Summit Global Investments purchased a new position in shares of Movado Group, Inc (NYSE:MOV) in the first quarter, HoldingsChannel.com reports. The institutional investor purchased 22,700 shares of the company’s stock, valued at approximately $826,000.
Several other hedge funds have also modified their holdings of the stock. BlackRock Inc. lifted its stake in shares of Movado Group by 0.3% during the 1st quarter. BlackRock Inc. now owns 2,445,388 shares of the company’s stock worth $88,964,000 after acquiring an additional 8,006 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of Movado Group by 2.0% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,389,807 shares of the company’s stock worth $43,945,000 after acquiring an additional 27,091 shares during the last quarter. Janus Henderson Group PLC lifted its stake in shares of Movado Group by 20.5% during the 1st quarter. Janus Henderson Group PLC now owns 677,628 shares of the company’s stock worth $24,652,000 after acquiring an additional 115,305 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in shares of Movado Group by 6.2% during the 4th quarter. Bank of New York Mellon Corp now owns 290,411 shares of the company’s stock worth $9,183,000 after acquiring an additional 16,883 shares during the last quarter. Finally, Ceredex Value Advisors LLC bought a new stake in shares of Movado Group during the 4th quarter worth approximately $9,160,000. 71.44% of the stock is owned by hedge funds and other institutional investors.
A number of brokerages recently issued reports on MOV. Zacks Investment Research raised Movado Group from a “sell” rating to a “hold” rating in a research note on Friday, June 7th. TheStreet lowered Movado Group from a “b-” rating to a “c+” rating in a research note on Monday, June 10th. One analyst has rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. The company has an average rating of “Buy” and an average target price of $49.00.
In other Movado Group news, CEO Efraim Grinberg sold 20,000 shares of the firm’s stock in a transaction on Monday, April 8th. The stock was sold at an average price of $34.47, for a total transaction of $689,400.00. Following the transaction, the chief executive officer now directly owns 204,829 shares in the company, valued at approximately $7,060,455.63. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 29.92% of the company’s stock.
MOV traded down $0.09 during trading on Friday, hitting $26.26. 223,987 shares of the stock were exchanged, compared to its average volume of 274,976. The company has a market capitalization of $607.32 million, a P/E ratio of 9.84 and a beta of 0.43. Movado Group, Inc has a 1 year low of $24.48 and a 1 year high of $52.10. The company has a quick ratio of 2.40, a current ratio of 3.99 and a debt-to-equity ratio of 0.26.
Movado Group (NYSE:MOV) last released its quarterly earnings data on Thursday, May 30th. The company reported $0.24 EPS for the quarter, missing the consensus estimate of $0.30 by ($0.06). The firm had revenue of $146.55 million for the quarter, compared to analysts’ expectations of $148.70 million. Movado Group had a return on equity of 12.43% and a net margin of 8.22%. The company’s revenue for the quarter was up 15.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.37 earnings per share. Equities analysts anticipate that Movado Group, Inc will post 2.75 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 25th. Shareholders of record on Tuesday, June 11th will be issued a dividend of $0.20 per share. The ex-dividend date of this dividend is Monday, June 10th. This represents a $0.80 annualized dividend and a yield of 3.05%. Movado Group’s payout ratio is currently 29.96%.
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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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