State of Wyoming purchased a new stake in shares of Movado Group Inc. (NYSE:MOV – Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 18,713 shares of the company’s stock, valued at approximately $736,000. State of Wyoming owned about 0.08% of Movado Group at the end of the most recent quarter.
Several other institutional investors have also added to or reduced their stakes in the company. Goldman Sachs Group Inc. increased its stake in Movado Group by 212.8% in the 1st quarter. Goldman Sachs Group Inc. now owns 671,397 shares of the company’s stock worth $11,226,000 after acquiring an additional 456,727 shares during the last quarter. JPMorgan Chase & Co. boosted its position in shares of Movado Group by 153.4% during the 2nd quarter. JPMorgan Chase & Co. now owns 161,178 shares of the company’s stock valued at $2,458,000 after acquiring an additional 97,566 shares during the last quarter. AQR Capital Management LLC grew its holdings in shares of Movado Group by 94.1% in the fourth quarter. AQR Capital Management LLC now owns 186,862 shares of the company’s stock valued at $3,853,000 after purchasing an additional 90,578 shares in the last quarter. Ameriprise Financial Inc. grew its holdings in shares of Movado Group by 14.4% in the second quarter. Ameriprise Financial Inc. now owns 636,862 shares of the company’s stock valued at $9,712,000 after purchasing an additional 80,109 shares in the last quarter. Finally, Russell Investments Group Ltd. increased its position in Movado Group by 45.3% in the third quarter. Russell Investments Group Ltd. now owns 255,699 shares of the company’s stock worth $4,851,000 after purchasing an additional 79,684 shares during the last quarter. Hedge funds and other institutional investors own 72.08% of the company’s stock.
Wall Street Analysts Forecast Growth
A number of equities research analysts recently issued reports on the stock. Northland Securities set a $35.00 price target on shares of Movado Group in a research note on Wednesday, May 27th. Zacks Research raised shares of Movado Group from a “hold” rating to a “strong-buy” rating in a research note on Friday, May 29th. Weiss Ratings downgraded shares of Movado Group from a “hold (c+)” rating to a “hold (c)” rating in a report on Thursday, May 28th. Finally, BWS Financial restated a “buy” rating and set a $45.00 target price on shares of Movado Group in a research report on Monday, July 27th. Two equities research analysts have rated the stock with a Strong Buy rating, one has given a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $40.00.
Movado Group Price Performance
NYSE:MOV opened at $36.05 on Monday. The firm has a market capitalization of $796.05 million, a price-to-earnings ratio of 25.75 and a beta of 0.97. The business has a 50 day simple moving average of $37.86 and a 200-day simple moving average of $30.48. Movado Group Inc. has a 1 year low of $15.70 and a 1 year high of $40.50.
Movado Group (NYSE:MOV – Get Free Report) last released its earnings results on Wednesday, May 27th. The company reported $0.32 earnings per share for the quarter, beating the consensus estimate of $0.06 by $0.26. Movado Group had a return on equity of 7.13% and a net margin of 4.70%.The firm had revenue of $142.40 million for the quarter, compared to the consensus estimate of $135.12 million. During the same quarter in the previous year, the company posted $0.06 EPS. As a group, analysts expect that Movado Group Inc. will post 1.87 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. Shareholders of record on Wednesday, June 10th were given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 4.4%. This is a positive change from Movado Group’s previous quarterly dividend of $0.35. The ex-dividend date was Wednesday, June 10th. Movado Group’s dividend payout ratio (DPR) is presently 114.29%.
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.
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