 shares during the last quarter. Strs Ohio increased its position in Movado Group by 671.9% during the 1st quarter. Strs Ohio now owns 24,700 shares of the company’s stock valued at $603,000 after buying an additional 21,500 shares in the last quarter. North Star Investment Management Corp. raised its stake in Movado Group by 39.4% during the first quarter. North Star Investment Management Corp. now owns 131,025 shares of the company’s stock valued at $3,200,000 after buying an additional 37,000 shares during the last quarter. Lazard Asset Management LLC raised its stake in Movado Group by 120.8% during the first quarter. Lazard Asset Management LLC now owns 124,643 shares of the company’s stock valued at $3,044,000 after buying an additional 68,201 shares during the last quarter. Finally, Ritholtz Wealth Management bought a new stake in Movado Group in the first quarter worth $797,000. 72.08% of the stock is owned by hedge funds and other institutional investors.

About Movado Group

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.