Prudential Financial Inc. boosted its holdings in shares of Movado Group, Inc (NYSE:MOV) by 7.4% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 179,982 shares of the company’s stock after acquiring an additional 12,424 shares during the period. Prudential Financial Inc. owned about 0.78% of Movado Group worth $7,541,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also made changes to their positions in the company. Principal Financial Group Inc. grew its position in Movado Group by 2.2% during the first quarter. Principal Financial Group Inc. now owns 119,516 shares of the company’s stock worth $4,589,000 after buying an additional 2,549 shares in the last quarter. Bank of Montreal Can purchased a new position in Movado Group during the second quarter worth about $242,000. Piedmont Investment Advisors LLC purchased a new position in Movado Group during the second quarter worth about $176,000. Connor Clark & Lunn Investment Management Ltd. grew its position in Movado Group by 662.5% during the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 40,220 shares of the company’s stock worth $1,943,000 after buying an additional 34,945 shares in the last quarter. Finally, KBC Group NV grew its position in Movado Group by 437.7% during the second quarter. KBC Group NV now owns 8,582 shares of the company’s stock worth $415,000 after buying an additional 6,986 shares in the last quarter. Institutional investors own 69.76% of the company’s stock.
Shares of MOV stock opened at $38.57 on Friday. The company has a debt-to-equity ratio of 0.10, a current ratio of 3.53 and a quick ratio of 3.28. Movado Group, Inc has a 12-month low of $28.15 and a 12-month high of $53.72. The stock has a market cap of $960.91 million, a price-to-earnings ratio of 16.47 and a beta of -0.05.
Movado Group (NYSE:MOV) last issued its quarterly earnings results on Tuesday, December 4th. The company reported $1.18 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.12 by $0.06. Movado Group had a return on equity of 12.64% and a net margin of 1.63%. The firm had revenue of $208.90 million during the quarter, compared to analyst estimates of $205.40 million. During the same quarter in the previous year, the company posted $1.04 earnings per share. The company’s revenue was up 9.5% compared to the same quarter last year. Equities research analysts anticipate that Movado Group, Inc will post 2.54 earnings per share for the current fiscal year.
The company also recently declared 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 2.07%. The ex-dividend date of this dividend is Thursday, December 13th. Movado Group’s dividend payout ratio (DPR) is currently 40.00%.
In other Movado Group news, Director Richard D. Isserman sold 3,970 shares of Movado Group 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 completion of the sale, the director now owns 8,342 shares of the company’s stock, valued at $339,018.88. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 30.56% of the company’s stock.
MOV has been the subject of several recent analyst reports. Sidoti upgraded Movado Group from a “neutral” rating to a “buy” rating in a research report on Wednesday, August 22nd. Zacks Investment Research upgraded Movado Group from a “hold” rating to a “strong-buy” rating and set a $49.00 target price for the company in a research report on Tuesday, September 4th. Finally, Cowen upgraded Movado Group from a “market perform” rating to an “outperform” rating in a research report on Monday, October 8th.
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Movado Group Company Profile
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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