Bank of America Corp DE Decreases Stake in Movado Group, Inc (MOV)
Bank of America Corp DE trimmed its stake in shares of Movado Group, Inc (NYSE:MOV) by 22.1% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 11,958 shares of the company’s stock after selling 3,397 shares during the period. Bank of America Corp DE owned approximately 0.05% of Movado Group worth $578,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Piedmont Investment Advisors LLC purchased a new stake in Movado Group during the second quarter valued at approximately $176,000. Engineers Gate Manager LP purchased a new stake in Movado Group during the second quarter valued at approximately $231,000. Bank of Montreal Can purchased a new stake in Movado Group during the second quarter valued at approximately $242,000. OMERS ADMINISTRATION Corp purchased a new stake in Movado Group during the second quarter valued at approximately $295,000. Finally, Dynamic Technology Lab Private Ltd purchased a new stake in Movado Group during the second quarter valued at approximately $351,000. 69.18% of the stock is owned by hedge funds and other institutional investors.
Shares of NYSE MOV opened at $37.87 on Thursday. The firm has a market capitalization of $884.52 million, a PE ratio of 18.94 and a beta of -0.06. Movado Group, Inc has a 1 year low of $27.90 and a 1 year high of $53.72.
A number of analysts have commented on MOV shares. Sidoti raised shares of Movado Group from a “neutral” rating to a “buy” rating in a report on Wednesday, August 22nd. Zacks Investment Research cut shares of Movado Group from a “buy” rating to a “hold” rating in a research note on Thursday, August 2nd. Finally, Cowen raised shares of Movado Group from a “market perform” rating to an “outperform” rating in a research note on Monday, October 8th.
In other news, Director Stephen I. Sadove acquired 6,000 shares of Movado Group stock in a transaction dated Friday, August 31st. The stock was purchased at an average cost of $42.81 per share, with a total value of $256,860.00. Following the completion of the purchase, the director now directly owns 6,000 shares in the company, valued at approximately $256,860. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Richard D. Isserman sold 3,970 shares of the stock in a transaction on Thursday, September 20th. The stock was sold at an average price of $40.64, for a total transaction of $161,340.80. Following the completion of the sale, the director now directly owns 8,342 shares of the company’s stock, valued at $339,018.88. The disclosure for this sale can be found here. Corporate insiders own 30.56% of the company’s stock.
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About Movado Group
Movado Group, Inc designs, develops, sources, markets, and distributes fine watches in the United States and internationally. The company operates in two segments, Wholesale and Retail. The company offers its watches under the Coach, Concord, Ebel, Olivia Burton, Rebecca Minkoff and Uri Minkoff, Scuderia Ferrari, HUGO BOSS, Juicy Couture, Lacoste, Movado, and Tommy Hilfiger brand names.
Further Reading: What are Institutional Investors?
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