Renaissance Technologies LLC Acquires 77,500 Shares of Movado Group Inc. $MOV

Renaissance Technologies LLC increased its holdings in Movado Group Inc. (NYSE:MOV) by 125.6% during the 1st quarter, HoldingsChannel.com reports. The firm owned 139,198 shares of the company’s stock after purchasing an additional 77,500 shares during the period. Renaissance Technologies LLC’s holdings in Movado Group were worth $3,399,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of MOV. Deprince Race & Zollo Inc. increased its stake in shares of Movado Group by 27.6% in the fourth quarter. Deprince Race & Zollo Inc. now owns 258,478 shares of the company’s stock valued at $5,330,000 after buying an additional 55,967 shares during the period. Strs Ohio raised its position in shares of Movado Group by 671.9% during the first quarter. Strs Ohio now owns 24,700 shares of the company’s stock worth $603,000 after acquiring an additional 21,500 shares during the last quarter. North Star Investment Management Corp. lifted its stake in shares of Movado Group by 39.4% in the first quarter. North Star Investment Management Corp. now owns 131,025 shares of the company’s stock worth $3,200,000 after acquiring an additional 37,000 shares during the period. Ritholtz Wealth Management acquired a new position in shares of Movado Group in the first quarter worth approximately $797,000. Finally, Brandes Investment Partners LP boosted its holdings in Movado Group by 5.6% in the fourth quarter. Brandes Investment Partners LP now owns 704,036 shares of the company’s stock valued at $14,517,000 after acquiring an additional 37,587 shares during the last quarter. 72.08% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on MOV. Weiss Ratings cut shares of Movado Group from a “hold (c+)” rating to a “hold (c)” rating in a research report on Thursday, May 28th. BWS Financial reaffirmed a “buy” rating and set a $45.00 price target on shares of Movado Group in a research report on Monday, July 27th. Northland Securities set a $35.00 price target on Movado Group in a report on Wednesday, May 27th. Finally, Zacks Research raised Movado Group from a “hold” rating to a “strong-buy” rating in a research report on Friday, May 29th. Two investment 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’s stock. According to MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $40.00.

Movado Group Stock Up 0.1%

MOV stock opened at $37.80 on Friday. The firm has a market capitalization of $834.55 million, a PE ratio of 27.00 and a beta of 0.97. Movado Group Inc. has a twelve month low of $15.09 and a twelve month high of $40.50. The stock’s 50 day moving average is $37.94 and its 200-day moving average is $29.93.

Movado Group (NYSE:MOV) last released its quarterly earnings results on Wednesday, May 27th. The company reported $0.32 earnings per share 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 analyst estimates 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 firm earned $0.06 earnings per share. On average, equities research analysts anticipate that Movado Group Inc. will post 1.87 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. Investors of record on Wednesday, June 10th were issued a $0.40 dividend. This is an increase 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 annualized dividend and a yield of 4.2%. Movado Group’s payout ratio is 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.