Movado Group (NYSE:MOV) Announces Earnings Results

Movado Group (NYSE:MOV) announced its quarterly earnings results on Wednesday. The company reported $0.54 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.35 by $0.19, FiscalAI reports. Movado Group had a return on equity of 7.13% and a net margin of 4.70%.The company had revenue of $169.75 million during the quarter, compared to the consensus estimate of $164.20 million.

Movado Group Stock Performance

NYSE:MOV opened at $35.02 on Wednesday. The stock has a market capitalization of $773.29 million, a PE ratio of 25.02 and a beta of 0.97. Movado Group has a fifty-two week low of $16.75 and a fifty-two week high of $40.50. The company has a fifty day moving average of $37.55 and a two-hundred day moving average of $31.06.

Institutional Investors Weigh In On Movado Group

Several institutional investors have recently bought and sold shares of the company. PNC Financial Services Group Inc. boosted its stake in shares of Movado Group by 39.1% in the fourth quarter. PNC Financial Services Group Inc. now owns 1,598 shares of the company’s stock worth $33,000 after acquiring an additional 449 shares during the last quarter. CANADA LIFE ASSURANCE Co increased its position in shares of Movado Group by 70.2% during the fourth quarter. CANADA LIFE ASSURANCE Co now owns 1,756 shares of the company’s stock worth $36,000 after purchasing an additional 724 shares in the last quarter. Comerica Bank raised 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 purchasing an additional 888 shares during the last quarter. State of Wyoming lifted its holdings in Movado Group by 23.5% in the 4th quarter. State of Wyoming now owns 5,443 shares of the company’s stock valued at $112,000 after purchasing an additional 1,036 shares in the last quarter. Finally, Royal Bank of Canada grew its holdings in shares of Movado Group by 4.1% during the first quarter. Royal Bank of Canada now owns 26,524 shares of the company’s stock worth $444,000 after buying an additional 1,042 shares in the last quarter. 72.08% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the stock. BWS Financial reaffirmed a “buy” rating and set a $45.00 target price on shares of Movado Group in a report on Monday, July 27th. Weiss Ratings lowered shares of Movado Group from a “hold (c+)” rating to a “hold (c)” rating in a research note on Thursday, May 28th. Zacks Research upgraded Movado Group from a “hold” rating to a “strong-buy” rating in a research report on Friday, May 29th. Finally, Northland Securities set a $35.00 price target on Movado Group in a research note on Wednesday, May 27th. Two analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $40.00.

About Movado Group

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.