Movado Group Inc. (NYSE:MOV) rose 14.6% during trading on Tuesday after the company announced better than expected quarterly earnings. The company traded as high as $30.14 and last traded at $29.50, with a volume of 512,042 shares trading hands. The stock had previously closed at $25.75.

The company reported $0.91 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.73 by $0.18. The business earned $179.80 million during the quarter, compared to analysts’ expectations of $174.32 million. Movado Group had a net margin of 6.84% and a return on equity of 9.15%. The firm’s quarterly revenue was down 3.1% compared to the same quarter last year. During the same period in the prior year, the company earned $0.92 EPS.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 16th. Investors of record on Friday, December 2nd will be given a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a yield of 1.76%. Movado Group’s dividend payout ratio is 31.14%.

MOV has been the subject of a number of research analyst reports. Zacks Investment Research upgraded shares of Movado Group from a “sell” rating to a “hold” rating in a research report on Wednesday, August 3rd. Cowen and Company reiterated a “market perform” rating and set a $24.00 price objective on shares of Movado Group in a research report on Friday, August 26th. Finally, Sidoti set a $34.00 price objective on shares of Movado Group and gave the stock a “buy” rating in a research report on Tuesday. Four equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $29.00.

Institutional investors have recently made changes to their positions in the stock. KBC Group NV boosted its position in shares of Movado Group by 31.6% in the second quarter. KBC Group NV now owns 43,176 shares of the company’s stock valued at $936,000 after buying an additional 10,363 shares during the period. Societe Generale acquired a new position in shares of Movado Group during the second quarter valued at about $154,000. First Midwest Bank Trust Division boosted its position in shares of Movado Group by 46.8% in the second quarter. First Midwest Bank Trust Division now owns 15,066 shares of the company’s stock valued at $327,000 after buying an additional 4,801 shares during the period. Lucus Advisors LLC acquired a new position in shares of Movado Group during the second quarter valued at about $343,000. Finally, Strs Ohio boosted its position in shares of Movado Group by 35.8% in the second quarter. Strs Ohio now owns 30,700 shares of the company’s stock valued at $665,000 after buying an additional 8,100 shares during the period. Hedge funds and other institutional investors own 63.09% of the company’s stock.

The firm has a market capitalization of $677.03 million, a PE ratio of 17.63 and a beta of 0.36. The stock’s 50-day moving average is $23.09 and its 200 day moving average is $22.49.

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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.

5 Day Chart for NYSE:MOV

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