Strs Ohio Has $603,000 Holdings in Movado Group Inc. $MOV

Strs Ohio boosted its holdings in shares of Movado Group Inc. (NYSE:MOV) by 671.9% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 24,700 shares of the company’s stock after acquiring an additional 21,500 shares during the period. Strs Ohio’s holdings in Movado Group were worth $603,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. MQS Management LLC bought a new stake in shares of Movado Group in the first quarter worth about $243,000. North Star Investment Management Corp. lifted its holdings in shares of Movado Group by 39.4% during the 1st quarter. North Star Investment Management Corp. now owns 131,025 shares of the company’s stock valued at $3,200,000 after purchasing an additional 37,000 shares in the last quarter. Ritholtz Wealth Management acquired a new position in shares of Movado Group in the 1st quarter valued at approximately $797,000. Invesco Ltd. grew its position in shares of Movado Group by 4.8% in the 4th quarter. Invesco Ltd. now owns 37,133 shares of the company’s stock valued at $766,000 after purchasing an additional 1,699 shares during the period. Finally, Mackenzie Financial Corp bought a new stake in Movado Group during the 4th quarter worth approximately $447,000. 72.08% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts have commented on the stock. BWS Financial raised their target price on shares of Movado Group from $31.50 to $45.00 and gave the stock a “buy” rating in a report on Thursday, May 28th. Zacks Research raised shares of Movado Group from a “hold” rating to a “strong-buy” rating in a research report on Friday, May 29th. Weiss Ratings lowered shares of Movado Group from a “hold (c+)” rating to a “hold (c)” rating in a report on Thursday, May 28th. Finally, Northland Securities set a $35.00 price objective on shares of Movado Group in a research report on Wednesday, May 27th. Two equities research analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Buy” and an average price target of $40.00.

Movado Group Stock Up 3.4%

NYSE MOV opened at $37.98 on Friday. The firm’s 50 day moving average is $33.98 and its 200-day moving average is $27.54. The company has a market capitalization of $838.62 million, a PE ratio of 27.13 and a beta of 0.96. Movado Group Inc. has a 12-month low of $14.78 and a 12-month high of $39.85.

Movado Group (NYSE:MOV) last announced its earnings results on Wednesday, May 27th. The company reported $0.32 EPS for the quarter, topping the consensus estimate of $0.06 by $0.26. The business had revenue of $142.40 million during the quarter, compared to analysts’ expectations of $135.12 million. Movado Group had a net margin of 4.70% and a return on equity of 7.13%. During the same quarter in the prior year, the company posted $0.06 earnings per share. As a group, sell-side analysts expect that Movado Group Inc. will post 1.83 EPS for the current year.

Movado Group Increases Dividend

The firm also recently declared 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 is a boost from Movado Group’s previous quarterly dividend of $0.35. The ex-dividend date of this dividend was Wednesday, June 10th. This represents a $1.60 annualized dividend and a yield of 4.2%. Movado Group’s payout ratio 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.