Movado Group Inc. (MOV) Issues Quarterly Earnings Results, Beats Estimates By $0.19 EPS
Movado Group Inc. (NYSE:MOV) announced its earnings results on Tuesday. The company reported $0.91 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.72 by $0.19. Movado Group had a return on equity of 9.15% and a net margin of 6.84%. The firm had revenue of $179.80 million for the quarter, compared to the consensus estimate of $174.32 million. During the same period in the previous year, the business earned $0.92 EPS.
Movado Group (NYSE:MOV) opened at 25.75 on Tuesday. Movado Group has a 12-month low of $19.14 and a 12-month high of $30.98. The company has a 50-day moving average price of $22.86 and a 200-day moving average price of $22.48. The firm has a market cap of $590.96 million, a PE ratio of 15.39 and a beta of 0.36.
The firm also recently declared a quarterly dividend, which will be paid on Friday, December 16th. Investors of record on Friday, December 2nd will be issued a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a yield of 2.02%. Movado Group’s payout ratio is 31.14%.
Large investors have recently made changes to their positions in the stock. BlackRock Inc. raised its stake in shares of Movado Group by 557.1% in the second quarter. BlackRock Inc. now owns 6,407 shares of the company’s stock worth $139,000 after buying an additional 5,432 shares in the last quarter. BlackRock Advisors LLC raised its stake in shares of Movado Group by 1.0% in the second quarter. BlackRock Advisors LLC now owns 7,536 shares of the company’s stock worth $163,000 after buying an additional 78 shares in the last quarter. The Manufacturers Life Insurance Company acquired a new stake in shares of Movado Group during the third quarter worth $242,000. Paradigm Asset Management Co. LLC raised its stake in shares of Movado Group by 15.7% in the second quarter. Paradigm Asset Management Co. LLC now owns 14,000 shares of the company’s stock worth $304,000 after buying an additional 1,900 shares in the last quarter. Finally, Highbridge Capital Management LLC acquired a new stake in shares of Movado Group during the third quarter worth $352,000. 63.09% of the stock is currently owned by institutional investors.
Several research analysts recently weighed in on the company. Zacks Investment Research upgraded Movado Group from a “sell” rating to a “hold” rating in a research note on Wednesday, November 9th. Cowen and Company reiterated a “market perform” rating and set a $24.00 price target on shares of Movado Group in a research note on Monday, September 12th. Four research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $29.00.
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, department stores and independent jewelers.
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