JPMorgan Chase & Co. Cuts Holdings in Movado Group Inc. $MOV

Key Points

• JPMorgan Chase reduced its stake in Movado by 50.6% in Q3, selling 81,556 shares and leaving it with 79,622 shares (about 0.36% ownership, valued at $1.51M).
• Movado beat Q3 expectations with $0.57 EPS versus $0.52 expected and $191.6M in revenue versus $182.0M expected, supporting recent upside in the stock.
• The company declared a $0.35 quarterly dividend (annualized $1.40, ~5.4% yield), though the payout ratio is a high ~120.7%, raising sustainability concerns.

JPMorgan Chase & Co. decreased its stake in Movado Group Inc. (NYSE:MOV - Free Report) by 50.6% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 79,622 shares of the company's stock after selling 81,556 shares during the quarter. JPMorgan Chase & Co. owned approximately 0.36% of Movado Group worth $1,510,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Teton Advisors LLC acquired a new stake in shares of Movado Group in the third quarter valued at about $1,178,000. Inspire Investing LLC acquired a new stake in shares of Movado Group in the third quarter valued at about $458,000. Versor Investments LP acquired a new stake in shares of Movado Group in the third quarter valued at about $495,000. Marshall Wace LLP acquired a new stake in shares of Movado Group in the second quarter valued at about $193,000. Finally, State of Wyoming acquired a new stake in shares of Movado Group in the second quarter valued at about $40,000. Institutional investors and hedge funds own 72.08% of the company's stock.

Movado Group Trading Up 5.1%

MOV opened at $25.76 on Thursday. The firm has a market capitalization of $568.80 million, a PE ratio of 22.21 and a beta of 0.85. Movado Group Inc. has a twelve month low of $12.85 and a twelve month high of $25.98. The firm's 50-day moving average price is $24.30 and its 200 day moving average price is $21.55.

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

Movado Group Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, April 16th. Shareholders of record on Thursday, April 2nd will be paid a dividend of $0.35 per share. The ex-dividend date of this dividend is Thursday, April 2nd. This represents a $1.40 dividend on an annualized basis and a yield of 5.4%. Movado Group's payout ratio is 120.69%.

Analysts Set New Price Targets

Several analysts have recently issued reports on the stock. Weiss Ratings reiterated a "hold (c)" rating on shares of Movado Group in a research report on Monday, December 29th. BWS Financial restated a "buy" rating and set a $31.50 price target on shares of Movado Group in a research report on Friday, March 20th. Northland Securities assumed coverage on shares of Movado Group in a research report on Wednesday, January 7th. They set an "outperform" rating and a $30.00 price target on the stock. Zacks Research upgraded shares of Movado Group from a "strong sell" rating to a "hold" rating in a research report on Monday, January 26th. Finally, Wall Street Zen upgraded shares of Movado Group from a "buy" rating to a "strong-buy" rating in a research report on Saturday, February 7th. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $30.75.

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.

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