State Board of Administration of Florida Retirement System lowered its position in shares of Movado Group Inc. (NYSE:MOV) by 2.3% during the second quarter, Holdings Channel reports. The fund owned 26,984 shares of the company’s stock after selling 647 shares during the period. State Board of Administration of Florida Retirement System owned about 0.12% of Movado Group worth $585,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently bought and sold shares of MOV. Royce & Associates LP raised its position in shares of Movado Group by 17.8% in the first quarter. Royce & Associates LP now owns 1,410,747 shares of the company’s stock valued at $38,838,000 after buying an additional 213,201 shares during the last quarter. Contrarius Investment Management Ltd acquired a new position in shares of Movado Group during the second quarter valued at approximately $3,537,000. Foundry Partners LLC acquired a new position in shares of Movado Group during the second quarter valued at approximately $2,257,000. Renaissance Technologies LLC acquired a new position in shares of Movado Group during the first quarter valued at approximately $2,318,000. Finally, JPMorgan Chase & Co. raised its position in shares of Movado Group by 7.4% in the first quarter. JPMorgan Chase & Co. now owns 844,024 shares of the company’s stock valued at $23,236,000 after buying an additional 58,453 shares during the last quarter. 66.28% of the stock is owned by institutional investors and hedge funds.
Movado Group Inc. (NYSE:MOV) traded down 0.94% during mid-day trading on Tuesday, reaching $21.01. The company had a trading volume of 32,284 shares. The company has a market capitalization of $482.18 million, a PE ratio of 12.56 and a beta of 0.89. The firm has a 50-day moving average of $22.33 and a 200 day moving average of $23.85. Movado Group Inc. has a 1-year low of $19.14 and a 1-year high of $30.98.
Movado Group (NYSE:MOV) last posted its quarterly earnings data on Thursday, August 25th. The company reported $0.27 EPS for the quarter, missing the consensus estimate of $0.31 by $0.04. Movado Group had a return on equity of 9.15% and a net margin of 6.84%. The company earned $128.10 million during the quarter, compared to the consensus estimate of $135.92 million. During the same period last year, the business earned $0.50 EPS. The firm’s quarterly revenue was down 12.0% compared to the same quarter last year. On average, analysts predict that Movado Group Inc. will post $1.46 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 20th. Stockholders of record on Tuesday, September 6th were paid a $0.13 dividend. This represents a $0.52 annualized dividend and a dividend yield of 2.45%. The ex-dividend date of this dividend was Thursday, September 1st. Movado Group’s dividend payout ratio (DPR) is currently 31.14%.
Several research analysts have recently commented on the company. Zacks Investment Research lowered Movado Group from a “hold” rating to a “strong sell” rating in a report on Tuesday, August 30th. Cowen and Company reissued a “market perform” rating and set a $24.00 price objective on shares of Movado Group in a report on Friday, August 26th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and one has issued a buy rating to the stock. Movado Group currently has an average rating of “Hold” and a consensus price target of $29.00.
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, department stores and independent jewelers.
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