Movado Group (NYSE:MOV) Stock Price Breaks Above 200-Day Moving Average - Here's What Happened

Key Points

• Movado shares moved above their 200-day moving average of $31.13, trading as high as $32.31 and last changing hands at about $32.00, up 3.1%.
• The company’s latest reported quarter beat expectations: earnings were $0.54 per share versus a $0.35 consensus, while revenue reached $169.75 million against estimates of $164.20 million.
• Analyst views were mixed, but MarketBeat reported a Moderate Buy consensus and an average price target of $40.00.

Movado Group Inc. (NYSE:MOV - Get Free Report) shares passed above its 200-day moving average during trading on Monday. The stock has a 200-day moving average of $31.13 and traded as high as $32.31. Movado Group shares last traded at $31.9960, with a volume of 105,003 shares traded.

Analysts Set New Price Targets

Several research analysts have issued reports on the stock. BWS Financial reaffirmed a "buy" rating and issued a $45.00 target price on shares of Movado Group in a report on Tuesday, September 1st. Zacks Research cut shares of Movado Group from a "strong-buy" rating to a "hold" rating in a report on Monday, November 2nd. Wall Street Zen raised shares of Movado Group from a "buy" rating to a "strong-buy" rating in a research report on Saturday. Finally, Weiss Ratings lowered shares of Movado Group from a "buy (b-)" rating to a "hold (c+)" rating in a report on Tuesday, September 22nd. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $40.00.

Movado Group Trading Up 3.1%

The firm has a fifty day moving average of $32.67 and a 200 day moving average of $31.13. The company has a market capitalization of $713.83 million, a P/E ratio of 17.78 and a beta of 0.90.

Movado Group (NYSE:MOV - Get Free Report) last issued its earnings results on Wednesday, August 26th. The company reported $0.54 earnings per share for the quarter, topping analysts' consensus estimates of $0.35 by $0.19. The business had revenue of $169.75 million during the quarter, compared to analyst estimates of $164.20 million. Movado Group had a return on equity of 8.49% and a net margin of 6.00%. Sell-side analysts anticipate that Movado Group Inc. will post 1.94 EPS for the current fiscal year.

Movado Group Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 22nd. Stockholders of record on Tuesday, September 8th were paid a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 5.0%. The ex-dividend date was Tuesday, September 8th. Movado Group's dividend payout ratio (DPR) is 88.89%.

Institutional Trading of Movado Group

Hedge funds have recently bought and sold shares of the company. Allworth Financial LP purchased a new position in Movado Group in the second quarter worth about $27,000. State of Alaska Department of Revenue purchased a new stake in shares of Movado Group during the 3rd quarter valued at about $27,000. Fifth Third Bancorp increased its position in shares of Movado Group by 16,040.0% during the 1st quarter. Fifth Third Bancorp now owns 1,614 shares of the company's stock valued at $39,000 after purchasing an additional 1,604 shares during the last quarter. Laurel Wealth Advisors LLC purchased a new stake in shares of Movado Group during the 3rd quarter valued at about $68,000. Finally, Integrated Wealth Concepts LLC bought a new position in shares of Movado Group in the 2nd quarter worth approximately $98,000. Hedge funds and other institutional investors own 72.08% of the company's stock.

Movado Group Company Profile

Movado Group, Inc is a designer, manufacturer, and distributor of watches and related accessories. The company's portfolio includes its Movado brand, known for minimalist designs and the Museum dial, as well as a range of licensed and owned brands that have included Ebel, Concord, MVMT, Olivia Burton, and fashion-label watch collections.

Movado Group sells watches, jewelry, and accessories through department and specialty stores, authorized retailers, company-operated stores, e-commerce platforms, and other distribution channels.

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