Deprince Race & Zollo Inc. Buys 55,967 Shares of Movado Group Inc. $MOV

Key Points

• Deprince Race & Zollo increased its stake in Movado by 27.6%, buying 55,967 shares in Q4 and now holds 258,478 shares (about 1.17% of the company) valued at roughly $5.33 million.
• Movado beat expectations for the quarter (EPS $0.57 vs. $0.52; revenue $191.6M vs. $182.0M), and analysts' consensus is a Moderate Buy with an average target price of $30.75.
• The company declared a quarterly dividend of $0.35 (annualized $1.40) representing a 5.2% yield, but the dividend payout ratio is high at 120.69%, raising sustainability concerns.

Deprince Race & Zollo Inc. grew its stake in shares of Movado Group Inc. (NYSE:MOV - Free Report) by 27.6% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 258,478 shares of the company's stock after purchasing an additional 55,967 shares during the period. Deprince Race & Zollo Inc. owned about 1.17% of Movado Group worth $5,330,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its holdings in Movado Group by 5.9% during the 3rd quarter. Vanguard Group Inc. now owns 1,029,220 shares of the company's stock worth $19,524,000 after purchasing an additional 57,353 shares in the last quarter. Goldman Sachs Group Inc. increased 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 worth $11,226,000 after purchasing an additional 456,727 shares in the last quarter. Ameriprise Financial Inc. increased its holdings in Movado Group by 14.4% during the 2nd quarter. Ameriprise Financial Inc. now owns 636,862 shares of the company's stock worth $9,712,000 after purchasing an additional 80,109 shares in the last quarter. Geode Capital Management LLC increased its holdings in Movado Group by 0.3% during the 2nd quarter. Geode Capital Management LLC now owns 374,858 shares of the company's stock worth $5,718,000 after purchasing an additional 1,131 shares in the last quarter. Finally, Bridgeway Capital Management LLC increased its holdings in Movado Group by 8.4% during the 3rd quarter. Bridgeway Capital Management LLC now owns 293,442 shares of the company's stock worth $5,567,000 after purchasing an additional 22,685 shares in the last quarter. 72.08% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts have commented on the company. Wall Street Zen raised Movado Group from a "buy" rating to a "strong-buy" rating in a report on Saturday, February 7th. Weiss Ratings reissued a "hold (c)" rating on shares of Movado Group in a report on Monday, December 29th. Northland Securities assumed coverage on Movado Group in a report on Wednesday, January 7th. They set an "outperform" rating and a $30.00 price objective for the company. Zacks Research raised Movado Group from a "strong sell" rating to a "hold" rating in a report on Monday, January 26th. Finally, BWS Financial reissued a "buy" rating and set a $31.50 price objective on shares of Movado Group in a report on Friday, March 20th. One investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $30.75.

Movado Group Stock Up 0.3%

MOV stock opened at $26.81 on Tuesday. The firm has a market cap of $592.03 million, a PE ratio of 23.11 and a beta of 0.85. The business has a 50 day moving average of $24.51 and a 200-day moving average of $21.73. Movado Group Inc. has a 12-month low of $12.90 and a 12-month high of $26.93.

Movado Group (NYSE:MOV - Get Free Report) last released its earnings results on Thursday, March 19th. The company reported $0.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.52 by $0.05. The company had revenue of $191.58 million during the quarter, compared to analyst estimates of $182.02 million. Movado Group had a return on equity of 6.09% and a net margin of 3.96%. On average, research analysts expect that Movado Group Inc. will post 1.05 earnings per share for the current year.

Movado Group Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, April 16th. Stockholders of record on Thursday, April 2nd will be issued a $0.35 dividend. The ex-dividend date of this dividend is Thursday, April 2nd. This represents a $1.40 annualized dividend and a dividend yield of 5.2%. Movado Group's dividend payout ratio is currently 120.69%.

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.

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