Ritholtz Wealth Management Makes New Investment in Movado Group Inc. $MOV

Ritholtz Wealth Management purchased a new position in shares of Movado Group Inc. (NYSE:MOV) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 32,651 shares of the company’s stock, valued at approximately $797,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. PNC Financial Services Group Inc. grew its holdings in shares of Movado Group by 39.1% in the fourth quarter. PNC Financial Services Group Inc. now owns 1,598 shares of the company’s stock valued at $33,000 after purchasing an additional 449 shares in the last quarter. CANADA LIFE ASSURANCE Co lifted its holdings in Movado Group by 70.2% during the 4th quarter. CANADA LIFE ASSURANCE Co now owns 1,756 shares of the company’s stock worth $36,000 after buying an additional 724 shares in the last quarter. Comerica Bank lifted its holdings in 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 buying an additional 888 shares in the last quarter. State of Wyoming boosted its position in Movado Group by 23.5% in the 4th quarter. State of Wyoming now owns 5,443 shares of the company’s stock valued at $112,000 after buying an additional 1,036 shares during the period. Finally, Royal Bank of Canada grew its stake in shares of Movado Group by 4.1% in the first quarter. Royal Bank of Canada now owns 26,524 shares of the company’s stock worth $444,000 after acquiring an additional 1,042 shares in the last quarter. Hedge funds and other institutional investors own 72.08% of the company’s stock.

Analyst Upgrades and Downgrades

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

Movado Group Trading Down 0.5%

Shares of MOV opened at $39.38 on Tuesday. Movado Group Inc. has a twelve month low of $14.78 and a twelve month high of $39.85. The firm’s fifty day simple moving average is $32.44 and its 200-day simple moving average is $26.63. The firm has a market capitalization of $869.51 million, a price-to-earnings ratio of 28.13 and a beta of 0.97.

Movado Group (NYSE:MOV) last released its quarterly earnings data on Wednesday, May 27th. The company reported $0.32 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.06 by $0.26. The business had revenue of $142.40 million during the quarter, compared to analysts’ expectations of $135.12 million. Movado Group had a net margin of 4.70% and a return on equity of 7.13%. During the same period in the previous year, the company earned $0.06 EPS. On average, analysts predict that Movado Group Inc. will post 1.83 earnings per share for the current fiscal year.

Movado Group Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, June 24th. Shareholders of record on Wednesday, June 10th were issued a dividend of $0.40 per share. This is a positive change 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 yield of 4.1%. Movado Group’s dividend payout ratio (DPR) is presently 114.29%.

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.