Movado Group Inc. (NYSE:MOV) issued its quarterly earnings data on Thursday, May 25th. The company reported $0.01 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.10 by $0.09, Bloomberg Earnings reports. Movado Group had a net margin of 5.13% and a return on equity of 7.04%. The company had revenue of $99.30 million during the quarter, compared to analysts’ expectations of $100.23 million. During the same quarter in the prior year, the company earned $0.19 earnings per share. The firm’s revenue was down 13.0% compared to the same quarter last year. Movado Group updated its FY18 guidance to $1.40-1.55 EPS.
Shares of Movado Group (MOV) traded up 0.22% during midday trading on Friday, reaching $22.30. The company’s stock had a trading volume of 181,197 shares. The stock has a market capitalization of $512.45 million, a PE ratio of 18.66 and a beta of 0.30. Movado Group has a 52 week low of $19.70 and a 52 week high of $31.95. The stock has a 50-day moving average price of $22.62 and a 200 day moving average price of $25.16.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 20th. Shareholders of record on Tuesday, June 6th will be paid a dividend of $0.13 per share. The ex-dividend date is Friday, June 2nd. This represents a $0.52 annualized dividend and a yield of 2.33%. Movado Group’s dividend payout ratio is presently 44.07%.
Several research firms recently weighed in on MOV. TheStreet downgraded Movado Group from a “b-” rating to a “c+” rating in a research report on Friday, March 10th. ValuEngine downgraded Movado Group from a “buy” rating to a “hold” rating in a research report on Friday, June 2nd. Zacks Investment Research upgraded Movado Group from a “sell” rating to a “hold” rating in a research report on Tuesday, May 23rd. Finally, Cowen and Company reduced their target price on Movado Group from $27.00 to $25.00 and set a “market perform” rating on the stock in a research report on Monday, March 20th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and one has assigned a buy rating to the company’s stock. Movado Group currently has a consensus rating of “Hold” and a consensus price target of $31.00.
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Several hedge funds and other institutional investors have recently made changes to their positions in MOV. Municipal Employees Retirement System of Michigan raised 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. SG Americas Securities LLC raised its position in shares of Movado Group by 58.3% in the third quarter. SG Americas Securities LLC now owns 11,275 shares of the company’s stock worth $242,000 after buying an additional 4,154 shares during the last quarter. Perkins Investment Management LLC increased its stake in shares of Movado Group by 34.7% in the third quarter. Perkins Investment Management LLC now owns 521,247 shares of the company’s stock worth $11,196,000 after buying an additional 134,344 shares during the period. Cornercap Investment Counsel Inc. bought a new stake in shares of Movado Group during the fourth quarter worth about $581,000. Finally, Russell Investments Group Ltd. bought a new stake in shares of Movado Group during the fourth quarter worth about $2,149,000. Hedge funds and other institutional investors own 64.68% of the company’s stock.
About Movado Group
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 and department stores, as well as independent jewelers.
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