Movado Group (NYSE:MOV) Reaches New 52-Week High – Here’s What Happened

Shares of Movado Group Inc. (NYSE:MOV) hit a new 52-week high during trading on Monday . The company traded as high as $39.64 and last traded at $39.1250, with a volume of 8318 shares traded. The stock had previously closed at $39.58.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the stock. Northland Securities set a $35.00 target price on shares of Movado Group in a research report on Wednesday, May 27th. BWS Financial lifted their price target on shares of Movado Group from $31.50 to $45.00 and gave the stock a “buy” rating in a research report on Thursday, May 28th. Zacks Research raised shares of Movado Group from a “hold” rating to a “strong-buy” rating in a research note on Friday, May 29th. Finally, Weiss Ratings lowered shares of Movado Group from a “hold (c+)” rating to a “hold (c)” rating in a report on Thursday, May 28th. Two investment analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $40.00.

Movado Group Price Performance

The business has a 50 day moving average of $32.19 and a 200 day moving average of $26.50. The firm has a market capitalization of $876.09 million, a price-to-earnings ratio of 28.26 and a beta of 0.97.

Movado Group (NYSE:MOV) last released its earnings results on Wednesday, May 27th. The company reported $0.32 earnings per share for the quarter, beating the consensus estimate of $0.06 by $0.26. Movado Group had a return on equity of 7.13% and a net margin of 4.70%.The firm had revenue of $142.40 million for the quarter, compared to analyst estimates of $135.12 million. During the same quarter in the prior year, the firm posted $0.06 earnings per share. As a group, equities analysts predict that Movado Group Inc. will post 1.83 EPS for the current year.

Movado Group Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, June 24th. Stockholders of record on Wednesday, June 10th were paid a $0.40 dividend. This is a boost from Movado Group’s previous quarterly dividend of $0.35. The ex-dividend date of this dividend was Wednesday, June 10th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 4.0%. Movado Group’s dividend payout ratio (DPR) is currently 114.29%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. increased its stake in Movado Group by 5.9% in the third quarter. Vanguard Group Inc. now owns 1,029,220 shares of the company’s stock valued at $19,524,000 after purchasing an additional 57,353 shares in the last quarter. Goldman Sachs Group Inc. boosted its position in shares of Movado Group by 3.4% during the fourth 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 in the last quarter. Brandes Investment Partners LP boosted its position in shares of Movado Group by 5.6% during the fourth 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 in the last quarter. Ameriprise Financial Inc. grew its holdings 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 valued at $9,712,000 after buying an additional 80,109 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its holdings in shares of Movado Group by 19.1% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 388,418 shares of the company’s stock valued at $8,009,000 after buying an additional 62,278 shares during the period. 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.