Movado Group Inc. $MOV Stake Reduced by Royce & Associates LP

Royce & Associates LP cut its stake in Movado Group Inc. (NYSE:MOV) by 29.9% during the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 1,238,420 shares of the company’s stock after selling 527,325 shares during the period. Royce & Associates LP owned 0.06% of Movado Group worth $23,493,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently modified their holdings of the company. CWM LLC grew its position in shares of Movado Group by 49.9% during the second quarter. CWM LLC now owns 2,588 shares of the company’s stock worth $39,000 after acquiring an additional 862 shares during the last quarter. State of Wyoming acquired a new position in Movado Group during the 2nd quarter valued at about $40,000. Harbor Capital Advisors Inc. boosted its stake in Movado Group by 20.4% during the 3rd 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 during the period. Quadrature Capital Ltd bought a new position in Movado Group in the 2nd quarter worth about $173,000. Finally, Quantbot Technologies LP acquired a new stake in shares of Movado Group in the second quarter valued at approximately $188,000. Institutional investors and hedge funds own 72.08% of the company’s stock.

Insider Transactions at Movado Group

In other Movado Group news, SVP Michelle Kennedy sold 1,290 shares of the company’s stock in a transaction dated Tuesday, December 9th. The shares were sold at an average price of $20.89, for a total transaction of $26,948.10. Following the completion of the sale, the senior vice president directly owned 27,857 shares of the company’s stock, valued at approximately $581,932.73. This 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 available through this hyperlink. Insiders own 30.80% of the company’s stock.

Movado Group Price Performance

MOV stock opened at $24.93 on Monday. Movado Group Inc. has a 12 month low of $12.85 and a 12 month high of $25.85. The firm has a market cap of $551.91 million, a PE ratio of 25.70 and a beta of 0.92. The firm has a 50 day simple moving average of $23.02 and a 200 day simple moving average of $20.43.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on MOV. Wall Street Zen upgraded Movado Group from a “buy” rating to a “strong-buy” rating in a research report on Saturday, February 7th. BWS Financial reiterated a “buy” rating and set a $31.50 price target on shares of Movado Group in a research report on Monday, February 2nd. Weiss Ratings reissued a “hold (c)” rating on shares of Movado Group in a report on Monday, December 29th. Zacks Research raised shares of Movado Group from a “strong sell” rating to a “hold” rating in a report on Monday, January 26th. Finally, Northland Securities initiated 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 research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, Movado Group presently has an average rating of “Moderate Buy” and a consensus price target of $30.75.

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.