Movado Group, Inc. (NYSE:MOV) Announces $0.35 Quarterly Dividend

Movado Group, Inc. (NYSE:MOV) announced a quarterly dividend on Friday, May 30th, Wall Street Journal reports. Shareholders of record on Thursday, June 12th will be given a dividend of 0.35 per share on Thursday, June 26th. This represents a $1.40 dividend on an annualized basis and a yield of 8.70%. The ex-dividend date of this dividend is Thursday, June 12th.

Movado Group Stock Performance

MOV stock opened at $16.09 on Tuesday. Movado Group has a one year low of $12.85 and a one year high of $26.59. The firm has a market cap of $357.70 million, a price-to-earnings ratio of 15.47 and a beta of 1.21. The firm has a 50-day simple moving average of $15.12 and a two-hundred day simple moving average of $17.86.

Movado Group (NYSE:MOV) last posted its quarterly earnings data on Thursday, May 29th. The company reported $0.08 earnings per share for the quarter, missing analysts’ consensus estimates of $0.39 by ($0.31). Movado Group had a return on equity of 5.38% and a net margin of 3.62%. The business had revenue of $131.77 million during the quarter, compared to analyst estimates of $142.11 million. As a group, equities analysts predict that Movado Group will post 1.05 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the company. Wall Street Zen downgraded Movado Group from a “hold” rating to a “sell” rating in a report on Friday. BWS Financial reissued a “buy” rating and issued a $31.50 target price on shares of Movado Group in a research report on Monday, June 2nd.

Institutional Investors Weigh In On Movado Group

A number of institutional investors and hedge funds have recently modified their holdings of the company. Goldman Sachs Group Inc. increased its holdings in Movado Group by 212.8% in the 1st quarter. Goldman Sachs Group Inc. now owns 671,397 shares of the company’s stock worth $11,226,000 after buying an additional 456,727 shares during the period. AQR Capital Management LLC boosted its holdings in shares of Movado Group by 26.5% in the 1st quarter. AQR Capital Management LLC now owns 129,746 shares of the company’s stock valued at $2,169,000 after acquiring an additional 27,182 shares during the last quarter. Empowered Funds LLC increased its stake in shares of Movado Group by 5.5% in the first quarter. Empowered Funds LLC now owns 108,377 shares of the company’s stock worth $1,812,000 after acquiring an additional 5,697 shares during the period. Jane Street Group LLC raised its holdings in shares of Movado Group by 11.4% during the first quarter. Jane Street Group LLC now owns 104,188 shares of the company’s stock worth $1,742,000 after purchasing an additional 10,670 shares during the last quarter. Finally, Royal Bank of Canada lifted its position in Movado Group by 4.1% during the first quarter. Royal Bank of Canada now owns 26,524 shares of the company’s stock valued at $444,000 after purchasing an additional 1,042 shares during the period. Institutional investors and hedge funds own 72.08% of the company’s stock.

About Movado Group

Movado Group, Inc designs, sources, markets, and distributes watches in the United States and internationally. The company operates in two segments, Watch and Accessory Brands, and Company Stores. The company offers its watches under the Movado, Concord, Ebel, Olivia Burton, and MVMT brands, as well as licensed brands comprising Coach, Tommy Hilfiger, HUGO BOSS, Lacoste, and Calvin Klein.