Movado Group (NYSE:MOV) Shares Cross Above 200 Day Moving Average – Here’s What Happened

Movado Group Inc. (NYSE:MOV)’s share price crossed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $22.62 and traded as high as $27.12. Movado Group shares last traded at $27.0260, with a volume of 108,203 shares changing hands.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on MOV. BWS Financial reissued a “buy” rating and set a $31.50 price objective on shares of Movado Group in a research report on Friday, March 20th. Zacks Research upgraded shares of Movado Group from a “strong sell” rating to a “hold” rating in a research note on Monday, January 26th. Wall Street Zen upgraded shares of Movado Group from a “buy” rating to a “strong-buy” rating in a research note on Saturday, February 7th. Finally, Northland Securities assumed coverage on shares of Movado Group in a research note on Wednesday, January 7th. They set an “outperform” rating and a $30.00 target price on the stock. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $30.75.

Movado Group Trading Up 2.0%

The firm has a market cap of $596.73 million, a P/E ratio of 23.30 and a beta of 0.86. The company’s 50 day simple moving average is $25.38 and its 200-day simple moving average is $22.62.

Movado Group (NYSE:MOV) last posted its earnings results on Thursday, March 19th. The company reported $0.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.52 by $0.05. The business had revenue of $191.58 million for the quarter, compared to analysts’ expectations of $182.02 million. Movado Group had a net margin of 3.96% and a return on equity of 6.09%. On average, sell-side analysts anticipate that Movado Group Inc. will post 1.53 earnings per share for the current year.

Movado Group Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, April 16th. Stockholders of record on Thursday, April 2nd were paid a $0.35 dividend. This represents a $1.40 annualized dividend and a dividend yield of 5.2%. The ex-dividend date was Thursday, April 2nd. Movado Group’s dividend payout ratio is 120.69%.

Hedge Funds Weigh In On Movado Group

Several institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. lifted its stake in shares of Movado Group by 5.9% in the 3rd quarter. Vanguard Group Inc. now owns 1,029,220 shares of the company’s stock worth $19,524,000 after purchasing an additional 57,353 shares during the period. Goldman Sachs Group Inc. lifted its stake in shares of Movado Group by 3.4% in the 4th quarter. Goldman Sachs Group Inc. now owns 888,244 shares of the company’s stock worth $18,316,000 after purchasing an additional 29,137 shares during the period. Brandes Investment Partners LP lifted its stake in shares of Movado Group by 5.6% in the 4th quarter. Brandes Investment Partners LP now owns 704,036 shares of the company’s stock worth $14,517,000 after purchasing an additional 37,587 shares during the period. Ameriprise Financial Inc. lifted its stake in shares of Movado Group by 14.4% in the 2nd quarter. Ameriprise Financial Inc. now owns 636,862 shares of the company’s stock worth $9,712,000 after purchasing an additional 80,109 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its holdings in Movado Group by 19.1% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 388,418 shares of the company’s stock worth $8,009,000 after acquiring an additional 62,278 shares in the last quarter. 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.