Sei Investments Co. Raises Stake in Movado Group Inc. $MOV

Sei Investments Co. increased its holdings in shares of Movado Group Inc. (NYSE:MOV) by 248.8% during the 1st quarter, HoldingsChannel reports. The fund owned 86,669 shares of the company’s stock after buying an additional 61,822 shares during the period. Sei Investments Co.’s holdings in Movado Group were worth $2,116,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of the business. State of Wyoming increased its stake in shares of Movado Group by 37.9% during the first quarter. State of Wyoming now owns 7,506 shares of the company’s stock valued at $183,000 after purchasing an additional 2,063 shares in the last quarter. Bank of New York Mellon Corp boosted its position in shares of Movado Group by 7.9% in the 1st quarter. Bank of New York Mellon Corp now owns 165,320 shares of the company’s stock worth $4,037,000 after purchasing an additional 12,130 shares in the last quarter. Fifth Third Bancorp boosted its position in shares of Movado Group by 16,040.0% in the 1st quarter. Fifth Third Bancorp now owns 1,614 shares of the company’s stock worth $39,000 after purchasing an additional 1,604 shares in the last quarter. DGS Capital Management LLC purchased a new stake in shares of Movado Group in the 1st quarter worth approximately $219,000. Finally, Strs Ohio grew its stake in shares of Movado Group by 671.9% in the 1st quarter. Strs Ohio now owns 24,700 shares of the company’s stock worth $603,000 after buying an additional 21,500 shares during the last quarter. Institutional investors own 72.08% of the company’s stock.

Wall Street Analysts Forecast Growth

MOV has been the subject of several recent analyst reports. Zacks Research raised Movado Group from a “hold” rating to a “strong-buy” rating in a research report on Friday, May 29th. BWS Financial reissued a “buy” rating and set a $45.00 price objective on shares of Movado Group in a research report on Monday, July 27th. Northland Securities set a $35.00 price objective on shares of Movado Group in a research note on Wednesday, May 27th. 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 investment 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 company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $40.00.

Movado Group Price Performance

Shares of NYSE:MOV opened at $37.80 on Monday. Movado Group Inc. has a 1 year low of $15.09 and a 1 year high of $40.50. The company has a market cap of $834.62 million, a P/E ratio of 27.00 and a beta of 0.97. The stock’s fifty day moving average price is $37.94 and its 200-day moving average price is $29.99.

Movado Group (NYSE:MOV) last released its quarterly earnings data on Wednesday, May 27th. The company reported $0.32 EPS for the quarter, topping the consensus estimate of $0.06 by $0.26. Movado Group had a return on equity of 7.13% and a net margin of 4.70%.The company had revenue of $142.40 million during the quarter, compared to the consensus estimate of $135.12 million. During the same period last year, the company earned $0.06 EPS. On average, sell-side analysts anticipate that Movado Group Inc. will post 1.87 earnings per share for the current year.

Movado Group Increases Dividend

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