Sei Investments Co. Increases Stake in Movado Group Inc. $MOV

Key Points

• Sei Investments increased its Movado Group stake by 248.8% in the first quarter, bringing its holdings to 86,669 shares valued at approximately $2.1 million. Institutional investors collectively own 72.08% of the company.
• Movado reported quarterly earnings of $0.32 per share, well above the $0.06 consensus estimate, while revenue of $142.4 million also exceeded expectations.
• The company raised its quarterly dividend from $0.35 to $0.40 per share, representing a $1.60 annualized payout and a 4.2% yield. Analysts maintain a consensus “Buy” rating with an average price target of $40.

Sei Investments Co. lifted its holdings in shares of Movado Group Inc. (NYSE:MOV - Free Report) by 248.8% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 86,669 shares of the company's stock after purchasing an additional 61,822 shares during the period. Sei Investments Co. owned about 0.39% of Movado Group worth $2,116,000 as of its most recent filing with the SEC.

Other large investors also recently added to or reduced their stakes in the company. PNC Financial Services Group Inc. boosted its position 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 buying an additional 449 shares during the period. Fifth Third Bancorp increased its holdings in shares of Movado Group by 16,040.0% in 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 during the period. CANADA LIFE ASSURANCE Co increased its holdings in shares of Movado Group by 70.2% in 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 during the period. Comerica Bank lifted its stake in shares of Movado Group by 99.0% in the 3rd quarter. Comerica Bank now owns 1,785 shares of the company's stock valued at $34,000 after acquiring an additional 888 shares during the last quarter. Finally, Laurel Wealth Advisors LLC purchased a new stake in Movado Group during the 4th quarter valued at about $42,000. Hedge funds and other institutional investors own 72.08% of the company's stock.

Movado Group Price Performance

Shares of MOV opened at $37.80 on Monday. Movado Group Inc. has a one year low of $15.09 and a one year high of $40.50. The company has a 50-day simple moving average of $37.94 and a two-hundred day simple moving average of $29.99. The firm has a market capitalization of $834.62 million, a PE ratio of 27.00 and a beta of 0.97.

Movado Group (NYSE:MOV - Get Free Report) last posted its earnings results on Wednesday, May 27th. The company reported $0.32 earnings per share for the quarter, topping analysts' consensus estimates of $0.06 by $0.26. Movado Group had a return on equity of 7.13% and a net margin of 4.70%.The firm had revenue of $142.40 million for the quarter, compared to the consensus estimate of $135.12 million. During the same quarter in the prior year, the business earned $0.06 EPS. Analysts expect that Movado Group Inc. will post 1.87 EPS for the current fiscal year.

Movado Group Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, June 24th. Investors of record on Wednesday, June 10th were paid a $0.40 dividend. The ex-dividend date of this dividend was Wednesday, June 10th. This is a positive change from Movado Group's previous quarterly dividend of $0.35. This represents a $1.60 annualized dividend and a yield of 4.2%. Movado Group's payout ratio is currently 114.29%.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the company. Northland Securities set a $35.00 price target on Movado Group in a research note on Wednesday, May 27th. Weiss Ratings cut shares of Movado Group from a "hold (c+)" rating to a "hold (c)" rating in a report on Thursday, May 28th. BWS Financial reiterated a "buy" rating and set a $45.00 price target on shares of Movado Group in a report on Monday, July 27th. Finally, Zacks Research raised shares of Movado Group from a "hold" rating to a "strong-buy" rating in a report on Friday, May 29th. 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 company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Buy" and an average target price of $40.00.

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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