Movado Group (NYSE:MOV) Hits New 1-Year High – What’s Next?

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

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on MOV. Weiss Ratings downgraded shares of Movado Group from a “hold (c+)” rating to a “hold (c)” 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 report on Friday, May 29th. Northland Securities set a $35.00 target price on shares of Movado Group in a research note on Wednesday, May 27th. Finally, BWS Financial increased their target price 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 issued a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $40.00.

Movado Group Trading Down 0.4%

The company has a market capitalization of $866.86 million, a P/E ratio of 28.04 and a beta of 0.98. The firm’s 50 day moving average price is $32.66 and its two-hundred day moving average price is $26.75.

Movado Group (NYSE:MOV) last posted its quarterly earnings data on Wednesday, May 27th. The company reported $0.32 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.06 by $0.26. The company had revenue of $142.40 million for the quarter, compared to the consensus estimate 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 last year, the company earned $0.06 earnings per share. Analysts anticipate that Movado Group Inc. will post 1.83 earnings per share for the current fiscal year.

Movado Group Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, June 24th. Stockholders of record on Wednesday, June 10th were given 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 4.1%. Movado Group’s payout ratio is 114.29%.

Hedge Funds Weigh In On Movado Group

Several institutional investors and hedge funds have recently modified their holdings of MOV. Vanguard Group Inc. grew its stake in shares of 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 acquiring an additional 57,353 shares in the last quarter. Goldman Sachs Group Inc. raised its stake in Movado Group by 3.4% in the 4th 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 holdings in Movado Group by 5.6% in the 4th quarter. Brandes Investment Partners LP now owns 704,036 shares of the company’s stock valued at $14,517,000 after purchasing an additional 37,587 shares during the period. Ameriprise Financial Inc. boosted its holdings in 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 purchasing an additional 80,109 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its position in shares of Movado Group by 19.1% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 388,418 shares of the company’s stock worth $8,009,000 after purchasing an additional 62,278 shares in the last quarter. 72.08% of the stock is currently owned by institutional investors and hedge funds.

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.