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

Movado Group Inc. (NYSE:MOV)’s stock price hit a new 52-week high on Thursday . The company traded as high as $25.10 and last traded at $24.97, with a volume of 228124 shares trading hands. The stock had previously closed at $24.41.

Wall Street Analysts Forecast Growth

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

Movado Group Stock Performance

The stock has a 50-day simple moving average of $21.94 and a 200 day simple moving average of $19.44. The stock has a market capitalization of $541.99 million, a P/E ratio of 25.24 and a beta of 0.95.

Movado Group (NYSE:MOV) last issued 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 firm had revenue of $186.13 million for the quarter, compared to analyst estimates 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 company earned $0.22 EPS. Equities analysts predict that Movado Group Inc. will post 1.05 earnings per share for the current year.

Movado Group Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, December 22nd. Stockholders of record on Monday, December 8th were paid a $0.35 dividend. This represents a $1.40 annualized dividend and a dividend yield of 5.7%. The ex-dividend date of this dividend was Monday, December 8th. Movado Group’s dividend payout ratio (DPR) is 144.33%.

Insider Buying and Selling at Movado Group

In related news, SVP Michelle Kennedy sold 1,290 shares of the stock in a transaction that occurred on Tuesday, December 9th. The shares were sold at an average price of $20.89, for a total value of $26,948.10. Following the transaction, the senior vice president directly owned 27,857 shares in the company, valued at $581,932.73. This represents a 4.43% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 30.80% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. PNC Financial Services Group Inc. grew its stake in shares of Movado Group by 39.1% during the fourth quarter. PNC Financial Services Group Inc. now owns 1,598 shares of the company’s stock worth $33,000 after purchasing an additional 449 shares during the period. Strs Ohio acquired a new position in shares of Movado Group during the 4th quarter worth about $66,000. Laurel Wealth Advisors LLC bought a new stake in shares of Movado Group in the 4th quarter valued at about $42,000. Deprince Race & Zollo Inc. raised its position in shares of Movado Group by 27.6% in the 4th quarter. Deprince Race & Zollo Inc. now owns 258,478 shares of the company’s stock valued at $5,330,000 after acquiring an additional 55,967 shares during the period. Finally, Millennium Management LLC boosted its stake in Movado Group by 3.2% during the 3rd quarter. Millennium Management LLC now owns 125,832 shares of the company’s stock worth $2,387,000 after acquiring an additional 3,854 shares during the last quarter. 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.