Ritholtz Wealth Management Acquires Shares of 32,651 Movado Group Inc. $MOV

Ritholtz Wealth Management bought a new position in Movado Group Inc. (NYSE:MOV) during the first quarter, according to its most recent Form 13F filing with the SEC. The firm bought 32,651 shares of the company’s stock, valued at approximately $797,000. Ritholtz Wealth Management owned approximately 0.15% of Movado Group at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in MOV. Teton Advisors LLC purchased a new position in Movado Group during the third quarter worth approximately $1,178,000. Deprince Race & Zollo Inc. grew its holdings in 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 buying an additional 55,967 shares in the last quarter. Brandes Investment Partners LP increased its stake in shares of Movado Group by 5.6% in the 4th quarter. Brandes Investment Partners LP now owns 704,036 shares of the company’s stock worth $14,517,000 after acquiring an additional 37,587 shares during the last quarter. CANADA LIFE ASSURANCE Co increased its stake in shares of Movado Group by 70.2% in the 4th quarter. CANADA LIFE ASSURANCE Co now owns 1,756 shares of the company’s stock worth $36,000 after acquiring an additional 724 shares during the last quarter. Finally, State of Wyoming increased its stake in shares of Movado Group by 23.5% in the 4th quarter. State of Wyoming now owns 5,443 shares of the company’s stock worth $112,000 after acquiring an additional 1,036 shares during the last quarter. 72.08% of the stock is currently owned by institutional investors and hedge funds.

Movado Group Stock Performance

NYSE:MOV opened at $39.38 on Tuesday. Movado Group Inc. has a fifty-two week low of $14.78 and a fifty-two week high of $39.85. The company has a 50 day moving average price of $32.44 and a 200 day moving average price of $26.63. The stock has a market capitalization of $869.51 million, a P/E ratio of 28.13 and a beta of 0.97.

Movado Group (NYSE:MOV) last announced its earnings results 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. Movado Group had a return on equity of 7.13% and a net margin of 4.70%.The company had revenue of $142.40 million for the quarter, compared to analyst estimates of $135.12 million. During the same quarter in the previous year, the company earned $0.06 earnings per share. Research analysts forecast 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. Investors of record on Wednesday, June 10th were issued a $0.40 dividend. The ex-dividend date was Wednesday, June 10th. This represents a $1.60 annualized dividend and a dividend yield of 4.1%. This is a boost from Movado Group’s previous quarterly dividend of $0.35. Movado Group’s dividend payout ratio (DPR) is presently 114.29%.

Analyst Ratings Changes

MOV has been the topic of several recent research reports. 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 raised their price objective on shares of Movado Group from $31.50 to $45.00 and gave the stock a “buy” rating in a research report on Thursday, May 28th. Northland Securities set a $35.00 target price on shares of Movado Group in a research note on Wednesday, May 27th. Finally, Zacks Research upgraded shares of Movado Group from a “hold” rating to a “strong-buy” rating in a report on Friday, May 29th. Two investment analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $40.00.

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.