Renaissance Technologies LLC Has $3.40 Million Stock Position in Movado Group Inc. $MOV

Renaissance Technologies LLC increased its stake in Movado Group Inc. (NYSE:MOV) by 125.6% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 139,198 shares of the company’s stock after buying an additional 77,500 shares during the quarter. Renaissance Technologies LLC owned approximately 0.63% of Movado Group worth $3,399,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Deprince Race & Zollo Inc. raised its stake in Movado Group by 27.6% in the fourth quarter. Deprince Race & Zollo Inc. now owns 258,478 shares of the company’s stock valued at $5,330,000 after buying an additional 55,967 shares during the period. Strs Ohio increased its holdings in shares of Movado Group by 671.9% during the 1st quarter. Strs Ohio now owns 24,700 shares of the company’s stock worth $603,000 after acquiring an additional 21,500 shares during the last quarter. North Star Investment Management Corp. raised its stake in Movado Group by 39.4% in the 1st quarter. North Star Investment Management Corp. now owns 131,025 shares of the company’s stock valued at $3,200,000 after acquiring an additional 37,000 shares during the period. Ritholtz Wealth Management bought a new stake in Movado Group in the 1st quarter valued at $797,000. Finally, Brandes Investment Partners LP lifted its holdings in Movado Group by 5.6% during the 4th quarter. Brandes Investment Partners LP now owns 704,036 shares of the company’s stock valued at $14,517,000 after purchasing an additional 37,587 shares during the last quarter. Institutional investors own 72.08% of the company’s stock.

Analysts Set New Price Targets

MOV has been the topic of several research reports. Northland Securities set a $35.00 price objective on shares of Movado Group in a report on Wednesday, May 27th. BWS Financial restated a “buy” rating and set a $45.00 target price on shares of Movado Group in a research note on Monday, July 27th. 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 cut shares of Movado Group from a “hold (c+)” rating to a “hold (c)” rating in a report on Thursday, May 28th. Two equities research analysts have rated the stock with a Strong Buy rating, one has given a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $40.00.

Movado Group Price Performance

MOV stock opened at $37.80 on Friday. The stock has a market capitalization of $834.55 million, a price-to-earnings ratio of 27.00 and a beta of 0.97. The business’s fifty day moving average price is $37.94 and its two-hundred day moving average price is $29.93. Movado Group Inc. has a fifty-two week low of $15.09 and a fifty-two week high of $40.50.

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 company had revenue of $142.40 million for 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 period last year, the firm earned $0.06 earnings per share. Research analysts expect that Movado Group Inc. will post 1.87 EPS for the current year.

Movado Group Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, June 24th. Shareholders of record on Wednesday, June 10th were paid a dividend of $0.40 per share. The ex-dividend date of this dividend was Wednesday, June 10th. This is a positive change from Movado Group’s previous quarterly dividend of $0.35. This represents a $1.60 annualized dividend and a yield of 4.2%. Movado Group’s payout ratio is presently 114.29%.

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.