Royce & Associates LP Lowers Stake in Movado Group Inc. $MOV

Royce & Associates LP trimmed its position in Movado Group Inc. (NYSE:MOV) by 29.9% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,238,420 shares of the company’s stock after selling 527,325 shares during the quarter. Royce & Associates LP owned 5.59% of Movado Group worth $23,493,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Goldman Sachs Group Inc. increased its position in Movado Group by 212.8% during the 1st quarter. Goldman Sachs Group Inc. now owns 671,397 shares of the company’s stock worth $11,226,000 after purchasing an additional 456,727 shares in the last quarter. Brandes Investment Partners LP purchased a new stake in Movado Group during the second quarter worth approximately $5,540,000. Russell Investments Group Ltd. increased its position in shares of Movado Group by 426.8% in the second quarter. Russell Investments Group Ltd. now owns 176,015 shares of the company’s stock worth $2,684,000 after acquiring an additional 142,601 shares in the last quarter. JPMorgan Chase & Co. raised its stake in shares of Movado Group by 153.4% in the 2nd quarter. JPMorgan Chase & Co. now owns 161,178 shares of the company’s stock valued at $2,458,000 after acquiring an additional 97,566 shares during the period. Finally, Ameriprise Financial Inc. lifted its holdings in shares of Movado Group by 14.4% during the 2nd quarter. Ameriprise Financial Inc. now owns 636,862 shares of the company’s stock valued at $9,712,000 after acquiring an additional 80,109 shares in the last quarter. Hedge funds and other institutional investors own 72.08% of the company’s stock.

Movado Group Stock Down 2.1%

Shares of Movado Group stock opened at $24.93 on Monday. The business has a 50-day moving average price of $23.02 and a 200 day moving average price of $20.43. Movado Group Inc. has a fifty-two week low of $12.85 and a fifty-two week high of $25.85. The firm has a market cap of $551.91 million, a P/E ratio of 25.70 and a beta of 0.92.

Insiders Place Their Bets

In other news, SVP Michelle Kennedy sold 1,290 shares of the firm’s stock in a transaction dated Tuesday, December 9th. The shares were sold at an average price of $20.89, for a total value of $26,948.10. Following the transaction, the senior vice president directly owned 27,857 shares in the company, valued at approximately $581,932.73. This trade represents a 4.43% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 30.80% of the stock is currently owned by insiders.

Analyst Ratings Changes

MOV has been the subject of several recent research reports. Weiss Ratings reiterated a “hold (c)” rating on shares of Movado Group in a report on Monday, December 29th. BWS Financial reaffirmed a “buy” rating and issued a $31.50 target price on shares of Movado Group in a research report on Monday, February 2nd. Zacks Research upgraded Movado Group from a “strong sell” rating to a “hold” rating in a report on Monday, January 26th. Wall Street Zen upgraded Movado Group from a “buy” rating to a “strong-buy” rating in a report on Saturday, February 7th. Finally, Northland Securities started coverage on shares of Movado Group in a research report on Wednesday, January 7th. They issued an “outperform” rating and a $30.00 price objective for the company. One investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Movado Group presently has a consensus rating of “Moderate Buy” and a consensus target price of $30.75.

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.