Movado Group (NYSE:MOV) Hits New 52-Week High – Still a Buy?

Shares of Movado Group Inc. (NYSE:MOV) reached a new 52-week high during trading on Thursday . The stock traded as high as $22.99 and last traded at $22.7160, with a volume of 235 shares changing hands. The stock had previously closed at $22.74.

Analysts Set New Price Targets

A number of brokerages have weighed in on MOV. BWS Financial reiterated a “buy” rating and issued a $31.50 price objective on shares of Movado Group in a research report on Wednesday, November 26th. Wall Street Zen lowered Movado Group from a “strong-buy” rating to a “buy” rating in a research note on Saturday. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Movado Group in a report on Monday, December 29th. Northland Securities initiated coverage on Movado Group in a report on Wednesday, January 7th. They issued an “outperform” rating and a $30.00 price objective on the stock. Finally, Zacks Research cut Movado Group from a “hold” rating to a “strong sell” rating in a research report on Friday, November 28th. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $30.75.

Movado Group Trading Down 0.2%

The stock has a market cap of $497.26 million, a price-to-earnings ratio of 23.15 and a beta of 0.90. The firm’s 50-day moving average is $21.17 and its two-hundred day moving average is $18.96.

Movado Group (NYSE:MOV) last posted its quarterly earnings data on Tuesday, November 25th. The company reported $0.45 EPS for the quarter, missing the consensus estimate of $0.57 by ($0.12). Movado Group had a return on equity of 5.86% and a net margin of 3.33%.The firm had revenue of $186.13 million for the quarter, compared to analysts’ expectations of $185.89 million. During the same quarter last year, the firm posted $0.22 earnings per share. On average, analysts predict that Movado Group Inc. will post 1.05 earnings per share for the current year.

Movado Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, December 22nd. Investors of record on Monday, December 8th were paid a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 6.2%. The ex-dividend date of this dividend was Monday, December 8th. Movado Group’s dividend payout ratio is currently 144.33%.

Insiders Place Their Bets

In other Movado Group news, SVP Michelle Kennedy sold 1,290 shares of the firm’s stock in a transaction on Tuesday, December 9th. The stock was sold at an average price of $20.89, for a total value of $26,948.10. Following the transaction, the senior vice president owned 27,857 shares in the company, valued at approximately $581,932.73. This trade represents a 4.43% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 30.80% of the company’s stock.

Institutional Investors Weigh In On Movado Group

Hedge funds have recently modified their holdings of the business. Brandes Investment Partners LP acquired a new position in Movado Group during the second quarter worth about $5,540,000. Laurel Wealth Advisors LLC lifted its stake in Movado Group by 1,425.0% in the 2nd quarter. Laurel Wealth Advisors LLC now owns 31,095 shares of the company’s stock worth $474,000 after purchasing an additional 29,056 shares in the last quarter. Inspire Investing LLC acquired a new position in shares of Movado Group during the 3rd quarter worth approximately $458,000. Russell Investments Group Ltd. grew its position in shares of Movado Group by 426.8% in the second quarter. Russell Investments Group Ltd. now owns 176,015 shares of the company’s stock valued at $2,684,000 after purchasing an additional 142,601 shares in the last quarter. Finally, Fisher Asset Management LLC grew its position in shares of Movado Group by 86.9% in the second quarter. Fisher Asset Management LLC now owns 59,013 shares of the company’s stock valued at $900,000 after purchasing an additional 27,431 shares in the last quarter. 72.08% of the stock is currently owned by institutional investors and hedge funds.

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.