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

Movado Group Inc. (NYSE:MOV)’s share price hit a new 52-week high during trading on Friday . The company traded as high as $39.63 and last traded at $39.0140, with a volume of 25689 shares changing hands. The stock had previously closed at $38.29.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on MOV. Northland Securities set a $35.00 price objective on Movado Group in a report on Wednesday, May 27th. BWS Financial upped their price target on Movado Group from $31.50 to $45.00 and gave the stock a “buy” rating in a research report on Thursday, May 28th. Zacks Research raised shares of Movado Group from a “hold” rating to a “strong-buy” rating in a research note on Friday, May 29th. Finally, Weiss Ratings downgraded 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 issued a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Buy” and an average target price of $40.00.

Movado Group Trading Up 2.1%

The firm’s 50 day moving average price is $29.42 and its two-hundred day moving average price is $25.16. The company has a market capitalization of $862.89 million, a price-to-earnings ratio of 27.91 and a beta of 0.98.

Movado Group (NYSE:MOV) last issued its earnings results on Wednesday, May 27th. The company reported $0.32 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.06 by $0.26. The business had revenue of $142.40 million during the quarter, compared to the consensus estimate 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 business posted $0.06 EPS. As a group, equities research analysts predict that Movado Group Inc. will post 1.83 EPS for the current year.

Movado Group Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, June 24th. Stockholders of record on Wednesday, June 10th will be paid a dividend of $0.40 per share. The ex-dividend date is Wednesday, June 10th. This represents a $1.60 annualized dividend and a dividend yield of 4.1%. This is an increase from Movado Group’s previous quarterly dividend of $0.35. Movado Group’s dividend payout ratio is presently 114.29%.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Goldman Sachs Group Inc. lifted its holdings in Movado Group by 212.8% during the 1st quarter. Goldman Sachs Group Inc. now owns 671,397 shares of the company’s stock valued at $11,226,000 after purchasing an additional 456,727 shares during the last quarter. JPMorgan Chase & Co. increased its holdings in shares of Movado Group by 153.4% in the second quarter. JPMorgan Chase & Co. now owns 161,178 shares of the company’s stock valued at $2,458,000 after purchasing an additional 97,566 shares during the last quarter. AQR Capital Management LLC raised its position in shares of Movado Group by 94.1% in the fourth quarter. AQR Capital Management LLC now owns 186,862 shares of the company’s stock valued at $3,853,000 after purchasing an additional 90,578 shares during the period. Ameriprise Financial Inc. raised its position in shares of Movado Group by 14.4% in the second quarter. Ameriprise Financial Inc. now owns 636,862 shares of the company’s stock valued at $9,712,000 after purchasing an additional 80,109 shares during the period. Finally, Russell Investments Group Ltd. lifted its stake in shares of Movado Group by 45.3% during the 3rd quarter. Russell Investments Group Ltd. now owns 255,699 shares of the company’s stock worth $4,851,000 after buying an additional 79,684 shares during the last quarter. 72.08% of the stock is owned by institutional investors and hedge funds.

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.