Empowered Funds LLC purchased a new stake in Movado Group Inc. (NYSE:MOV - Free Report) in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor purchased 103,365 shares of the company's stock, valued at approximately $4,063,000. Empowered Funds LLC owned about 0.47% of Movado Group at the end of the most recent quarter.
Several other large investors also recently made changes to their positions in the business. Allworth Financial LP bought a new stake in shares of Movado Group in the 2nd quarter worth approximately $27,000. PNC Financial Services Group Inc. lifted its stake in Movado Group by 39.1% during the fourth quarter. PNC Financial Services Group Inc. now owns 1,598 shares of the company's stock valued at $33,000 after purchasing an additional 449 shares during the last quarter. Fifth Third Bancorp boosted its holdings in Movado Group by 16,040.0% during the first quarter. Fifth Third Bancorp now owns 1,614 shares of the company's stock worth $39,000 after buying an additional 1,604 shares in the last quarter. CANADA LIFE ASSURANCE Co boosted its holdings 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 buying an additional 724 shares in the last quarter. Finally, Comerica Bank grew its position in Movado Group by 99.0% in the third quarter. Comerica Bank now owns 1,785 shares of the company's stock worth $34,000 after buying an additional 888 shares during the last quarter. Institutional investors own 72.08% of the company's stock.
Analyst Ratings Changes
Several research analysts have issued reports on MOV shares. Northland Securities set a $35.00 price target on Movado Group in a report on Wednesday, May 27th. Wall Street Zen lowered Movado Group from a "strong-buy" rating to a "buy" rating in a research note on Saturday. Zacks Research upgraded Movado Group from a "hold" rating to a "strong-buy" rating in a report on Friday, May 29th. BWS Financial reaffirmed a "buy" rating and set a $45.00 target price on shares of Movado Group in a research report on Monday, July 27th. Finally, Weiss Ratings reaffirmed a "hold (c)" rating on shares of Movado Group in a research report on Tuesday, August 25th. Two equities research analysts have rated the stock with a Strong Buy rating, one has given a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Buy" and a consensus target price of $40.00.
Get Our Latest Research Report on MOV
Movado Group Price Performance
Shares of MOV opened at $33.83 on Tuesday. Movado Group Inc. has a one year low of $17.24 and a one year high of $40.50. The company has a 50-day moving average of $37.23 and a two-hundred day moving average of $31.34. The stock has a market cap of $746.97 million, a price-to-earnings ratio of 18.79 and a beta of 0.97.
Movado Group (NYSE:MOV - Get Free Report) last released its earnings results on Wednesday, August 26th. The company reported $0.54 earnings per share for the quarter, topping the consensus estimate of $0.35 by $0.19. Movado Group had a net margin of 6.00% and a return on equity of 8.49%. The business had revenue of $169.75 million for the quarter, compared to the consensus estimate of $164.20 million. Analysts anticipate that Movado Group Inc. will post 1.89 earnings per share for the current year.
Movado Group Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 22nd. Shareholders of record on Tuesday, September 8th will be given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 4.7%. The ex-dividend date is Tuesday, September 8th. Movado Group's payout ratio is presently 88.89%.
Movado Group Profile
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Free Report)
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.
Further Reading
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