Movado Group (NYSE:MOV) Shares Pass Above 200 Day Moving Average – Here’s What Happened

Movado Group Inc. (NYSE:MOV) crossed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $25.84 and traded as high as $38.50. Movado Group shares last traded at $38.3550, with a volume of 401,402 shares.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on MOV. Zacks Research upgraded shares of Movado Group from a “hold” rating to a “strong-buy” rating in a report on Friday, May 29th. Northland Securities set a $35.00 target price on Movado Group in a research report on Wednesday, May 27th. BWS Financial lifted their target price on Movado Group from $31.50 to $45.00 and gave the stock a “buy” rating in a report on Thursday, May 28th. Finally, Weiss Ratings lowered Movado Group from a “hold (c+)” rating to a “hold (c)” rating in a research report on Thursday, May 28th. Two investment 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 company. Based on data from MarketBeat, Movado Group has a consensus rating of “Buy” and an average price target of $40.00.

Movado Group Stock Performance

The stock has a market cap of $846.88 million, a P/E ratio of 27.40 and a beta of 0.98. The firm’s fifty day simple moving average is $31.01 and its 200-day simple moving average is $25.84.

Movado Group (NYSE:MOV) last issued its quarterly earnings results on Wednesday, May 27th. The company reported $0.32 EPS for the quarter, beating analysts’ consensus estimates of $0.06 by $0.26. Movado Group had a net margin of 4.70% and a return on equity of 7.13%. The business had revenue of $142.40 million for the quarter, compared to analysts’ expectations of $135.12 million. During the same quarter in the prior year, the firm posted $0.06 earnings per share. Analysts predict that Movado Group Inc. will post 1.83 earnings per share for the current fiscal year.

Movado Group Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, June 24th. Shareholders of record on Wednesday, June 10th will be paid a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 4.2%. This is an increase from Movado Group’s previous quarterly dividend of $0.35. The ex-dividend date of this dividend is Wednesday, June 10th. Movado Group’s payout ratio is presently 114.29%.

Hedge Funds Weigh In On Movado Group

A number of large investors have recently modified their holdings of MOV. PNC Financial Services Group Inc. boosted its holdings 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 worth $33,000 after purchasing an additional 449 shares during the last quarter. Comerica Bank increased its stake in 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 buying an additional 888 shares during the last quarter. CANADA LIFE ASSURANCE Co lifted its position in shares of Movado Group by 70.2% during the 4th 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. Fifth Third Bancorp lifted 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 worth $39,000 after buying an additional 1,604 shares in the last quarter. Finally, State of Wyoming bought a new position in shares of Movado Group during the 2nd quarter worth approximately $40,000. 72.08% of the stock is currently owned by institutional investors.

Movado Group Company 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.