Bank of New York Mellon Corp Buys New Stake in Movado Group Inc. $MOV

Key Points

• Bank of New York Mellon acquired 169,535 shares of Movado Group worth approximately $6.66 million, representing about 0.77% of the company. Institutional investors collectively own 72.08% of MOV.
• Analysts maintain a generally positive outlook, with the stock carrying an average “Buy” rating and a $40 price target. Recent ratings ranged from “Hold” to “Strong Buy.”
• Movado exceeded quarterly expectations, reporting $0.54 in EPS versus the $0.35 estimate and revenue of $169.75 million. The company also declared a quarterly dividend of $0.40 per share, implying a 4.8% yield.

Bank of New York Mellon Corp acquired a new stake in Movado Group Inc. (NYSE:MOV - Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 169,535 shares of the company's stock, valued at approximately $6,664,000. Bank of New York Mellon Corp owned approximately 0.77% of Movado Group as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in MOV. PNC Financial Services Group Inc. lifted its stake in shares of Movado Group by 39.1% during the 4th 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. Fifth Third Bancorp grew its holdings in Movado Group by 16,040.0% in the first quarter. Fifth Third Bancorp now owns 1,614 shares of the company's stock valued at $39,000 after purchasing an additional 1,604 shares during the period. CANADA LIFE ASSURANCE Co increased its position in Movado Group by 70.2% during the fourth quarter. CANADA LIFE ASSURANCE Co now owns 1,756 shares of the company's stock worth $36,000 after purchasing an additional 724 shares during the last quarter. Comerica Bank increased its position in Movado Group by 99.0% during the third quarter. Comerica Bank now owns 1,785 shares of the company's stock worth $34,000 after purchasing an additional 888 shares during the last quarter. Finally, State of Wyoming purchased a new position in Movado Group during the second quarter worth approximately $40,000. Institutional investors and hedge funds own 72.08% of the company's stock.

Analyst Ratings Changes

A number of brokerages have weighed in on MOV. Wall Street Zen lowered shares of Movado Group from a "strong-buy" rating to a "buy" rating in a report on Saturday, August 29th. BWS Financial restated a "buy" rating and set a $45.00 price objective on shares of Movado Group in a report on Tuesday. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Movado Group in a research report on Tuesday, August 25th. Northland Securities set a $35.00 target price on Movado Group in a report on Wednesday, May 27th. Finally, Zacks Research raised Movado Group from a "hold" rating to a "strong-buy" rating in a research report on Friday, May 29th. Two investment analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Buy" and an average price target of $40.00.

Movado Group Trading Down 0.4%

NYSE:MOV opened at $33.56 on Friday. The firm has a market capitalization of $741.00 million, a price-to-earnings ratio of 18.64 and a beta of 0.92. The firm's fifty day simple moving average is $36.97 and its 200 day simple moving average is $31.54. Movado Group Inc. has a twelve month low of $17.24 and a twelve month high of $40.50.

Movado Group (NYSE:MOV - Get Free Report) last announced 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. Movado Group had a return on equity of 8.49% and a net margin of 6.00%.The firm had revenue of $169.75 million during the quarter, compared to the consensus estimate of $164.20 million. On average, analysts predict that Movado Group Inc. will post 1.94 earnings per share for the current year.

Movado Group Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 22nd. Investors of record on Tuesday, September 8th will be issued a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 4.8%. The ex-dividend date is Tuesday, September 8th. Movado Group's dividend payout ratio (DPR) is presently 88.89%.

Movado Group 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.

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