Movado Group (NYSE:MOV) Share Price Breaks Above Two Hundred Day Moving Average - Time to Sell?

Key Points

• Movado Group shares rose above their 200-day moving average of $32.55, reaching as high as $33.99 before last trading at $33.53.
• Analyst sentiment remains broadly positive, with an average “Buy” rating and a $40 price target; BWS Financial maintained its “Buy” rating with a $45 target, despite downgrades from other firms.
• The company exceeded quarterly expectations, reporting $0.54 in EPS versus a $0.35 consensus estimate and revenue of $169.75 million. Movado also pays a $1.60 annualized dividend, yielding about 4.8%, while institutional investors own 72.08% of shares.

Movado Group Inc. (NYSE:MOV - Get Free Report) shares passed above its two hundred day moving average during trading on Monday. The stock has a two hundred day moving average of $32.55 and traded as high as $33.99. Movado Group shares last traded at $33.5330, with a volume of 201,971 shares changing hands.

Analysts Set New Price Targets

MOV has been the subject of several research analyst reports. BWS Financial reaffirmed a "buy" rating and set a $45.00 target price on shares of Movado Group in a research note on Tuesday, September 1st. Wall Street Zen downgraded shares of Movado Group from a "strong-buy" rating to a "buy" rating in a research note on Saturday, August 29th. Finally, Weiss Ratings downgraded shares of Movado Group from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Tuesday, September 22nd. Two research 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 data from MarketBeat.com, the company currently has an average rating of "Buy" and an average target price of $40.00.

Movado Group Stock Down 1.7%

The firm has a 50-day moving average price of $35.23 and a 200 day moving average price of $32.55. The firm has a market capitalization of $748.12 million, a PE ratio of 18.63 and a beta of 0.92.

Movado Group (NYSE:MOV - Get Free Report) last posted its quarterly earnings data on Wednesday, August 26th. The company reported $0.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.35 by $0.19. Movado Group had a return on equity of 8.49% and a net margin of 6.00%.The firm had revenue of $169.75 million for the quarter, compared to the consensus estimate of $164.20 million. Equities research analysts expect that Movado Group Inc. will post 1.94 earnings per share for the current year.

Movado Group Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 22nd. Shareholders of record on Tuesday, September 8th were paid a dividend of $0.40 per share. The ex-dividend date was Tuesday, September 8th. This represents a $1.60 dividend on an annualized basis and a yield of 4.8%. Movado Group's dividend payout ratio is 88.89%.

Institutional Trading of Movado Group

Hedge funds have recently made changes to their positions in the business. BlackRock Inc. purchased a new stake in Movado Group during the 2nd quarter worth approximately $52,824,000. Brandes Investment Partners LP lifted its holdings in Movado Group by 5.6% during the 4th quarter. Brandes Investment Partners LP now owns 704,036 shares of the company's stock worth $14,517,000 after buying an additional 37,587 shares in the last quarter. Bank of New York Mellon Corp purchased a new position in Movado Group in the 2nd quarter valued at approximately $6,664,000. Empowered Funds LLC purchased a new position in Movado Group in the 2nd quarter valued at approximately $4,063,000. Finally, Renaissance Technologies LLC grew its stake in shares of Movado Group by 125.6% in the first quarter. Renaissance Technologies LLC now owns 139,198 shares of the company's stock worth $3,399,000 after acquiring an additional 77,500 shares in the last quarter. Institutional investors and hedge funds own 72.08% of the company's stock.

About Movado Group

Movado Group, Inc is a designer, manufacturer, and distributor of watches and related accessories. The company's portfolio includes its flagship Movado brand, known for minimalist watch designs, as well as Ebel, Concord, MVMT, and Olivia Burton. Movado Group also markets watches under licensed and owned fashion brands, including Coach, Tommy Hilfiger, Hugo Boss, Lacoste, and Calvin Klein, subject to the terms of its licensing agreements.

Founded in 1881 in La Chaux-de-Fonds, Switzerland, Movado Group has developed into an international watch company headquartered in Paramus, New Jersey.

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