Movado Group (NYSE:MOV) Reaches New 52-Week High – Should You Buy?

Movado Group Inc. (NYSE:MOV)’s share price hit a new 52-week high during trading on Monday . The stock traded as high as $28.46 and last traded at $28.4540, with a volume of 267531 shares changing hands. The stock had previously closed at $28.41.

Analysts Set New Price Targets

A number of brokerages recently weighed in on MOV. Weiss Ratings reissued a “hold (c)” rating on shares of Movado Group in a report on Monday, December 29th. Northland Securities began coverage on shares of Movado Group in a research report on Wednesday, January 7th. They set an “outperform” rating and a $30.00 price target on the stock. Zacks Research raised shares of Movado Group from a “strong sell” rating to a “hold” rating in a research note on Monday, January 26th. BWS Financial restated a “buy” rating and issued a $31.50 price objective on shares of Movado Group in a report on Friday, March 20th. Finally, 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. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $30.75.

Movado Group Stock Up 0.2%

The stock has a market cap of $628.21 million, a PE ratio of 24.53 and a beta of 0.85. The business’s 50-day simple moving average is $24.74 and its 200-day simple moving average is $21.97.

Movado Group (NYSE:MOV) last posted its earnings results on Thursday, March 19th. The company reported $0.57 earnings per share for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $182.02 million. As a group, equities research analysts anticipate that Movado Group Inc. will post 1.05 earnings per share for the current fiscal year.

Movado Group Dividend Announcement

The firm 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 4.9%. The ex-dividend date was Thursday, April 2nd. Movado Group’s dividend payout ratio (DPR) is currently 120.69%.

Hedge Funds Weigh In On Movado Group

Hedge funds and other institutional investors have recently made changes to their positions in the business. PNC Financial Services Group Inc. lifted its stake in Movado Group by 39.1% in the fourth quarter. PNC Financial Services Group Inc. now owns 1,598 shares of the company’s stock worth $33,000 after acquiring an additional 449 shares during the period. CANADA LIFE ASSURANCE Co raised its holdings in Movado Group by 70.2% in the 4th quarter. CANADA LIFE ASSURANCE Co now owns 1,756 shares of the company’s stock worth $36,000 after purchasing an additional 724 shares in the last quarter. CWM LLC raised its holdings in Movado Group by 28.2% in the 3rd quarter. CWM LLC now owns 3,318 shares of the company’s stock worth $63,000 after purchasing an additional 730 shares in the last quarter. Harbor Capital Advisors Inc. lifted its position in shares of Movado Group by 20.4% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 4,655 shares of the company’s stock worth $88,000 after purchasing an additional 790 shares during the period. Finally, Comerica Bank lifted its position in shares of Movado Group by 99.0% in the 3rd quarter. Comerica Bank now owns 1,785 shares of the company’s stock worth $34,000 after purchasing an additional 888 shares during the period. 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.