Movado Group Inc. (MOV) Shares Sold by PNC Financial Services Group Inc.
PNC Financial Services Group Inc. reduced its position in Movado Group Inc. (NYSE:MOV) by 28.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 4,843 shares of the company’s stock after selling 1,883 shares during the period. PNC Financial Services Group Inc.’s holdings in Movado Group were worth $105,000 at the end of the most recent reporting period.
Several other large investors have also recently bought and sold shares of the company. Princeton Alpha Management LP purchased a new stake in Movado Group during the second quarter worth approximately $265,000. Lombardia Capital Partners LLC purchased a new stake in Movado Group during the second quarter worth approximately $772,000. California Public Employees Retirement System increased its stake in Movado Group by 2.1% in the second quarter. California Public Employees Retirement System now owns 49,400 shares of the company’s stock worth $1,071,000 after buying an additional 1,000 shares in the last quarter. Emerald Acquisition Ltd. purchased a new stake in Movado Group during the second quarter worth approximately $447,000. Finally, Contrarius Investment Management Ltd purchased a new stake in Movado Group during the second quarter worth approximately $3,537,000. Institutional investors own 66.22% of the company’s stock.
Shares of Movado Group Inc. (NYSE:MOV) traded up 0.68% during midday trading on Wednesday, reaching $22.35. The company’s stock had a trading volume of 17,077 shares. The firm has a market cap of $512.93 million, a price-to-earnings ratio of 13.36 and a beta of 0.89. Movado Group Inc. has a one year low of $19.14 and a one year high of $30.98. The stock’s 50 day moving average price is $21.98 and its 200 day moving average price is $23.55.
Movado Group (NYSE:MOV) last released its quarterly earnings data on Thursday, August 25th. The company reported $0.27 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.31 by $0.04. The company had revenue of $128.10 million for the quarter, compared to analysts’ expectations of $135.92 million. Movado Group had a net margin of 6.84% and a return on equity of 9.15%. The business’s quarterly revenue was down 12.0% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.50 EPS. Analysts predict that Movado Group Inc. will post $1.46 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 20th. Stockholders of record on Tuesday, September 6th were given a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a dividend yield of 2.34%. The ex-dividend date of this dividend was Thursday, September 1st. Movado Group’s dividend payout ratio (DPR) is presently 31.14%.
A number of research firms recently commented on MOV. Cowen and Company reiterated a “market perform” rating and issued a $24.00 target price on shares of Movado Group in a research report on Monday, September 12th. Zacks Investment Research downgraded Movado Group from a “hold” rating to a “strong sell” rating in a research report on Tuesday, August 30th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and one has issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $29.00.
Movado Group Company Profile
Movado Group, Inc designs, sources, markets and distributes watches. The Company operates through two segments: Wholesale and Retail. The Wholesale segment includes the design, development, sourcing, marketing and distribution of watches, and after-sales service activities and shipping. It sells all of its brands to jewelry store chains, department stores and independent jewelers.
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