Movado Group, Inc (MOV): Are Hedge Funds Right to be Bullish?

As aggregate interest increased, key money managers have jumped into Movado Group, Inc (NYSE:MOV) headfirst. Millennium Management, assembled the largest position in Movado Group, Inc (NYSE:MOV). Millennium Management had $2.5 million invested in the company at the end of the quarter. Neil Chriss’ Hutchin Hill Capital also made a $1.2 million investment in the stock during the quarter. The following funds were also among the new MOV investors: Mike Vranos’ Ellington, Paul Marshall and Ian Wace’s Marshall Wace LLP, and Peter Muller’s PDT Partners.

Let’s now review hedge fund activity in other stocks similar to Movado Group, Inc (NYSE:MOV). We will take a look at Dorian LPG Ltd (NYSE:LPG), Ellington Financial LLC (NYSE:EFC), Capella Education Company (NASDAQ:CPLA), and Aegion Corp (NASDAQ:AEGN). This group of stocks’ market values resemble MOV’s market value.

As you can see these stocks had an average of 11.25 hedge funds with bullish positions and the average amount invested in these stocks was $96 million. That figure was $90 million in MOV’s case. Aegion Corp (NASDAQ:AEGN) is the most popular stock in this table. On the other hand Ellington Financial LLC (NYSE:EFC) is the least popular one with only 6 bullish hedge fund positions. Compared to these stocks Movado Group, Inc (NYSE:MOV) is more popular among hedge funds. Considering that hedge funds are fond of this stock in relation to its market cap peers, it may be a good idea to analyze it in detail and potentially include it in your portfolio.