BlackRock Inc. Invests $52.82 Million in Movado Group Inc. $MOV

Key Points

• BlackRock acquired 1.34 million Movado Group shares valued at approximately $52.8 million, giving it a 6.09% stake. Institutional investors and hedge funds collectively own 72.08% of the company.
• Movado reported quarterly EPS of $0.54, beating estimates of $0.35, while revenue of $169.75 million exceeded the $164.20 million consensus forecast.
• Analysts maintain a consensus “Buy” rating with a $40 target price. Movado also declared a quarterly dividend of $0.40 per share, representing a 4.7% yield.

BlackRock Inc. bought a new position in shares of Movado Group Inc. (NYSE:MOV - Free Report) during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 1,343,788 shares of the company's stock, valued at approximately $52,824,000. BlackRock Inc. owned approximately 6.09% of Movado Group as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in MOV. Royal Bank of Canada grew its holdings in shares of Movado Group by 4.1% during the 1st quarter. Royal Bank of Canada now owns 26,524 shares of the company's stock worth $444,000 after purchasing an additional 1,042 shares in the last quarter. AQR Capital Management LLC boosted its stake in Movado Group by 26.5% during the first quarter. AQR Capital Management LLC now owns 129,746 shares of the company's stock worth $2,169,000 after buying an additional 27,182 shares in the last quarter. Goldman Sachs Group Inc. boosted its stake in Movado Group by 212.8% during the first quarter. Goldman Sachs Group Inc. now owns 671,397 shares of the company's stock worth $11,226,000 after buying an additional 456,727 shares in the last quarter. Empowered Funds LLC increased its holdings in Movado Group by 5.5% in the 1st quarter. Empowered Funds LLC now owns 108,377 shares of the company's stock valued at $1,812,000 after buying an additional 5,697 shares during the period. Finally, Jane Street Group LLC increased its holdings in Movado Group by 11.4% in the 1st quarter. Jane Street Group LLC now owns 104,188 shares of the company's stock valued at $1,742,000 after buying an additional 10,670 shares during the period. Institutional investors and hedge funds own 72.08% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on MOV shares. Wall Street Zen lowered shares of Movado Group from a "strong-buy" rating to a "buy" rating in a research report on Saturday. Zacks Research upgraded Movado Group from a "hold" rating to a "strong-buy" rating in a research note on Friday, May 29th. Northland Securities set a $35.00 target price on Movado Group in a research report on Wednesday, May 27th. BWS Financial reaffirmed a "buy" rating and issued a $45.00 price target on shares of Movado Group in a research note on Monday, July 27th. Finally, Weiss Ratings reiterated a "hold (c)" rating on shares of Movado Group in a research report on Tuesday, August 25th. Two 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 stock. According to MarketBeat, the company has a consensus rating of "Buy" and a consensus target price of $40.00.

Movado Group Trading Down 1.9%

Movado Group stock opened at $33.83 on Tuesday. The company's 50-day moving average is $37.23 and its two-hundred day moving average is $31.34. Movado Group Inc. has a 1 year low of $17.24 and a 1 year high of $40.50. The company has a market cap of $746.97 million, a PE ratio of 18.79 and a beta of 0.97.

Movado Group (NYSE:MOV - Get Free Report) last released its quarterly earnings data on Wednesday, August 26th. The company reported $0.54 EPS for the quarter, beating analysts' consensus estimates of $0.35 by $0.19. Movado Group had a return on equity of 8.49% and a net margin of 6.00%.The business had revenue of $169.75 million during the quarter, compared to the consensus estimate of $164.20 million. Research analysts forecast that Movado Group Inc. will post 1.89 EPS for the current year.

Movado Group Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 22nd. Shareholders of record on Tuesday, September 8th will be paid a $0.40 dividend. The ex-dividend date of this dividend is Tuesday, September 8th. This represents a $1.60 annualized dividend and a dividend yield of 4.7%. Movado Group's dividend payout ratio (DPR) is currently 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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