Schwab Charles Investment Management Inc. raised its position in Movado Group, Inc (NYSE:MOV) by 18.4% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 149,469 shares of the company’s stock after buying an additional 23,229 shares during the quarter. Schwab Charles Investment Management Inc. owned 0.65% of Movado Group worth $5,740,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Driehaus Capital Management LLC acquired a new stake in shares of Movado Group during the 4th quarter worth $4,568,000. BlackRock Inc. grew its holdings in shares of Movado Group by 4.5% during the 4th quarter. BlackRock Inc. now owns 2,052,460 shares of the company’s stock worth $66,090,000 after purchasing an additional 89,273 shares in the last quarter. LSV Asset Management grew its holdings in shares of Movado Group by 28.7% during the 1st quarter. LSV Asset Management now owns 296,772 shares of the company’s stock worth $11,396,000 after purchasing an additional 66,100 shares in the last quarter. Guggenheim Capital LLC grew its holdings in shares of Movado Group by 195.3% during the 4th quarter. Guggenheim Capital LLC now owns 96,870 shares of the company’s stock worth $3,121,000 after purchasing an additional 64,065 shares in the last quarter. Finally, Millennium Management LLC grew its holdings in shares of Movado Group by 102.9% during the 4th quarter. Millennium Management LLC now owns 119,302 shares of the company’s stock worth $3,842,000 after purchasing an additional 60,516 shares in the last quarter. 63.51% of the stock is currently owned by hedge funds and other institutional investors.
Several research firms have recently issued reports on MOV. Sidoti lowered Movado Group from a “buy” rating to a “neutral” rating in a report on Tuesday, June 12th. ValuEngine raised Movado Group from a “buy” rating to a “strong-buy” rating in a report on Friday, June 1st. Cowen reissued a “hold” rating and set a $42.00 target price on shares of Movado Group in a report on Monday, April 9th. Finally, Zacks Investment Research raised Movado Group from a “hold” rating to a “buy” rating and set a $35.00 target price on the stock in a report on Wednesday, March 7th. One research analyst has rated the stock with a sell rating, three have given a hold rating, one has given a buy rating and one has given a strong buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $39.00.
NYSE:MOV opened at $48.60 on Friday. The stock has a market capitalization of $1.13 billion, a P/E ratio of 20.72 and a beta of -0.13. Movado Group, Inc has a twelve month low of $21.50 and a twelve month high of $53.72.
Movado Group (NYSE:MOV) last released its quarterly earnings data on Wednesday, May 30th. The company reported $0.37 earnings per share for the quarter, beating the consensus estimate of $0.11 by $0.26. The business had revenue of $127.10 million for the quarter, compared to analyst estimates of $109.47 million. Movado Group had a positive return on equity of 11.59% and a negative net margin of 0.50%. Movado Group’s revenue was up 28.0% compared to the same quarter last year. During the same period last year, the firm posted $0.01 earnings per share. equities analysts predict that Movado Group, Inc will post 2.41 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 25th. Investors of record on Monday, June 11th will be paid a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 1.65%. The ex-dividend date is Friday, June 8th. Movado Group’s dividend payout ratio (DPR) is presently 40.00%.
In related news, Director Richard Cote sold 77,200 shares of the firm’s stock in a transaction dated Thursday, April 5th. The stock was sold at an average price of $38.00, for a total value of $2,933,600.00. Following the sale, the director now directly owns 22,929 shares of the company’s stock, valued at $871,302. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Alexander Grinberg sold 1,798 shares of the firm’s stock in a transaction dated Monday, April 2nd. The shares were sold at an average price of $37.70, for a total value of $67,784.60. Following the completion of the sale, the director now directly owns 7,929 shares in the company, valued at $298,923.30. The disclosure for this sale can be found here. Insiders sold 322,951 shares of company stock worth $13,872,209 over the last ninety days. 30.56% of the stock is currently owned by insiders.
About Movado Group
Movado Group, Inc designs, develops, sources, markets, and distributes fine watches in the United States and internationally. The company operates in two segments, Wholesale and Retail. The company offers its watches under the Coach, Concord, Ebel, Olivia Burton, Rebecca Minkoff and Uri Minkoff, Scuderia Ferrari, HUGO BOSS, Juicy Couture, Lacoste, Movado, and Tommy Hilfiger brand names.
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