Alliancebernstein L.P. Maintains Holdings in Movado Group Inc. (MOV)
Alliancebernstein L.P. held its stake in Movado Group Inc. (NYSE:MOV) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 18,650 shares of the company’s stock at the end of the second quarter. Alliancebernstein L.P. owned 0.11% of Movado Group worth $471,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also modified their holdings of the company. Systematic Financial Management LP increased its stake in shares of Movado Group by 9.2% during the 2nd quarter. Systematic Financial Management LP now owns 69,041 shares of the company’s stock worth $1,743,000 after purchasing an additional 5,790 shares in the last quarter. Brandes Investment Partners LP increased its stake in shares of Movado Group by 1,536.0% during the 2nd quarter. Brandes Investment Partners LP now owns 142,429 shares of the company’s stock worth $3,596,000 after purchasing an additional 133,723 shares in the last quarter. Principal Financial Group Inc. increased its stake in shares of Movado Group by 0.3% during the 2nd quarter. Principal Financial Group Inc. now owns 117,851 shares of the company’s stock worth $2,976,000 after purchasing an additional 367 shares in the last quarter. Balter Liquid Alternatives LLC purchased a new position in shares of Movado Group during the 2nd quarter worth approximately $332,000. Finally, Victory Capital Management Inc. increased its stake in shares of Movado Group by 8.1% during the 2nd quarter. Victory Capital Management Inc. now owns 19,214 shares of the company’s stock worth $485,000 after purchasing an additional 1,435 shares in the last quarter. 64.49% of the stock is owned by institutional investors and hedge funds.
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Shares of Movado Group Inc. (NYSE:MOV) opened at $27.50 on Monday. The company has a market capitalization of $631.67, a P/E ratio of 17.52 and a beta of 0.18. The company has a current ratio of 5.26, a quick ratio of 3.20 and a debt-to-equity ratio of 0.05.
Movado Group (NYSE:MOV) last released its earnings results on Tuesday, August 29th. The company reported $0.43 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.25 by $0.18. The firm had revenue of $128.80 million during the quarter, compared to analysts’ expectations of $122.00 million. Movado Group had a net margin of 4.97% and a return on equity of 7.74%. Movado Group’s revenue for the quarter was up .5% on a year-over-year basis. During the same period in the previous year, the company earned $0.27 EPS. analysts predict that Movado Group Inc. will post 1.62 EPS for the current year.
Movado Group declared that its Board of Directors has authorized a share buyback plan on Tuesday, August 29th that authorizes the company to repurchase $50.00 million in outstanding shares. This repurchase authorization authorizes the company to buy shares of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s leadership believes its shares are undervalued.
Several analysts have commented on MOV shares. ValuEngine raised shares of Movado Group from a “hold” rating to a “buy” rating in a research note on Friday, September 1st. Zacks Investment Research raised shares of Movado Group from a “hold” rating to a “strong-buy” rating and set a $32.00 target price for the company in a research note on Saturday, September 2nd. BidaskClub cut shares of Movado Group from a “hold” rating to a “sell” rating in a research note on Wednesday, August 23rd. Finally, KeyCorp reaffirmed a “hold” rating on shares of Movado Group in a research note on Wednesday, October 11th. One investment analyst has rated the stock with a sell rating, two have given a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company’s stock. Movado Group has a consensus rating of “Buy” and a consensus price target of $30.33.
In other Movado Group news, CFO Sallie A. Demarsilis sold 8,977 shares of Movado Group stock in a transaction on Wednesday, September 6th. The shares were sold at an average price of $28.50, for a total value of $255,844.50. Following the transaction, the chief financial officer now owns 37,379 shares in the company, valued at approximately $1,065,301.50. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Nathan Leventhal sold 3,130 shares of Movado Group stock in a transaction on Wednesday, September 6th. The shares were sold at an average price of $28.05, for a total transaction of $87,796.50. Following the completion of the transaction, the director now owns 14,565 shares in the company, valued at approximately $408,548.25. The disclosure for this sale can be found here. In the last quarter, insiders sold 14,611 shares of company stock worth $412,201. 33.30% of the stock is owned by company insiders.
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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