Los Angeles Capital Management & Equity Research Inc. Has $481,000 Stake in Movado Group Inc. (MOV)
Los Angeles Capital Management & Equity Research Inc. maintained its stake in shares of Movado Group Inc. (NYSE:MOV) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 19,040 shares of the company’s stock at the end of the 2nd quarter. Los Angeles Capital Management & Equity Research Inc. owned approximately 0.12% of Movado Group worth $481,000 at the end of the most recent reporting period.
A number of other hedge funds also recently made changes to their positions in MOV. PNC Financial Services Group Inc. boosted its stake in Movado Group by 1.0% in the 1st quarter. PNC Financial Services Group Inc. now owns 4,777 shares of the company’s stock valued at $119,000 after buying an additional 47 shares in the last quarter. Mckinley Capital Management LLC Delaware acquired a new stake in Movado Group in the 1st quarter valued at $161,000. BNP Paribas Arbitrage SA boosted its stake in Movado Group by 13.3% in the 2nd quarter. BNP Paribas Arbitrage SA now owns 6,617 shares of the company’s stock valued at $167,000 after buying an additional 776 shares in the last quarter. Bank of Montreal Can boosted its stake in Movado Group by 3.6% in the 1st 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 in the last quarter. Finally, Arizona State Retirement System boosted its stake in Movado Group by 1.3% in the 1st 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 in the last quarter. 64.33% of the stock is currently owned by institutional investors and hedge funds.
Shares of Movado Group Inc. (NYSE:MOV) opened at 26.90 on Monday. The firm has a market cap of $617.92 million, a price-to-earnings ratio of 23.19 and a beta of 0.20. Movado Group Inc. has a 52 week low of $20.50 and a 52 week high of $31.95. The company has a 50-day moving average price of $25.42 and a 200 day moving average price of $23.94.
Movado Group (NYSE:MOV) last issued its quarterly earnings results on Tuesday, August 29th. The company reported $0.43 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.25 by $0.18. The business had revenue of $128.80 million for the quarter, compared to the consensus estimate of $122.00 million. Movado Group had a return on equity of 7.74% and a net margin of 4.97%. The firm’s quarterly revenue was up .5% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.27 earnings per share. Analysts expect that Movado Group Inc. will post $1.61 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Monday, September 25th. Investors of record on Monday, September 11th will be given a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a yield of 1.93%. The ex-dividend date is Friday, September 8th. Movado Group’s dividend payout ratio is currently 45.22%.
Movado Group announced that its Board of Directors has authorized a share buyback plan on Tuesday, August 29th that allows the company to repurchase $50.00 million in outstanding shares. This repurchase authorization allows the company to buy shares of its stock through open market purchases. Shares repurchase plans are generally an indication that the company’s board believes its stock is undervalued.
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MOV has been the topic of several recent analyst reports. Zacks Investment Research raised Movado Group from a “hold” rating to a “strong-buy” rating and set a $32.00 price target on the stock in a research note on Saturday, September 2nd. BidaskClub lowered Movado Group from a “hold” rating to a “sell” rating in a research note on Wednesday, August 23rd. Finally, ValuEngine raised Movado Group from a “hold” rating to a “buy” rating in a research note on Friday, September 1st. One investment analyst has rated the stock with a sell rating, one has issued a hold rating, two have given a buy rating and one has given a strong buy rating to the stock. The company presently has an average rating of “Buy” and an average target price of $30.33.
In other Movado Group news, CFO Sallie A. Demarsilis sold 8,977 shares of the firm’s stock in a transaction on Wednesday, September 6th. The stock was sold at an average price of $28.50, for a total value of $255,844.50. Following the sale, the chief financial officer now owns 37,379 shares of the company’s stock, valued at approximately $1,065,301.50. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, major shareholder Miriam Grinberg Phalen sold 2,504 shares of the firm’s stock in a transaction on Tuesday, September 19th. The shares were sold at an average price of $27.38, for a total value of $68,559.52. Following the completion of the sale, the insider now directly owns 1,376 shares in the company, valued at approximately $37,674.88. The disclosure for this sale can be found here. Insiders have sold 14,611 shares of company stock worth $412,201 in the last three months. 33.30% of the stock is currently owned by company insiders.
Movado Group 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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