Man Group plc purchased a new stake in shares of Movado Group Inc. (NYSE:MOV – Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 38,635 shares of the company’s stock, valued at approximately $1,519,000.
Several other institutional investors and hedge funds also recently made changes to their positions in MOV. BlackRock Inc. purchased a new stake in Movado Group in the 2nd quarter worth about $52,824,000. Goldman Sachs Group Inc. lifted its holdings in Movado Group by 212.8% during the first quarter. Goldman Sachs Group Inc. now owns 671,397 shares of the company’s stock valued at $11,226,000 after purchasing an additional 456,727 shares during the last quarter. Bank of New York Mellon Corp purchased a new stake in Movado Group during the second quarter valued at about $6,664,000. JPMorgan Chase & Co. boosted its position in Movado Group by 153.4% during the second quarter. JPMorgan Chase & Co. now owns 161,178 shares of the company’s stock worth $2,458,000 after purchasing an additional 97,566 shares during the period. Finally, AQR Capital Management LLC boosted its position in Movado Group by 94.1% during the fourth quarter. AQR Capital Management LLC now owns 186,862 shares of the company’s stock worth $3,853,000 after purchasing an additional 90,578 shares during the period. Institutional investors own 72.08% of the company’s stock.
Analysts Set New Price Targets
Several research firms have recently issued reports on MOV. BWS Financial reissued a “buy” rating and issued a $45.00 price target on shares of Movado Group in a research report on Tuesday. Northland Securities set a $35.00 price objective on shares of Movado Group in a report on Wednesday, May 27th. Wall Street Zen lowered shares of Movado Group from a “strong-buy” rating to a “buy” rating in a research note on Saturday, August 29th. Zacks Research raised shares of Movado Group from a “hold” rating to a “strong-buy” rating in a report on Friday, May 29th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Movado Group in a research report on Tuesday, August 25th. 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 company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $40.00.
Movado Group Stock Down 0.4%
Shares of MOV opened at $33.82 on Thursday. Movado Group Inc. has a twelve month low of $17.24 and a twelve month high of $40.50. The stock has a market cap of $746.75 million, a PE ratio of 18.79 and a beta of 0.92. The business’s 50-day moving average price is $37.05 and its 200-day moving average price is $31.47.
Movado Group (NYSE:MOV – Get Free Report) last announced its earnings results on Wednesday, August 26th. The company reported $0.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.35 by $0.19. Movado Group had a net margin of 6.00% and a return on equity of 8.49%. The business had revenue of $169.75 million during the quarter, compared to analyst estimates of $164.20 million. Analysts expect that Movado Group Inc. will post 1.89 earnings per share for the current fiscal year.
Movado Group Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 22nd. Investors of record on Tuesday, September 8th will be issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 4.7%. The ex-dividend date is Tuesday, September 8th. Movado Group’s dividend payout ratio is currently 88.89%.
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.
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