LSV Asset Management lessened its position in Movado Group Inc. (NYSE:MOV) by 3.4% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 224,072 shares of the company’s stock after selling 7,900 shares during the quarter. LSV Asset Management owned 1.37% of Movado Group worth $5,657,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. PNC Financial Services Group Inc. increased its stake in Movado Group by 1.0% in the first quarter. PNC Financial Services Group Inc. now owns 4,777 shares of the company’s stock valued at $119,000 after acquiring an additional 47 shares during the last quarter. Arizona State Retirement System increased its stake in Movado Group by 1.3% in the first quarter. Arizona State Retirement System now owns 8,023 shares of the company’s stock valued at $200,000 after acquiring an additional 100 shares during the last quarter. Texas Permanent School Fund increased its stake in Movado Group by 1.1% in the second quarter. Texas Permanent School Fund now owns 11,207 shares of the company’s stock valued at $283,000 after acquiring an additional 121 shares during the last quarter. Bank of Montreal Can increased its stake in Movado Group by 3.6% in the first quarter. Bank of Montreal Can now owns 7,732 shares of the company’s stock valued at $193,000 after acquiring an additional 268 shares during the last quarter. Finally, Principal Financial Group Inc. increased its stake in Movado Group by 0.3% in the second quarter. Principal Financial Group Inc. now owns 117,851 shares of the company’s stock valued at $2,976,000 after acquiring an additional 367 shares during the last quarter. 64.33% of the stock is currently owned by institutional investors and hedge funds.
Shares of Movado Group Inc. (NYSE:MOV) opened at 27.35 on Friday. The stock has a market capitalization of $628.26 million, a price-to-earnings ratio of 23.58 and a beta of 0.20. Movado Group Inc. has a 52-week low of $20.50 and a 52-week high of $31.95. The firm’s 50-day moving average is $25.26 and its 200 day moving average is $23.90.
Movado Group (NYSE:MOV) last posted its earnings results on Tuesday, August 29th. The company reported $0.43 earnings per share for the quarter, topping analysts’ consensus estimates of $0.25 by $0.18. Movado Group had a net margin of 4.97% and a return on equity of 7.74%. The firm had revenue of $128.80 million for the quarter, compared to the consensus estimate of $122.00 million. During the same period in the previous year, the firm posted $0.27 EPS. The business’s quarterly revenue was up .5% on a year-over-year basis. Equities analysts expect that Movado Group Inc. will post $1.61 EPS for the current year.
Movado Group announced that its board has authorized a share repurchase program on Tuesday, August 29th that allows the company to repurchase $50.00 million in outstanding shares. This repurchase authorization allows the company to repurchase shares of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s leadership believes its stock is undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Monday, September 25th. Stockholders of record on Monday, September 11th will be issued a $0.13 dividend. The ex-dividend date is Friday, September 8th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 1.90%. Movado Group’s dividend payout ratio (DPR) is presently 45.22%.
A number of research firms recently commented on MOV. ValuEngine cut Movado Group from a “buy” rating to a “hold” rating in a research note on Friday, June 2nd. Zacks Investment Research raised Movado Group from a “sell” rating to a “hold” rating in a research note on Wednesday, August 9th. Finally, BidaskClub cut Movado Group from a “hold” rating to a “sell” rating in a research note on Wednesday, August 23rd. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $30.33.
In other news, CFO Sallie A. Demarsilis sold 8,977 shares of the business’s stock in a transaction dated Wednesday, September 6th. The shares were sold at an average price of $28.50, for a total value of $255,844.50. Following the sale, the chief financial officer now directly owns 37,379 shares in the company, valued at approximately $1,065,301.50. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Nathan Leventhal sold 3,130 shares of the business’s stock in a transaction dated Wednesday, September 6th. The stock was sold at an average price of $28.05, for a total transaction of $87,796.50. Following the completion of the sale, the director now owns 14,565 shares in the company, valued at $408,548.25. The disclosure for this sale can be found here. Insiders own 32.98% of the company’s stock.
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Movado Group 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 and department stores, as well as independent jewelers.
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