Movado Group Inc. $MOV Holdings Lowered by Confluence Investment Management LLC

Confluence Investment Management LLC cut its stake in Movado Group Inc. (NYSE:MOV) by 54.2% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 34,155 shares of the company’s stock after selling 40,400 shares during the period. Confluence Investment Management LLC’s holdings in Movado Group were worth $1,343,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in MOV. PNC Financial Services Group Inc. lifted its position 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 purchasing an additional 449 shares during the period. CANADA LIFE ASSURANCE Co increased its position in shares of Movado Group by 70.2% during the 4th quarter. CANADA LIFE ASSURANCE Co now owns 1,756 shares of the company’s stock valued at $36,000 after purchasing an additional 724 shares during the period. Comerica Bank raised its stake 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 buying an additional 888 shares in the last quarter. State of Wyoming raised its stake in shares of Movado Group by 23.5% in the 4th quarter. State of Wyoming now owns 5,443 shares of the company’s stock worth $112,000 after buying an additional 1,036 shares in the last quarter. Finally, Royal Bank of Canada lifted its holdings in shares of Movado Group by 4.1% in the first quarter. Royal Bank of Canada now owns 26,524 shares of the company’s stock valued at $444,000 after buying an additional 1,042 shares during the period. Institutional investors own 72.08% of the company’s stock.

Movado Group Stock Up 1.5%

Shares of NYSE MOV opened at $39.53 on Wednesday. Movado Group Inc. has a 12 month low of $15.09 and a 12 month high of $39.88. The company has a market cap of $872.82 million, a price-to-earnings ratio of 28.24 and a beta of 0.97. The business has a fifty day simple moving average of $37.80 and a 200-day simple moving average of $29.66.

Movado Group (NYSE:MOV) last released its quarterly earnings results on Wednesday, May 27th. The company reported $0.32 earnings per share for the quarter, beating analysts’ consensus estimates of $0.06 by $0.26. The business had revenue of $142.40 million during 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 quarter last year, the company posted $0.06 EPS. As a group, sell-side analysts expect that Movado Group Inc. will post 1.87 EPS for the current fiscal year.

Movado Group Increases Dividend

The company also recently announced 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 is a positive change from Movado Group’s previous quarterly dividend of $0.35. This represents a $1.60 annualized dividend and a dividend yield of 4.0%. Movado Group’s dividend payout ratio is 114.29%.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on MOV. Weiss Ratings cut 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 price objective on shares of Movado Group in a research note on Wednesday, May 27th. BWS Financial reiterated a “buy” rating and issued a $45.00 target price on shares of Movado Group in a report on Monday, July 27th. Finally, Zacks Research raised shares of Movado Group from a “hold” rating to a “strong-buy” rating in a research note on Friday, May 29th. Two analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $40.00.

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.