Movado Group, Inc (MOV) Short Interest Up 53.9% in March

Movado Group, Inc (NYSE:MOV) was the target of a large growth in short interest in March. As of March 31st, there was short interest totalling 1,186,931 shares, a growth of 53.9% from the March 15th total of 771,224 shares. Approximately 7.7% of the shares of the stock are sold short. Based on an average daily trading volume, of 273,331 shares, the short-interest ratio is presently 4.3 days.

Several equities research analysts recently commented on MOV shares. Sidoti upgraded shares of Movado Group from a “neutral” rating to a “buy” rating and set a $34.00 price objective on the stock in a research report on Monday, January 30th. TheStreet lowered shares of Movado Group from a “b-” rating to a “c+” rating in a research report on Friday, March 10th. Zacks Investment Research lowered shares of Movado Group from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, January 24th. Finally, Cowen and Company decreased their price objective on shares of Movado Group from $27.00 to $25.00 and set a “market perform” rating on the stock in a research report on Monday, March 20th.

A number of hedge funds have recently made changes to their positions in MOV. Russell Investments Group Ltd. bought a new stake in shares of Movado Group during the fourth quarter worth $2,149,000. Cornercap Investment Counsel Inc. bought a new stake in shares of Movado Group during the fourth quarter worth $581,000. Hudson Bay Capital Management LP bought a new stake in shares of Movado Group during the third quarter worth $215,000. Perkins Investment Management LLC boosted its stake in shares of Movado Group by 34.7% in the third quarter. Perkins Investment Management LLC now owns 521,247 shares of the company’s stock worth $11,196,000 after buying an additional 134,344 shares during the period. Finally, Citadel Advisors LLC boosted its stake in shares of Movado Group by 469.6% in the third quarter. Citadel Advisors LLC now owns 107,068 shares of the company’s stock worth $2,300,000 after buying an additional 88,271 shares during the period. Hedge funds and other institutional investors own 63.35% of the company’s stock.

Shares of Movado Group (NYSE:MOV) opened at 24.30 on Friday. Movado Group has a 52-week low of $19.14 and a 52-week high of $31.95. The stock has a market capitalization of $557.71 million, a price-to-earnings ratio of 16.09 and a beta of 0.47. The company has a 50 day moving average of $23.53 and a 200 day moving average of $25.37.

Movado Group (NYSE:MOV) last announced its quarterly earnings results on Monday, March 20th. The company reported $0.22 earnings per share for the quarter, missing analysts’ consensus estimates of $0.23 by $0.01. Movado Group had a net margin of 6.67% and a return on equity of 8.97%. The company earned $130.80 million during the quarter, compared to the consensus estimate of $137.11 million. During the same quarter last year, the company earned $0.40 earnings per share. The business’s revenue was down 8.7% on a year-over-year basis. Analysts predict that Movado Group will post $1.43 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Friday, April 14th. Shareholders of record on Friday, March 31st were given a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a yield of 2.14%. The ex-dividend date of this dividend was Wednesday, March 29th. Movado Group’s dividend payout ratio (DPR) is 32.10%.

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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 and department stores, as well as independent jewelers.

5 Day Chart for NYSE:MOV

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