Movado Group Inc. $MOV Shares Sold by VELA Investment Management LLC

VELA Investment Management LLC cut its stake in shares of Movado Group Inc. (NYSE:MOV) by 37.9% in the 2nd quarter, Holdings Channel reports. The firm owned 111,318 shares of the company’s stock after selling 68,082 shares during the quarter. VELA Investment Management LLC’s holdings in Movado Group were worth $4,376,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Allworth Financial LP bought a new stake in shares of Movado Group in the 2nd quarter worth approximately $27,000. PNC Financial Services Group Inc. grew its stake in Movado Group by 39.1% during the 4th quarter. PNC Financial Services Group Inc. now owns 1,598 shares of the company’s stock worth $33,000 after buying an additional 449 shares during the last quarter. Comerica Bank grew its stake in Movado Group by 99.0% during the 3rd quarter. Comerica Bank now owns 1,785 shares of the company’s stock worth $34,000 after buying an additional 888 shares during the last quarter. CANADA LIFE ASSURANCE Co increased its position in Movado Group by 70.2% in the fourth quarter. CANADA LIFE ASSURANCE Co now owns 1,756 shares of the company’s stock worth $36,000 after buying an additional 724 shares during the period. Finally, Fifth Third Bancorp increased its position in Movado Group by 16,040.0% in the first quarter. Fifth Third Bancorp now owns 1,614 shares of the company’s stock worth $39,000 after buying an additional 1,604 shares during the period. 72.08% of the stock is currently owned by institutional investors and hedge funds.

Movado Group Stock Performance

Shares of MOV opened at $33.91 on Monday. The firm has a market capitalization of $756.53 million, a price-to-earnings ratio of 18.84 and a beta of 0.92. Movado Group Inc. has a one year low of $17.24 and a one year high of $40.50. The stock’s fifty day moving average is $36.86 and its 200-day moving average is $31.60.

Movado Group (NYSE:MOV) last posted its quarterly earnings data on Wednesday, August 26th. The company reported $0.54 earnings per share for the quarter, topping the consensus estimate of $0.35 by $0.19. The business had revenue of $169.75 million during the quarter, compared to the consensus estimate of $164.20 million. Movado Group had a net margin of 6.00% and a return on equity of 8.49%. Analysts forecast that Movado Group Inc. will post 1.94 EPS for the current fiscal year.

Movado Group Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 22nd. Stockholders of record on Tuesday, September 8th will be paid a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 4.7%. The ex-dividend date of this dividend is Tuesday, September 8th. Movado Group’s payout ratio is currently 88.89%.

Analysts Set New Price Targets

MOV has been the subject of several analyst reports. Zacks Research raised shares of Movado Group from a “hold” rating to a “strong-buy” rating in a report on Friday, May 29th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Movado Group in a report on Tuesday, August 25th. Northland Securities set a $35.00 price objective on shares of Movado Group in a research report on Wednesday, May 27th. BWS Financial reissued a “buy” rating and set a $45.00 target price on shares of Movado Group in a research note on Tuesday, September 1st. Finally, Wall Street Zen cut shares of Movado Group from a “strong-buy” rating to a “buy” rating in a research report on Saturday, August 29th. Two research analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, Movado Group currently has an average rating of “Buy” and an average target price of $40.00.

Movado Group Profile

Movado Group, Inc is a global designer, manufacturer and distributor of watches and related jewelry products. The company’s portfolio encompasses both owned and licensed brands, offering a wide range of timepieces from luxury to accessible price points. Major owned brands include Movado, Concord, and Ebel, alongside newer acquisitions such as MVMT and Olivia Burton. In addition, Movado Group holds licensing agreements to produce watches under fashion names like Hugo Boss, Tommy Hilfiger, Coach, Lacoste and Scuderia Ferrari.

Movado Group’s product line spans classic dress watches, sport and dive models, fashion-forward designs and limited-edition collections.