Movado Group (MOV) Shares Down 13.9%

Movado Group, Inc (NYSE:MOV)’s share price fell 13.9% during mid-day trading on Friday . The company traded as low as $33.09 and last traded at $33.20. 708,531 shares traded hands during mid-day trading, an increase of 282% from the average session volume of 185,498 shares. The stock had previously closed at $38.57.

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

The company has a market capitalization of $960.91 million, a PE ratio of 16.60 and a beta of -0.05. The company has a debt-to-equity ratio of 0.10, a quick ratio of 3.28 and a current ratio of 3.53.

Movado Group (NYSE:MOV) last announced its quarterly earnings results on Tuesday, December 4th. The company reported $1.18 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.12 by $0.06. The company had revenue of $208.90 million for the quarter, compared to analysts’ expectations of $205.40 million. Movado Group had a net margin of 1.63% and a return on equity of 12.64%. Movado Group’s revenue was up 9.5% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.04 EPS. On average, equities analysts expect that Movado Group, Inc will post 2.54 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Friday, December 28th. Shareholders of record on Friday, December 14th will be paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 2.41%. The ex-dividend date is Thursday, December 13th. Movado Group’s dividend payout ratio is currently 40.00%.

In other Movado Group news, Director Richard D. Isserman sold 3,970 shares of the company’s stock in a transaction dated Thursday, September 20th. The shares were sold at an average price of $40.64, for a total transaction of $161,340.80. Following the transaction, the director now owns 8,342 shares in the company, valued at approximately $339,018.88. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 30.56% of the stock is currently owned by corporate insiders.

Institutional investors and hedge funds have recently bought and sold shares of the business. Pacer Advisors Inc. lifted its stake in Movado Group by 220.5% during the 3rd 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 2nd quarter valued at about $176,000. Jane Street Group LLC bought a new position in Movado Group during the 3rd quarter valued at about $206,000. Engineers Gate Manager LP bought a new position in Movado Group during the 2nd quarter valued at about $231,000. Finally, Bank of Montreal Can bought a new position in Movado Group during the 2nd quarter valued at about $242,000. Institutional investors and hedge funds own 69.76% of the company’s stock.

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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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