Movado Group (NYSE:MOV) Reaches New 12-Month High – Here’s Why

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

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on MOV. Northland Securities began coverage on Movado Group in a research report on Wednesday, January 7th. They set an “outperform” rating and a $30.00 target price for the company. Zacks Research downgraded Movado Group from a “hold” rating to a “strong sell” rating in a research note on Friday, November 28th. Northland Capmk upgraded shares of Movado Group to a “strong-buy” rating in a research note on Wednesday, January 7th. BWS Financial reissued a “buy” rating and issued a $31.50 target price on shares of Movado Group in a report on Wednesday, November 26th. Finally, Wall Street Zen raised shares of Movado Group from a “buy” rating to a “strong-buy” rating in a report on Saturday, January 10th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Movado Group currently has a consensus rating of “Moderate Buy” and an average price target of $30.75.

Movado Group Price Performance

The business’s fifty day moving average price is $20.76 and its 200 day moving average price is $18.76. The stock has a market cap of $503.44 million, a P/E ratio of 23.44 and a beta of 0.90.

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

Movado Group Dividend Announcement

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

Insider Activity at Movado Group

In related news, SVP Michelle Kennedy sold 1,290 shares of the firm’s stock in a transaction on Tuesday, December 9th. The stock was sold at an average price of $20.89, for a total transaction of $26,948.10. Following the sale, the senior vice president owned 27,857 shares of the company’s stock, valued at $581,932.73. This trade represents a 4.43% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 30.80% of the company’s stock.

Hedge Funds Weigh In On Movado Group

Several large investors have recently bought and sold shares of MOV. Vanguard Group Inc. grew its holdings in shares of Movado Group by 5.9% during the third quarter. Vanguard Group Inc. now owns 1,029,220 shares of the company’s stock worth $19,524,000 after purchasing an additional 57,353 shares during the last quarter. Goldman Sachs Group Inc. boosted its position in Movado Group by 212.8% during the 1st quarter. Goldman Sachs Group Inc. now owns 671,397 shares of the company’s stock worth $11,226,000 after buying an additional 456,727 shares during the period. Ameriprise Financial Inc. grew its holdings in Movado Group by 14.4% during the 2nd quarter. Ameriprise Financial Inc. now owns 636,862 shares of the company’s stock worth $9,712,000 after acquiring an additional 80,109 shares during the last quarter. Geode Capital Management LLC increased its position in Movado Group by 0.3% in the 2nd quarter. Geode Capital Management LLC now owns 374,858 shares of the company’s stock valued at $5,718,000 after acquiring an additional 1,131 shares during the period. Finally, Brandes Investment Partners LP bought a new position in shares of Movado Group during the second quarter valued at $5,540,000. 72.08% of the stock is currently owned by institutional investors.

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.