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

Movado Group Inc. (NYSE:MOV) shares hit a new 52-week high on Friday . The company traded as high as $23.08 and last traded at $23.0850, with a volume of 71144 shares changing hands. The stock had previously closed at $22.89.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. BWS Financial reaffirmed a “buy” rating and set a $31.50 target price on shares of Movado Group in a research report on Wednesday, November 26th. Northland Securities began coverage on Movado Group in a research note on Wednesday, January 7th. They issued an “outperform” rating and a $30.00 price objective on the stock. Wall Street Zen downgraded Movado Group from a “strong-buy” rating to a “buy” rating in a report on Saturday, January 24th. Zacks Research upgraded Movado Group from a “strong sell” rating to a “hold” rating in a report on Monday, January 26th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Movado Group in a research report on Monday, December 29th. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $30.75.

Movado Group Price Performance

The company has a market cap of $506.14 million, a PE ratio of 23.57 and a beta of 0.90. The business has a fifty day simple moving average of $21.58 and a two-hundred day simple moving average of $19.18.

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

Movado Group Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, December 22nd. Stockholders of record on Monday, December 8th were issued a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 6.1%. The ex-dividend date was Monday, December 8th. Movado Group’s dividend payout ratio (DPR) is currently 144.33%.

Insider Activity

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

Hedge Funds Weigh In On Movado Group

A number of large investors have recently made changes to their positions in MOV. Comerica Bank boosted its position in shares of Movado Group by 99.0% in the 3rd quarter. Comerica Bank now owns 1,785 shares of the company’s stock worth $34,000 after purchasing an additional 888 shares in the last quarter. CWM LLC boosted its holdings in Movado Group by 49.9% in the second quarter. CWM LLC now owns 2,588 shares of the company’s stock worth $39,000 after acquiring an additional 862 shares in the last quarter. State of Wyoming acquired a new stake in Movado Group in the second quarter worth about $40,000. Laurel Wealth Advisors LLC purchased a new stake in shares of Movado Group during the fourth quarter worth about $42,000. Finally, Harbor Capital Advisors Inc. increased its holdings in shares of Movado Group by 20.4% during the third quarter. Harbor Capital Advisors Inc. now owns 4,655 shares of the company’s stock valued at $88,000 after acquiring an additional 790 shares in the last quarter. 72.08% of the stock is 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.