Movado Group (MOV) Shares Up 12.6% Following Strong Earnings

Movado Group, Inc (NYSE:MOV)’s share price shot up 12.6% during mid-day trading on Tuesday following a stronger than expected earnings report. The company traded as high as $44.39 and last traded at $41.51. 638,096 shares changed hands during trading, an increase of 250% from the average session volume of 182,284 shares. The stock had previously closed at $36.88.

The company reported $1.18 EPS for the quarter, topping analysts’ consensus estimates of $1.12 by $0.06. The business had revenue of $208.90 million for the quarter, compared to analyst estimates of $205.40 million. Movado Group had a return on equity of 11.81% and a net margin of 0.12%. The firm’s revenue for the quarter was up 9.5% on a year-over-year basis. During the same period in the previous year, the company posted $1.04 earnings per share.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 28th. Stockholders of record on Friday, December 14th will be paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.93%. Movado Group’s payout ratio is presently 40.00%.

A number of research firms have recently commented on MOV. Cowen upgraded Movado Group from a “market perform” rating to an “outperform” rating in a research note on Monday, October 8th. Zacks Investment Research upgraded Movado Group from a “hold” rating to a “strong-buy” rating and set a $49.00 price objective on the stock in a research note on Tuesday, September 4th. Finally, Sidoti upgraded Movado Group from a “neutral” rating to a “buy” rating in a research note on Wednesday, August 22nd.

In related news, Director Richard D. Isserman sold 3,970 shares of the business’s stock in a transaction dated Thursday, September 20th. The stock was sold at an average price of $40.64, for a total transaction of $161,340.80. Following the transaction, the director now directly owns 8,342 shares in the company, valued at $339,018.88. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 30.56% of the company’s stock.

Institutional investors and hedge funds have recently modified their holdings of the stock. Pacer Advisors Inc. increased its stake in Movado Group by 220.5% during the third quarter. Pacer Advisors Inc. now owns 3,247 shares of the company’s stock valued at $136,000 after acquiring an additional 2,234 shares during the period. Piedmont Investment Advisors LLC bought a new position in Movado Group during the second quarter valued at about $176,000. Engineers Gate Manager LP bought a new position in Movado Group during the second quarter valued at about $231,000. Jane Street Group LLC bought a new position in Movado Group during the third quarter valued at about $206,000. Finally, Bank of Montreal Can bought a new position in Movado Group during the second quarter valued at about $242,000. Hedge funds and other institutional investors own 69.76% of the company’s stock.

The company has a market cap of $871.33 million, a PE ratio of 20.76 and a beta of -0.05.

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About Movado Group (NYSE:MOV)

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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