Alliancebernstein L.P. reduced its stake in Movado Group Inc. (NYSE:MOV) by 6.5% during the first quarter, Holdings Channel reports. The fund owned 18,650 shares of the company’s stock after selling 1,300 shares during the period. Alliancebernstein L.P.’s holdings in Movado Group were worth $465,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Arizona State Retirement System raised its position in shares of Movado Group by 1.3% in the first quarter. Arizona State Retirement System now owns 8,023 shares of the company’s stock valued at $200,000 after buying an additional 100 shares during the last quarter. Bank of Montreal Can raised its position in shares of Movado Group by 3.6% in the first quarter. Bank of Montreal Can now owns 7,732 shares of the company’s stock valued at $193,000 after buying an additional 268 shares during the last quarter. Virginia Retirement Systems ET AL raised its position in shares of Movado Group by 1.1% in the first quarter. Virginia Retirement Systems ET AL now owns 35,700 shares of the company’s stock valued at $891,000 after buying an additional 400 shares during the last quarter. First Midwest Bank Trust Division raised its position in shares of Movado Group by 3.3% in the first quarter. First Midwest Bank Trust Division now owns 15,273 shares of the company’s stock valued at $381,000 after buying an additional 487 shares during the last quarter. Finally, Comerica Bank raised its position in shares of Movado Group by 3.7% in the first quarter. Comerica Bank now owns 16,920 shares of the company’s stock valued at $405,000 after buying an additional 602 shares during the last quarter. Institutional investors own 63.98% of the company’s stock.

Movado Group Inc. (NYSE MOV) opened at 24.90 on Thursday. Movado Group Inc. has a 12 month low of $20.23 and a 12 month high of $31.95. The stock has a 50 day moving average price of $24.50 and a 200 day moving average price of $24.01. The firm has a market cap of $572.20 million, a price-to-earnings ratio of 20.84 and a beta of 0.35.

Movado Group (NYSE:MOV) last issued its quarterly earnings results on Thursday, May 25th. The company reported $0.01 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.10 by $0.09. Movado Group had a net margin of 5.13% and a return on equity of 7.04%. The firm had revenue of $99.30 million for the quarter, compared to the consensus estimate of $100.23 million. During the same quarter in the prior year, the firm earned $0.19 earnings per share. The company’s revenue was down 13.0% on a year-over-year basis. On average, equities analysts expect that Movado Group Inc. will post $1.37 earnings per share for the current fiscal year.

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Several brokerages have recently commented on MOV. ValuEngine lowered Movado Group from a “buy” rating to a “hold” rating in a research report on Friday, June 2nd. Zacks Investment Research upgraded Movado Group from a “sell” rating to a “hold” rating in a research report on Wednesday. Three investment analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. Movado Group has an average rating of “Hold” and a consensus target price of $31.00.

About Movado Group

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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Institutional Ownership by Quarter for Movado Group (NYSE:MOV)

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