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

Movado Group Inc. (NYSE:MOV)’s share price reached a new 52-week high on Monday . The stock traded as high as $28.46 and last traded at $28.4540, with a volume of 267531 shares traded. The stock had previously closed at $28.41.

Analyst Ratings Changes

Several research firms recently weighed in on MOV. Wall Street Zen upgraded Movado Group from a “buy” rating to a “strong-buy” rating in a research note on Saturday, February 7th. 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 target on the stock. Weiss Ratings restated a “hold (c)” rating on shares of Movado Group in a research note on Monday, December 29th. Zacks Research upgraded Movado Group from a “strong sell” rating to a “hold” rating in a research note on Monday, January 26th. Finally, BWS Financial restated a “buy” rating and issued a $31.50 price target on shares of Movado Group in a research note on Friday, March 20th. One 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 stock. According to MarketBeat, Movado Group has a consensus rating of “Moderate Buy” and a consensus price target of $30.75.

Movado Group Stock Performance

The firm has a fifty day moving average price of $24.92 and a two-hundred day moving average price of $22.10. The stock has a market capitalization of $641.40 million, a P/E ratio of 25.04 and a beta of 0.85.

Movado Group (NYSE:MOV) last released its quarterly earnings results on Thursday, March 19th. The company reported $0.57 earnings per share for the quarter, beating the consensus estimate of $0.52 by $0.05. The firm had revenue of $191.58 million for the quarter, compared to analysts’ expectations of $182.02 million. Movado Group had a return on equity of 6.09% and a net margin of 3.96%. On average, research analysts anticipate that Movado Group Inc. will post 1.53 earnings per share for the current fiscal year.

Movado Group Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, April 16th. Stockholders of record on Thursday, April 2nd were issued a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 4.8%. The ex-dividend date of this dividend was Thursday, April 2nd. Movado Group’s dividend payout ratio is presently 120.69%.

Hedge Funds Weigh In On Movado Group

Several hedge funds and other institutional investors have recently modified their holdings of the company. Ritholtz Wealth Management bought a new position in shares of Movado Group during the 1st quarter valued at $797,000. Invesco Ltd. lifted its holdings in shares of Movado Group by 4.8% during the 4th quarter. Invesco Ltd. now owns 37,133 shares of the company’s stock valued at $766,000 after buying an additional 1,699 shares during the period. Mackenzie Financial Corp bought a new position in shares of Movado Group during the 4th quarter valued at $447,000. Man Group plc bought a new position in shares of Movado Group during the 4th quarter valued at $385,000. Finally, AQR Capital Management LLC lifted its holdings in shares of Movado Group by 94.1% during the 4th quarter. AQR Capital Management LLC now owns 186,862 shares of the company’s stock valued at $3,853,000 after buying an additional 90,578 shares during the period. 72.08% of the stock is 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.