Movado Group, Inc (MOV) Trading 5.9% Higher After Dividend Announcement

Movado Group, Inc (NYSE:MOV) shares traded up 5.9% during trading on Monday after the company announced a dividend. The stock traded as high as $25.20 and last traded at $25.00, with a volume of 725,137 shares changing hands. The stock had previously closed at $23.60.

The newly announced dividend which will be paid on Friday, April 14th. Stockholders of record on Friday, March 31st will be given a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a dividend yield of 2.08%. Movado Group’s dividend payout ratio is currently 32.10%.

A number of research analysts have recently weighed in on the stock. Zacks Investment Research raised shares of Movado Group from a “hold” rating to a “strong-buy” rating and set a $34.00 target price for the company in a research report on Tuesday, November 29th. Sidoti set a $34.00 target price on shares of Movado Group and gave the company a “buy” rating in a research report on Tuesday, November 22nd. TheStreet raised shares of Movado Group from a “hold” rating to a “buy” rating in a research report on Wednesday, December 7th. Finally, Cowen and Company reduced their target price on shares of Movado Group to $25.00 in a research report on Monday. Three equities research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $31.00.

The company has a market capitalization of $573.30 million, a PE ratio of 15.38 and a beta of 0.47. The firm’s 50-day moving average price is $24.83 and its 200-day moving average price is $25.02.

Movado Group (NYSE:MOV) last issued its quarterly earnings results on Monday, March 20th. The company reported $0.22 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.23 by $0.01. Movado Group had a net margin of 6.67% and a return on equity of 8.97%. The business had revenue of $130.80 million for the quarter, compared to analysts’ expectations of $137.11 million. During the same period last year, the business earned $0.40 earnings per share. The company’s revenue was down 8.7% on a year-over-year basis. On average, analysts anticipate that Movado Group, Inc will post $1.60 earnings per share for the current fiscal year.

A number of hedge funds and other institutional investors have recently modified their holdings of MOV. Municipal Employees Retirement System of Michigan boosted its position in shares of Movado Group by 1.1% in the third quarter. Municipal Employees Retirement System of Michigan now owns 5,720 shares of the company’s stock worth $123,000 after buying an additional 60 shares during the period. Smith Asset Management Group LP boosted its position in shares of Movado Group by 2.0% in the third quarter. Smith Asset Management Group LP now owns 12,490 shares of the company’s stock worth $268,000 after buying an additional 250 shares during the period. Comerica Bank boosted its position in shares of Movado Group by 5.1% in the fourth quarter. Comerica Bank now owns 16,318 shares of the company’s stock worth $433,000 after buying an additional 796 shares during the period. Nisa Investment Advisors LLC boosted its position in shares of Movado Group by 6.4% in the third quarter. Nisa Investment Advisors LLC now owns 16,700 shares of the company’s stock worth $359,000 after buying an additional 1,000 shares during the period. Finally, State Board of Administration of Florida Retirement System boosted its position in shares of Movado Group by 10.3% in the fourth quarter. State Board of Administration of Florida Retirement System now owns 24,149 shares of the company’s stock worth $694,000 after buying an additional 2,252 shares during the period. 63.35% of the stock is owned by institutional investors.

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Movado Group Company Profile

Movado Group, Inc designs, sources, markets and distributes watches. The Company operates through two segments: Wholesale and Retail. The Wholesale segment includes the design, development, sourcing, marketing and distribution of watches, and after-sales service activities and shipping. It sells all of its brands to jewelry store chains, department stores and independent jewelers.

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