Movado Group (NYSE:MOV) Sets New 52-Week High – Here’s Why

Movado Group Inc. (NYSE:MOV)’s stock price hit a new 52-week high during mid-day trading on Friday . The stock traded as high as $22.96 and last traded at $22.7410, with a volume of 132548 shares changing hands. The stock had previously closed at $22.62.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on MOV shares. Zacks Research downgraded Movado Group from a “hold” rating to a “strong sell” rating in a report on Friday, November 28th. Weiss Ratings restated a “hold (c)” rating on shares of Movado Group in a research report on Monday, December 29th. Northland Capmk upgraded Movado Group to a “strong-buy” rating in a report on Wednesday, January 7th. BWS Financial reissued a “buy” rating and issued a $31.50 price target on shares of Movado Group in a research report on Wednesday, November 26th. Finally, Wall Street Zen upgraded shares of Movado Group from a “buy” rating to a “strong-buy” rating in a research note on Saturday, January 10th. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $30.75.

Movado Group Stock Up 0.5%

The company has a market cap of $503.49 million, a price-to-earnings ratio of 23.44 and a beta of 0.90. The business has a 50-day simple moving average of $20.66 and a two-hundred day simple moving average of $18.69.

Movado Group (NYSE:MOV) last announced its quarterly earnings results on Tuesday, November 25th. The company reported $0.45 EPS for the quarter, missing the consensus estimate of $0.57 by ($0.12). Movado Group had a net margin of 3.33% and a return on equity of 5.86%. The company had revenue of $186.13 million for the quarter, compared to analyst estimates of $185.89 million. During the same quarter last year, the business earned $0.22 EPS. As a group, equities analysts anticipate that Movado Group Inc. will post 1.05 earnings per share for the current year.

Movado Group Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, December 22nd. Investors of record on Monday, December 8th were given a dividend of $0.35 per share. The ex-dividend date of this dividend was Monday, December 8th. This represents a $1.40 dividend on an annualized basis and a yield of 6.2%. Movado Group’s payout ratio is 144.33%.

Insider Transactions at Movado Group

In related news, SVP Michelle Kennedy sold 1,290 shares of the stock in a transaction dated Tuesday, December 9th. The shares were sold at an average price of $20.89, for a total value of $26,948.10. Following the completion of the sale, the senior vice president owned 27,857 shares in the company, valued at approximately $581,932.73. This trade represents a 4.43% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 30.80% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Comerica Bank lifted its holdings in shares of Movado Group by 99.0% during the 3rd quarter. Comerica Bank now owns 1,785 shares of the company’s stock worth $34,000 after acquiring an additional 888 shares during the period. CWM LLC raised its position in Movado Group by 49.9% in the second quarter. CWM LLC now owns 2,588 shares of the company’s stock worth $39,000 after purchasing an additional 862 shares in the last quarter. State of Wyoming bought a new position in Movado Group during the second quarter worth about $40,000. Harbor Capital Advisors Inc. boosted its holdings in Movado Group by 20.4% during the third quarter. Harbor Capital Advisors Inc. now owns 4,655 shares of the company’s stock valued at $88,000 after purchasing an additional 790 shares in the last quarter. Finally, Quadrature Capital Ltd acquired a new stake in Movado Group during the second quarter valued at approximately $173,000. 72.08% of the stock is owned by 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.