Movado Group Inc. (MOV) Shares Down 2.9%
Shares of Movado Group Inc. (NYSE:MOV) traded down 2.9% during trading on Thursday . The stock traded as low as $22.05 and last traded at $22.07, with a volume of 93,229 shares trading hands. The stock had previously closed at $22.74.
Several analysts have commented on the stock. Pacific Crest reiterated an “equal weight” rating on shares of Movado Group in a research report on Tuesday, April 19th. Zacks Investment Research cut shares of Movado Group from a “hold” rating to a “sell” rating in a research report on Tuesday, April 5th. Finally, Cowen and Company reiterated a “hold” rating on shares of Movado Group in a research report on Sunday, May 29th. One analyst has rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $29.00.
The company’s 50 day moving average price is $21.27 and its 200-day moving average price is $25.31. The stock has a market capitalization of $509.88 million and a price-to-earnings ratio of 11.62.
Movado Group (NYSE:MOV) last announced its quarterly earnings data on Thursday, May 26th. The company reported $0.19 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.16 by $0.03. The firm earned $114.10 million during the quarter, compared to the consensus estimate of $115.59 million. The business’s revenue was down 5.3% compared to the same quarter last year. During the same period last year, the business earned $0.25 earnings per share. On average, equities analysts expect that Movado Group Inc. will post $1.64 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Tuesday, June 21st. Shareholders of record on Tuesday, June 7th were given a $0.13 dividend. The ex-dividend date of this dividend was Friday, June 3rd. This represents a $0.52 dividend on an annualized basis and a yield of 2.35%.
In related news, CEO Efraim Grinberg bought 5,000 shares of the business’s stock in a transaction on Friday, June 10th. The shares were purchased at an average price of $19.62 per share, for a total transaction of $98,100.00. Following the completion of the transaction, the chief executive officer now directly owns 102,144 shares of the company’s stock, valued at approximately $2,004,065.28. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website.
A number of hedge funds recently modified their holdings of the stock. Cornerstone Capital Management Holdings LLC. raised its stake in shares of Movado Group by 134.2% in the fourth quarter. Cornerstone Capital Management Holdings LLC. now owns 131,648 shares of the company’s stock worth $3,385,000 after buying an additional 75,448 shares in the last quarter. LSV Asset Management raised its stake in shares of Movado Group by 47.5% in the fourth quarter. LSV Asset Management now owns 44,400 shares of the company’s stock worth $1,141,000 after buying an additional 14,300 shares in the last quarter. Finally, Nationwide Fund Advisors raised its stake in shares of Movado Group by 0.3% in the fourth quarter. Nationwide Fund Advisors now owns 101,639 shares of the company’s stock worth $2,613,000 after buying an additional 291 shares in the last quarter.
Movado Group, Inc (Movado Group) is engaged in designing, sourcing, marketing and distributing watches. The Company operates through two business segments: Wholesale and Retail. The Company’s Wholesale segment includes the design, development, sourcing, marketing and distribution of watches, and after-sales service activities and shipping.
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