Movado Group Inc. (MOV) Stake Decreased by AQR Capital Management LLC
AQR Capital Management LLC decreased its stake in Movado Group Inc. (NYSE:MOV) by 5.0% during the first quarter, Holdings Channel reports. The firm owned 217,544 shares of the company’s stock after selling 11,543 shares during the period. AQR Capital Management LLC’s holdings in Movado Group were worth $5,428,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently made changes to their positions in the company. PNC Financial Services Group Inc. boosted its stake in Movado Group by 1.0% in the first quarter. PNC Financial Services Group Inc. now owns 4,777 shares of the company’s stock worth $119,000 after buying an additional 47 shares during the last quarter. Mckinley Capital Management LLC Delaware bought a new stake in Movado Group during the first quarter worth about $161,000. Bank of Montreal Can boosted its stake in Movado Group by 3.6% in the first quarter. Bank of Montreal Can now owns 7,732 shares of the company’s stock worth $193,000 after buying an additional 268 shares during the last quarter. Arizona State Retirement System boosted its stake in Movado Group by 1.3% in the first quarter. Arizona State Retirement System now owns 8,023 shares of the company’s stock worth $200,000 after buying an additional 100 shares during the last quarter. Finally, Brandes Investment Partners LP bought a new stake in Movado Group during the first quarter worth about $217,000. Hedge funds and other institutional investors own 64.72% of the company’s stock.
Shares of Movado Group Inc. (NYSE MOV) opened at 24.30 on Monday. The firm has a 50-day moving average price of $22.64 and a 200-day moving average price of $24.76. The company has a market capitalization of $558.41 million, a PE ratio of 20.33 and a beta of 0.34. Movado Group Inc. has a 1-year low of $20.23 and a 1-year high of $31.95.
Movado Group (NYSE:MOV) last posted its quarterly earnings data on Thursday, May 25th. The company reported $0.01 EPS for the quarter, missing analysts’ consensus estimates of $0.10 by $0.09. The business had revenue of $99.30 million during the quarter, compared to analyst estimates of $100.23 million. Movado Group had a return on equity of 7.04% and a net margin of 5.13%. Movado Group’s revenue for the quarter was down 13.0% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.19 EPS. Equities analysts anticipate that Movado Group Inc. will post $1.37 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 20th. Shareholders of record on Tuesday, June 6th were paid a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a yield of 2.14%. The ex-dividend date of this dividend was Friday, June 2nd. Movado Group’s dividend payout ratio is currently 44.07%.
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MOV has been the topic of a number of recent research reports. Cowen and Company cut their target price on Movado Group from $27.00 to $25.00 and set a “market perform” rating on the stock in a research note on Monday, March 20th. Zacks Investment Research cut Movado Group from a “hold” rating to a “sell” rating in a research note on Thursday, June 1st. Finally, ValuEngine cut Movado Group from a “buy” rating to a “hold” rating in a research note on Friday, June 2nd. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and one has assigned a buy rating to the company’s stock. Movado Group has a consensus rating of “Hold” and a consensus price target of $31.00.
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 and department stores, as well as independent jewelers.
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