Movado Group (NYSE:MOV) Shares Gap Up Following Better-Than-Expected Earnings

Movado Group Inc. (NYSE:MOV) gapped up prior to trading on Wednesday after the company announced better than expected quarterly earnings. The stock had previously closed at $29.82, but opened at $31.62. Movado Group shares last traded at $32.2980, with a volume of 116,769 shares traded.

The company reported $0.32 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.06 by $0.26. The firm had revenue of $142.40 million for the quarter, compared to analyst estimates of $135.12 million. Movado Group had a return on equity of 6.09% and a net margin of 3.96%.During the same quarter in the prior year, the company earned $0.06 EPS.

Movado Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, April 16th. Stockholders of record on Thursday, April 2nd were given a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 4.3%. The ex-dividend date of this dividend was Thursday, April 2nd. Movado Group’s payout ratio is currently 120.69%.

Analysts Set New Price Targets

A number of brokerages have issued reports on MOV. Wall Street Zen raised shares of Movado Group from a “buy” rating to a “strong-buy” rating in a research note on Saturday, February 7th. BWS Financial reissued a “buy” rating and set a $31.50 price objective on shares of Movado Group in a research note on Friday, March 20th. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, Movado Group currently has an average rating of “Moderate Buy” and an average target price of $30.75.

Institutional Inflows and Outflows

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

Movado Group Trading Up 8.0%

The company has a 50-day moving average of $26.33 and a 200-day moving average of $23.59. The firm has a market capitalization of $711.13 million, a price-to-earnings ratio of 27.82 and a beta of 0.86.

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.