Foundry Partners LLC increased its stake in shares of Movado Group Inc. (NYSE:MOV) by 7.5% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 145,772 shares of the company’s stock after buying an additional 10,196 shares during the period. Foundry Partners LLC owned about 0.89% of Movado Group worth $4,082,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds also recently added to or reduced their stakes in MOV. Nationwide Fund Advisors lifted its stake in shares of Movado Group by 5.7% during the third quarter. Nationwide Fund Advisors now owns 34,966 shares of the company’s stock valued at $979,000 after buying an additional 1,884 shares during the period. Public Employees Retirement System of Ohio increased its position in Movado Group by 5.1% during the second quarter. Public Employees Retirement System of Ohio now owns 13,343 shares of the company’s stock worth $337,000 after purchasing an additional 647 shares during the last quarter. The Manufacturers Life Insurance Company increased its position in Movado Group by 4.9% during the second quarter. The Manufacturers Life Insurance Company now owns 13,366 shares of the company’s stock worth $337,000 after purchasing an additional 623 shares during the last quarter. Janus Henderson Group PLC acquired a new position in Movado Group during the second quarter worth approximately $13,810,000. Finally, AHL Partners LLP acquired a new position in Movado Group during the second quarter worth approximately $403,000. 63.45% of the stock is currently owned by hedge funds and other institutional investors.
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In related news, CFO Sallie A. Demarsilis sold 8,977 shares of the stock in a transaction dated Wednesday, September 6th. The shares were sold at an average price of $28.50, for a total value of $255,844.50. Following the sale, the chief financial officer now owns 37,379 shares of the company’s stock, valued at approximately $1,065,301.50. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, major shareholder Miriam Grinberg Phalen sold 2,504 shares of the stock in a transaction dated Tuesday, September 19th. The stock was sold at an average price of $27.38, for a total transaction of $68,559.52. Following the completion of the sale, the insider now directly owns 1,376 shares in the company, valued at approximately $37,674.88. The disclosure for this sale can be found here. Insiders have sold a total of 14,611 shares of company stock worth $412,201 over the last quarter. 33.30% of the stock is currently owned by insiders.
Movado Group Inc. (MOV) traded down $2.70 on Wednesday, reaching $29.55. 231,907 shares of the company were exchanged, compared to its average volume of 138,527. The firm has a market cap of $663.83, a price-to-earnings ratio of 18.41 and a beta of 0.18. Movado Group Inc. has a 1-year low of $20.50 and a 1-year high of $33.70. The company has a debt-to-equity ratio of 0.05, a quick ratio of 3.20 and a current ratio of 5.26.
Movado Group (NYSE:MOV) last posted its quarterly earnings data on Tuesday, November 21st. The company reported $1.04 EPS for the quarter, beating the Zacks’ consensus estimate of $0.86 by $0.18. Movado Group had a net margin of 4.97% and a return on equity of 7.74%. The firm had revenue of $190.69 million for the quarter, compared to the consensus estimate of $176.33 million. During the same period in the prior year, the firm posted $0.91 EPS. The firm’s revenue was up 6.0% compared to the same quarter last year. analysts forecast that Movado Group Inc. will post 1.62 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 15th. Shareholders of record on Friday, December 1st will be paid a dividend of $0.13 per share. The ex-dividend date is Thursday, November 30th. This represents a $0.52 dividend on an annualized basis and a yield of 1.76%. Movado Group’s dividend payout ratio (DPR) is 45.22%.
Movado Group declared that its board has approved a stock buyback plan on Tuesday, August 29th that authorizes the company to buyback $50.00 million in outstanding shares. This buyback authorization authorizes the company to reacquire shares of its stock through open market purchases. Shares buyback plans are generally an indication that the company’s management believes its shares are undervalued.
Several equities analysts recently commented on the stock. KeyCorp reaffirmed a “hold” rating on shares of Movado Group in a research report on Wednesday, October 11th. Zacks Investment Research raised shares of Movado Group from a “hold” rating to a “strong-buy” rating and set a $32.00 price target for the company in a research report on Saturday, September 2nd. ValuEngine raised shares of Movado Group from a “hold” rating to a “buy” rating in a research report on Friday, September 1st. Finally, BidaskClub lowered shares of Movado Group from a “hold” rating to a “sell” rating in a research report on Wednesday, August 23rd. One investment analyst has rated the stock with a sell rating, two have given a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company. The company has an average rating of “Buy” and an average target price of $30.33.
About Movado Group
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.
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