Movado Group Inc. (MOV) Stake Boosted by Municipal Employees Retirement System of Michigan
Municipal Employees Retirement System of Michigan raised its stake in Movado Group Inc. (NYSE:MOV) by 220.5% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 21,220 shares of the company’s stock after buying an additional 14,600 shares during the period. Municipal Employees Retirement System of Michigan owned approximately 0.13% of Movado Group worth $536,000 as of its most recent SEC filing.
Other large investors have also made changes to their positions in the company. Vanguard Group Inc. increased its stake in shares of Movado Group by 4.5% in the first quarter. Vanguard Group Inc. now owns 1,557,766 shares of the company’s stock valued at $38,866,000 after buying an additional 67,655 shares during the period. JPMorgan Chase & Co. increased its stake in shares of Movado Group by 36.9% in the first quarter. JPMorgan Chase & Co. now owns 1,097,610 shares of the company’s stock valued at $27,386,000 after buying an additional 295,892 shares during the period. Bank of New York Mellon Corp increased its stake in shares of Movado Group by 4.7% in the first quarter. Bank of New York Mellon Corp now owns 273,985 shares of the company’s stock valued at $6,836,000 after buying an additional 12,356 shares during the period. Prudential Financial Inc. increased its stake in shares of Movado Group by 54.2% in the first quarter. Prudential Financial Inc. now owns 265,490 shares of the company’s stock valued at $6,624,000 after buying an additional 93,290 shares during the period. Finally, LSV Asset Management increased its stake in shares of Movado Group by 1.4% in the first quarter. LSV Asset Management now owns 231,972 shares of the company’s stock valued at $5,787,000 after buying an additional 3,200 shares during the period. Institutional investors own 62.97% of the company’s stock.
Shares of Movado Group Inc. (MOV) opened at 22.45 on Monday. The company has a market capitalization of $515.90 million, a P/E ratio of 18.79 and a beta of 0.35. Movado Group Inc. has a one year low of $20.23 and a one year high of $31.95. The firm has a 50 day moving average price of $24.45 and a 200 day moving average price of $23.87.
Movado Group (NYSE:MOV) last posted its quarterly earnings results on Thursday, May 25th. The company reported $0.01 earnings per share for the quarter, missing analysts’ consensus estimates of $0.10 by $0.09. Movado Group had a return on equity of 7.04% and a net margin of 5.13%. The firm had revenue of $99.30 million for the quarter, compared to analyst estimates of $100.23 million. During the same period last year, the company posted $0.19 earnings per share. The firm’s quarterly revenue was down 13.0% compared to the same quarter last year. On average, equities research analysts predict that Movado Group Inc. will post $1.37 EPS for the current fiscal year.
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MOV has been the subject of several recent analyst reports. Zacks Investment Research downgraded Movado Group from a “hold” rating to a “sell” rating in a report on Thursday, June 1st. ValuEngine downgraded Movado Group from a “buy” rating to a “hold” rating in a report on Friday, June 2nd. Three investment analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. Movado Group has a consensus rating of “Hold” and a consensus price target of $31.00.
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 and department stores, as well as independent jewelers.
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