LSV Asset Management has significantly reduced its stake in Movado Group Inc. (NYSE: MOV) by 93% during the third quarter of 2023. According to a recent filing with the Securities and Exchange Commission, the fund now holds only 11,700 shares after selling 154,400 shares. This reduction means LSV Asset Management owns approximately 0.05% of Movado Group, valued at about $222,000 at the end of the quarter.
Other institutional investors have also adjusted their positions in Movado Group. CWM LLC increased its holdings by 28.2% in the same period, acquiring an additional 730 shares for a total of 3,318 shares worth $63,000. Similarly, Harbor Capital Advisors Inc. boosted its investment by 20.4%, bringing its total to 4,655 shares valued at $88,000 after purchasing 790 additional shares.
Royal Bank of Canada raised its stake by 4.1% in the first quarter, now owning 26,524 shares valued at $444,000. Geode Capital Management LLC slightly increased its holdings by 0.3%, owning 374,858 shares valued at $5.7 million after acquiring 1,131 shares. In addition, the State of Wyoming grew its stake by 69.8%, now holding 4,407 shares worth $84,000 after purchasing 1,812 shares. Overall, hedge funds and institutional investors own approximately 72.08% of Movado Group’s stock.
Movado Group’s shares opened at $24.79 on Wednesday, reflecting a 1.8% increase. The company has experienced a fifty-two week low of $12.85 and a high of $25.22. Movado Group currently has a market capitalization of $548.85 million, a price-to-earnings ratio of 25.56, and a beta of 0.95.
Dividend Announcement and Insider Activity
In other news, Movado Group announced a quarterly dividend of $0.35 per share, which was paid on December 22, 2023. Shareholders of record as of December 8, 2023 received this payment, representing an annualized dividend of $1.40 and a yield of 5.6%. The company’s dividend payout ratio is currently 144.33%.
On the insider trading front, Senior Vice President Michelle Kennedy sold 1,290 shares on December 9, 2023, at an average price of $20.89, totaling $26,948.10. Following this transaction, she owns 27,857 shares valued at approximately $581,932.73, marking a 4.43% decrease in her position. Currently, corporate insiders own 30.80% of Movado Group’s stock.
Analyst Ratings and Company Profile
Movado Group has recently been the subject of several research reports. Northland Securities initiated coverage with an “outperform” rating and a target price of $30.00. BWS Financial restated a “buy” rating, setting a price target of $31.50. Wall Street Zen upgraded the stock from “buy” to “strong buy,” while Zacks Research elevated its rating from “strong sell” to “hold.” Weiss Ratings maintained a “hold (c)” rating, leading to a consensus rating of “Moderate Buy” with an average target price of $30.75.
Movado Group Inc. is a global designer, manufacturer, and distributor of watches and related jewelry products. Its portfolio includes both owned and licensed brands, providing a wide range of timepieces across various price points. Major owned brands include Movado, Concord, and Ebel, along with newer acquisitions such as MVMT and Olivia Burton. The company also holds licensing agreements for producing watches under fashion names like Hugo Boss, Tommy Hilfiger, Coach, Lacoste, and Scuderia Ferrari. Movado Group’s product offerings range from classic dress watches to sport models and limited-edition collections.
