JPMorgan Chase & Co. Trims Stock Position in Movado Group Inc. $MOV

JPMorgan Chase & Co. cut its position in shares of Movado Group Inc. (NYSE:MOV) by 50.6% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 79,622 shares of the company’s stock after selling 81,556 shares during the period. JPMorgan Chase & Co.’s holdings in Movado Group were worth $1,510,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Royal Bank of Canada raised its stake in shares of Movado Group by 4.1% in the 1st quarter. Royal Bank of Canada now owns 26,524 shares of the company’s stock valued at $444,000 after acquiring an additional 1,042 shares during the period. AQR Capital Management LLC raised its stake in shares of Movado Group by 26.5% in the 1st quarter. AQR Capital Management LLC now owns 129,746 shares of the company’s stock valued at $2,169,000 after acquiring an additional 27,182 shares during the period. Goldman Sachs Group Inc. raised its stake in shares of Movado Group by 212.8% in the 1st quarter. Goldman Sachs Group Inc. now owns 671,397 shares of the company’s stock valued at $11,226,000 after acquiring an additional 456,727 shares during the period. Empowered Funds LLC raised its stake in shares of Movado Group by 5.5% in the 1st quarter. Empowered Funds LLC now owns 108,377 shares of the company’s stock valued at $1,812,000 after acquiring an additional 5,697 shares during the period. Finally, Jane Street Group LLC raised its stake in shares of Movado Group by 11.4% in the 1st quarter. Jane Street Group LLC now owns 104,188 shares of the company’s stock valued at $1,742,000 after acquiring an additional 10,670 shares during the period. 72.08% of the stock is owned by hedge funds and other institutional investors.

Movado Group Stock Up 5.1%

NYSE MOV opened at $25.76 on Thursday. Movado Group Inc. has a 52 week low of $12.85 and a 52 week high of $25.98. The stock has a market capitalization of $568.80 million, a PE ratio of 22.21 and a beta of 0.85. The firm has a 50 day moving average of $24.30 and a two-hundred day moving average of $21.55.

Movado Group (NYSE:MOV) last posted its quarterly earnings results on Thursday, March 19th. The company reported $0.57 EPS for the quarter, topping the consensus estimate of $0.52 by $0.05. Movado Group had a net margin of 3.96% and a return on equity of 6.09%. The company had revenue of $191.58 million during the quarter, compared to analysts’ expectations of $182.02 million. On average, equities research analysts expect that Movado Group Inc. will post 1.05 earnings per share for the current fiscal year.

Movado Group Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, April 16th. Shareholders of record on Thursday, April 2nd will be issued a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 5.4%. The ex-dividend date is Thursday, April 2nd. Movado Group’s payout ratio is 120.69%.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on MOV. Wall Street Zen raised shares of Movado Group from a “buy” rating to a “strong-buy” rating in a research note on Saturday, February 7th. Weiss Ratings reissued a “hold (c)” rating on shares of Movado Group in a research note on Monday, December 29th. Northland Securities started 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. Zacks Research raised shares of Movado Group from a “strong sell” rating to a “hold” rating in a research note on Monday, January 26th. Finally, BWS Financial reaffirmed a “buy” rating and set a $31.50 target price on shares of Movado Group in a research note on Friday, March 20th. One equities 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 company. Based on data from MarketBeat.com, Movado Group presently has an average rating of “Moderate Buy” and a consensus price target of $30.75.

Movado Group 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.