Movado Group Inc. $MOV Shares Sold by LSV Asset Management

LSV Asset Management lessened its stake in Movado Group Inc. (NYSE:MOV) by 93.0% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 11,700 shares of the company’s stock after selling 154,400 shares during the quarter. LSV Asset Management owned about 0.05% of Movado Group worth $222,000 at the end of the most recent quarter.

Other institutional investors also recently made changes to their positions in the company. CWM LLC raised its position in shares of Movado Group by 28.2% in the 3rd quarter. CWM LLC now owns 3,318 shares of the company’s stock worth $63,000 after buying an additional 730 shares during the period. Harbor Capital Advisors Inc. raised its holdings in shares of Movado Group by 20.4% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 4,655 shares of the company’s stock worth $88,000 after purchasing an additional 790 shares during the period. Royal Bank of Canada lifted its stake in shares of Movado Group by 4.1% in the 1st quarter. Royal Bank of Canada now owns 26,524 shares of the company’s stock valued at $444,000 after purchasing an additional 1,042 shares in the last quarter. Geode Capital Management LLC lifted its stake in shares of 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 purchasing an additional 1,131 shares in the last quarter. Finally, State of Wyoming grew its holdings in shares of Movado Group by 69.8% during the 3rd quarter. State of Wyoming now owns 4,407 shares of the company’s stock worth $84,000 after purchasing an additional 1,812 shares during the period. 72.08% of the stock is owned by hedge funds and other institutional investors.

Movado Group Stock Up 1.8%

Shares of NYSE MOV opened at $24.79 on Wednesday. Movado Group Inc. has a fifty-two week low of $12.85 and a fifty-two week high of $25.22. The business has a 50 day moving average price of $22.43 and a two-hundred day moving average price of $19.89. The firm has a market cap of $548.85 million, a PE ratio of 25.56 and a beta of 0.95.

Movado Group (NYSE:MOV) last released its 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). Movado Group had a net margin of 3.33% and a return on equity of 5.86%. The business had revenue of $186.13 million for the quarter, compared to analysts’ expectations of $185.89 million. During the same quarter last year, the company posted $0.22 earnings per share. On average, analysts anticipate that Movado Group Inc. will post 1.05 earnings per share for the current year.

Movado Group Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, December 22nd. Shareholders of record on Monday, December 8th were paid a dividend of $0.35 per share. The ex-dividend date was Monday, December 8th. This represents a $1.40 annualized dividend and a yield of 5.6%. Movado Group’s dividend payout ratio is presently 144.33%.

Insider Buying and Selling

In other news, SVP Michelle Kennedy sold 1,290 shares of the business’s stock in a transaction that occurred on Tuesday, December 9th. The stock was sold at an average price of $20.89, for a total value of $26,948.10. Following the completion of the sale, the senior vice president directly owned 27,857 shares in the company, valued at approximately $581,932.73. The trade was a 4.43% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 30.80% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

MOV has been the topic of several research reports. Northland Securities started coverage on shares of Movado Group in a report on Wednesday, January 7th. They issued an “outperform” rating and a $30.00 price target on the stock. BWS Financial restated a “buy” rating and set a $31.50 target price on shares of Movado Group in a report on Monday, February 2nd. Wall Street Zen raised shares of Movado Group from a “buy” rating to a “strong-buy” rating in a research report on Saturday, February 7th. Zacks Research raised Movado Group from a “strong sell” rating to a “hold” rating in a research report on Monday, January 26th. Finally, Weiss Ratings reaffirmed 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 issued a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $30.75.

Movado Group 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.