Movado Group (NYSE:MOV) Reaches New 52-Week High – What’s Next?

Movado Group Inc. (NYSE:MOV)’s stock price hit a new 52-week high during trading on Tuesday . The stock traded as high as $29.63 and last traded at $29.53, with a volume of 262746 shares changing hands. The stock had previously closed at $28.45.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on MOV shares. BWS Financial reissued a “buy” rating and issued a $31.50 price objective on shares of Movado Group in a research note on Friday, March 20th. Zacks Research raised Movado Group from a “strong sell” rating to a “hold” rating in a research note on Monday, January 26th. Finally, Wall Street Zen upgraded Movado Group from a “buy” rating to a “strong-buy” rating in a report on Saturday, February 7th. One investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat, Movado Group has a consensus rating of “Moderate Buy” and an average price target of $30.75.

Movado Group Stock Up 3.8%

The stock’s 50 day moving average price is $26.21 and its 200-day moving average price is $23.51. The stock has a market capitalization of $652.02 million, a PE ratio of 25.46 and a beta of 0.86.

Movado Group (NYSE:MOV) last posted its quarterly earnings results on Thursday, March 19th. The company reported $0.57 EPS for the quarter, topping the consensus estimate of $0.52 by $0.05. Movado Group had a net margin of 3.96% and a return on equity of 6.09%. The company had revenue of $191.58 million for the quarter, compared to the consensus estimate of $182.02 million. As a group, sell-side analysts predict that Movado Group Inc. will post 1.53 earnings per share for the current fiscal year.

Movado Group Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, April 16th. Stockholders of record on Thursday, April 2nd were paid a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 4.7%. The ex-dividend date of this dividend was Thursday, April 2nd. Movado Group’s payout ratio is currently 120.69%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Royal Bank of Canada increased its holdings in Movado Group by 64.7% during the 1st quarter. Royal Bank of Canada now owns 18,892 shares of the company’s stock worth $461,000 after purchasing an additional 7,423 shares during the period. Quantinno Capital Management LP raised its position in Movado Group by 24.9% during the 1st quarter. Quantinno Capital Management LP now owns 54,274 shares of the company’s stock valued at $1,325,000 after purchasing an additional 10,821 shares in the last quarter. Lazard Asset Management LLC lifted its holdings in shares of Movado Group by 120.8% in the 1st quarter. Lazard Asset Management LLC now owns 124,643 shares of the company’s stock worth $3,044,000 after buying an additional 68,201 shares during the period. Renaissance Technologies LLC lifted its holdings in shares of Movado Group by 125.6% in the 1st quarter. Renaissance Technologies LLC now owns 139,198 shares of the company’s stock worth $3,399,000 after buying an additional 77,500 shares during the period. Finally, Sei Investments Co. grew its position in shares of Movado Group by 248.8% during the 1st quarter. Sei Investments Co. now owns 86,669 shares of the company’s stock worth $2,116,000 after buying an additional 61,822 shares in the last quarter. Institutional investors own 72.08% of the company’s stock.

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.