Movado Group’s (MOV) “Buy” Rating Reiterated at BWS Financial

BWS Financial reissued their buy rating on shares of Movado Group (NYSE:MOV) in a report published on Monday,Benzinga reports. They currently have a $45.00 target price on the stock.

MOV has been the subject of several other reports. Weiss Ratings downgraded shares of Movado Group from a “hold (c+)” rating to a “hold (c)” rating in a research note on Thursday, May 28th. Northland Securities set a $35.00 target price on shares of Movado Group in a report on Wednesday, May 27th. Finally, Zacks Research upgraded shares of Movado Group from a “hold” rating to a “strong-buy” rating in a report on Friday, May 29th. Two investment 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 stock. According to data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $40.00.

Movado Group Price Performance

Movado Group stock opened at $37.71 on Monday. The stock’s 50-day moving average is $36.99 and its 200-day moving average is $29.20. The company has a market cap of $832.55 million, a price-to-earnings ratio of 26.93 and a beta of 0.96. Movado Group has a 12 month low of $14.78 and a 12 month high of $39.85.

Movado Group (NYSE:MOV) last released its quarterly earnings data on Wednesday, May 27th. The company reported $0.32 earnings per share for the quarter, beating the consensus estimate of $0.06 by $0.26. The business 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 7.13% and a net margin of 4.70%.During the same period in the previous year, the company posted $0.06 EPS. Research analysts anticipate that Movado Group will post 1.87 EPS for the current year.

Movado Group Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, June 24th. Shareholders of record on Wednesday, June 10th were issued a $0.40 dividend. The ex-dividend date was Wednesday, June 10th. This represents a $1.60 dividend on an annualized basis and a yield of 4.2%. This is a boost from Movado Group’s previous quarterly dividend of $0.35. Movado Group’s dividend payout ratio (DPR) is currently 114.29%.

Institutional Trading of Movado Group

A number of hedge funds have recently made changes to their positions in the company. Royal Bank of Canada raised its stake 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 valued at $461,000 after purchasing an additional 7,423 shares during the period. Quantinno Capital Management LP boosted its stake in shares of Movado Group by 24.9% in the first quarter. Quantinno Capital Management LP now owns 54,274 shares of the company’s stock valued at $1,325,000 after purchasing an additional 10,821 shares during the period. Lazard Asset Management LLC boosted its position in Movado Group by 120.8% in the 1st quarter. Lazard Asset Management LLC now owns 124,643 shares of the company’s stock valued at $3,044,000 after buying an additional 68,201 shares during the last quarter. Renaissance Technologies LLC grew its stake in shares of Movado Group by 125.6% during the first quarter. Renaissance Technologies LLC now owns 139,198 shares of the company’s stock valued at $3,399,000 after acquiring an additional 77,500 shares in the last quarter. Finally, Sei Investments Co. increased its position in shares of Movado Group by 248.8% during the first quarter. Sei Investments Co. now owns 86,669 shares of the company’s stock worth $2,116,000 after acquiring an additional 61,822 shares during the last quarter. Hedge funds and other institutional investors own 72.08% of the company’s stock.

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.