Movado Group (NYSE:MOV) Stock Breaks Above 200 Day Moving Average – Here’s Why

Movado Group Inc. (NYSE:MOV)’s share price passed above its two hundred day moving average during trading on Monday. The stock has a two hundred day moving average of $32.55 and traded as high as $33.99. Movado Group shares last traded at $33.5330, with a volume of 201,971 shares.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on MOV shares. Wall Street Zen cut Movado Group from a “strong-buy” rating to a “buy” rating in a report on Saturday, August 29th. Weiss Ratings lowered shares of Movado Group from a “buy (b-)” rating to a “hold (c+)” rating in a report on Tuesday, September 22nd. Finally, BWS Financial restated a “buy” rating and issued a $45.00 price objective on shares of Movado Group in a research report on Tuesday, September 1st. Two research analysts have rated the stock with a Strong Buy rating, one has given a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $40.00.

Movado Group Trading Down 1.6%

The company has a market capitalization of $737.30 million, a price-to-earnings ratio of 18.36 and a beta of 0.92. The company has a 50 day moving average price of $35.14 and a 200 day moving average price of $32.63.

Movado Group (NYSE:MOV) last issued its quarterly earnings results on Wednesday, August 26th. The company reported $0.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.35 by $0.19. The business had revenue of $169.75 million for the quarter, compared to analyst estimates of $164.20 million. Movado Group had a return on equity of 8.49% and a net margin of 6.00%. Equities analysts predict that Movado Group Inc. will post 1.94 earnings per share for the current year.

Movado Group Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 22nd. Shareholders of record on Tuesday, September 8th were given a dividend of $0.40 per share. The ex-dividend date was Tuesday, September 8th. This represents a $1.60 dividend on an annualized basis and a yield of 4.8%. Movado Group’s dividend payout ratio is presently 88.89%.

Institutional Investors Weigh In On Movado Group

Several institutional investors have recently modified their holdings of the business. Allworth Financial LP acquired a new position in Movado Group in the second quarter valued at approximately $27,000. Fifth Third Bancorp grew its holdings in Movado Group by 16,040.0% during the 1st quarter. Fifth Third Bancorp now owns 1,614 shares of the company’s stock worth $39,000 after acquiring an additional 1,604 shares during the period. Integrated Wealth Concepts LLC bought a new stake in shares of Movado Group during the 2nd quarter valued at $98,000. Legal & General Group Plc bought a new stake in shares of Movado Group during the 2nd quarter valued at $116,000. Finally, Lotus Technology Management LP acquired a new position in shares of Movado Group in the 2nd quarter valued at $222,000. Institutional investors and hedge funds own 72.08% of the company’s stock.

About Movado Group

Movado Group, Inc is a designer, manufacturer, and distributor of watches and related accessories. The company’s portfolio includes its flagship Movado brand, known for minimalist watch designs, as well as Ebel, Concord, MVMT, and Olivia Burton. Movado Group also markets watches under licensed and owned fashion brands, including Coach, Tommy Hilfiger, Hugo Boss, Lacoste, and Calvin Klein, subject to the terms of its licensing agreements.

Founded in 1881 in La Chaux-de-Fonds, Switzerland, Movado Group has developed into an international watch company headquartered in Paramus, New Jersey.