Virginia Retirement Systems ET AL boosted its position in Movado (NYSE:MOV) by 7.4% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 20,200 shares of the company’s stock after purchasing an additional 1,400 shares during the quarter. Virginia Retirement Systems ET AL owned about 0.09% of Movado worth $776,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Aperio Group LLC bought a new stake in Movado in the 4th quarter valued at $204,000. Delta Capital Management LLC bought a new stake in Movado in the 4th quarter valued at $206,000. Crossmark Global Holdings Inc. bought a new stake in Movado in the 4th quarter valued at $206,000. Louisiana State Employees Retirement System bought a new stake in Movado in the 4th quarter valued at $216,000. Finally, AMP Capital Investors Ltd bought a new stake in Movado in the 4th quarter valued at $217,000. Institutional investors and hedge funds own 66.40% of the company’s stock.
Several analysts recently issued reports on the company. Cowen restated a “hold” rating and issued a $42.00 price target on shares of Movado in a research note on Monday, April 9th. Zacks Investment Research downgraded Movado from a “buy” rating to a “hold” rating in a research note on Thursday, January 25th. Finally, ValuEngine upgraded Movado from a “hold” rating to a “buy” rating in a research note on Friday, February 2nd. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and two have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $39.00.
MOV opened at $40.65 on Friday. The firm has a market capitalization of $918.71 million, a P/E ratio of 20.02 and a beta of -0.15. Movado has a 1 year low of $39.40 and a 1 year high of $40.00.
Movado (NYSE:MOV) last released its earnings results on Thursday, March 29th. The company reported $0.52 earnings per share for the quarter, beating analysts’ consensus estimates of $0.26 by $0.26. The firm had revenue of $149.20 million during the quarter, compared to the consensus estimate of $132.43 million. Movado had a positive return on equity of 9.78% and a negative net margin of 2.68%. The company’s revenue was up 14.1% compared to the same quarter last year. During the same period in the prior year, the company posted $0.22 EPS. equities analysts predict that Movado will post 2.24 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Wednesday, April 25th. Stockholders of record on Wednesday, April 11th were given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.97%. This is an increase from Movado’s previous quarterly dividend of $0.13. The ex-dividend date of this dividend was Tuesday, April 10th. Movado’s dividend payout ratio is presently 40.00%.
In other news, VP Francis Anthony Morelli sold 10,000 shares of the company’s stock in a transaction on Monday, April 2nd. The stock was sold at an average price of $37.61, for a total transaction of $376,100.00. Following the completion of the sale, the vice president now directly owns 52,810 shares in the company, valued at approximately $1,986,184.10. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Richard Cote sold 13,077 shares of the company’s stock in a transaction on Tuesday, May 1st. The shares were sold at an average price of $38.29, for a total value of $500,718.33. Following the sale, the director now owns 249,498 shares of the company’s stock, valued at $9,553,278.42. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 213,203 shares of company stock valued at $8,163,081. Corporate insiders own 32.98% of the company’s stock.
Movado Group, Inc designs, develops, sources, markets, and distributes fine watches in the United States and internationally. The company operates in two segments, Wholesale and Retail. The company offers its watches under the Coach, Concord, Ebel, Olivia Burton, Rebecca Minkoff and Uri Minkoff, Scuderia Ferrari, HUGO BOSS, Juicy Couture, Lacoste, Movado, and Tommy Hilfiger brand names.
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