Strs Ohio increased its stake in shares of Movado Group Inc. (NYSE:MOV – Free Report) by 671.9% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 24,700 shares of the company’s stock after purchasing an additional 21,500 shares during the quarter. Strs Ohio owned about 0.11% of Movado Group worth $603,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also modified their holdings of MOV. Deprince Race & Zollo Inc. lifted its holdings in Movado Group by 27.6% during the 4th quarter. Deprince Race & Zollo Inc. now owns 258,478 shares of the company’s stock worth $5,330,000 after buying an additional 55,967 shares in the last quarter. North Star Investment Management Corp. increased its stake in shares of Movado Group by 39.4% in the 1st quarter. North Star Investment Management Corp. now owns 131,025 shares of the company’s stock valued at $3,200,000 after buying an additional 37,000 shares during the period. Ritholtz Wealth Management bought a new stake in shares of Movado Group during the first quarter worth $797,000. Brandes Investment Partners LP raised its position in shares of Movado Group by 5.6% during the fourth 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. Finally, Gabelli Funds LLC raised its position in shares of Movado Group by 3.3% during the second quarter. Gabelli Funds LLC now owns 78,500 shares of the company’s stock worth $1,197,000 after acquiring an additional 2,500 shares during the last quarter. Institutional investors and hedge funds own 72.08% of the company’s stock.
Analyst Ratings Changes
MOV has been the topic of several recent research reports. Northland Securities set a $35.00 price target on Movado Group in a report on Wednesday, May 27th. Zacks Research raised Movado Group from a “hold” rating to a “strong-buy” rating in a report on Friday, May 29th. BWS Financial upped their target price on shares of Movado Group from $31.50 to $45.00 and gave the company a “buy” rating in a research report on Thursday, May 28th. Finally, Weiss Ratings downgraded shares of Movado Group from a “hold (c+)” rating to a “hold (c)” rating in a research report on Thursday, May 28th. Two 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 company. According to MarketBeat, the company currently has an average rating of “Buy” and an average price target of $40.00.
Movado Group Trading Up 3.4%
NYSE:MOV opened at $37.98 on Friday. Movado Group Inc. has a 1-year low of $14.78 and a 1-year high of $39.85. The firm has a market capitalization of $838.62 million, a price-to-earnings ratio of 27.13 and a beta of 0.96. The business’s 50-day moving average price is $33.98 and its two-hundred day moving average price is $27.54.
Movado Group (NYSE:MOV – Get Free Report) last posted its earnings results on Wednesday, May 27th. The company reported $0.32 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.06 by $0.26. The company had revenue of $142.40 million during the quarter, compared to analyst estimates of $135.12 million. Movado Group had a return on equity of 7.13% and a net margin of 4.70%.During the same period in the previous year, the company earned $0.06 EPS. Sell-side analysts predict that Movado Group Inc. will post 1.83 earnings per share for the current year.
Movado Group Increases Dividend
The company also recently announced a quarterly dividend, which was paid on Wednesday, June 24th. Shareholders of record on Wednesday, June 10th were paid a $0.40 dividend. The ex-dividend date of this dividend was Wednesday, June 10th. This is a boost from Movado Group’s previous quarterly dividend of $0.35. This represents a $1.60 annualized dividend and a yield of 4.2%. Movado Group’s payout ratio is currently 114.29%.
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.
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